Page 1 | Confidential and Proprietary Information
Revision of IESs – Implications &
Opportunities for the JICPA
Peter Woln...
Page 2 | Confidential and Proprietary Information
Introduction
Outline of Presentation
1.
• Description of IAESB
2.
• Over...
Page 3 | Confidential and Proprietary Information
MISSION STATEMENT:
“ To serve the public interest by
strengthening the w...
Page 4 | Confidential and Proprietary Information
What Are Our Objectives?
To serve the public interest by
• Establishing ...
Page 5 | Confidential and Proprietary Information
A shared standard-setting process involving
• Volunteer members - includ...
Page 6 | Confidential and Proprietary Information
Rigorous due process subject to PIOB review
Expose draft Standards for p...
Page 7 | Confidential and Proprietary Information
IESs Overview
Important Characteristics
International
Education
Standard...
Page 8 | Confidential and Proprietary Information
IESs Overview
Prescribe the
knowledge, skills, values, ethics and
attitu...
Page 9 | Confidential and Proprietary Information
IESs Overview
Initial Professional
Development
Entry Requirements for
Pr...
Page 10 | Confidential and Proprietary Information
Current International Education Standards
IES 1, Entry Requirements to ...
Page 11 | Confidential and Proprietary Information
Revision of IESs
Improving clarity;
Ensuring consistency with concepts ...
Page 12 | Confidential and Proprietary Information
Revision of IESs
IES 1, Entry Requirements To A Program Of
Professional...
Page 13 | Confidential and Proprietary Information
Revision of IESs
IES 1, Entry Requirements To A Program Of
Professional...
Page 14 | Confidential and Proprietary Information
Revision of IESs
IES 1, Entry Requirements To A Program Of
Professional...
Page 15 | Confidential and Proprietary Information
Revision of IESs
IES 1, Entry Requirements To A Program Of
Professional...
Page 16 | Confidential and Proprietary Information
IES 1
• Aim to ensure students have
background to have reasonable
chanc...
Page 17 | Confidential and Proprietary Information
Revision of IESs
IES 5, Initial Professional Development – Practical
Ex...
Page 18 | Confidential and Proprietary Information
Revision of IESs
IES 5, Initial Professional Development – Practical
Ex...
Page 19 | Confidential and Proprietary Information
Revision of IESs
IES 5, Initial Professional Development – Practical
Ex...
Page 20 | Confidential and Proprietary Information
Revision of IESs
IES 5, Initial Professional Development – Practical
Ex...
Page 21 | Confidential and Proprietary Information
IES 5
• Aim is to ensure that candidates
have acquired the practical
ex...
Page 22 | Confidential and Proprietary Information
Implication of Revised Standards
IES Status Developed
PAO
Developing
PO...
Page 23 | Confidential and Proprietary Information
Sources of Information
http://www.ifac.org/education
THANK YOU
Informat...
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Revision of IESs – Implications & Opportunities for the JICPA

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Presentation by Peter Wolnizer, IAESB Chair at the Japanese Institute of Certified Public Accountants 34th Annual Research Conference, September 2013

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  • Event:International Accounting Education Standards Board Outreach ActivityTitle of presentation:Revision of IESs – Implications & Opportunities for the JICPA
  • IAESB Mission Statement is: to serve the public interest by strengthening the worldwide accountancy profession through the development and enhancement of education.”
  • Revision of IESs – Implications & Opportunities for the JICPA

    1. 1. Page 1 | Confidential and Proprietary Information Revision of IESs – Implications & Opportunities for the JICPA Peter Wolnizer IAESB Chair Japanese Institute of Certified Public Accountants 34th Annual Research Conference September 2013
    2. 2. Page 2 | Confidential and Proprietary Information Introduction Outline of Presentation 1. • Description of IAESB 2. • Overview of IESs 3. • Revision of IESs 4. • Implications of Revised IESs
    3. 3. Page 3 | Confidential and Proprietary Information MISSION STATEMENT: “ To serve the public interest by strengthening the worldwide accountancy profession through the development and enhancement of education.” What Is Our Mission? IAESB Overview
    4. 4. Page 4 | Confidential and Proprietary Information What Are Our Objectives? To serve the public interest by • Establishing a series of high quality standards and other publications reflecting good practice in the education, development and assessment of professional accountants • Promoting the adoption and implementation of the International Education Standards (IESs) • Developing education benchmarks for measuring the implementation of the IESs • Advancing international debate on emerging issues relating to the education, development and assessment of professional accountants IAESB Overview
    5. 5. Page 5 | Confidential and Proprietary Information A shared standard-setting process involving • Volunteer members - including practicing accountants, academics, representatives from business, the forum of firms and the public • Public Interest Oversight Board (PIOB) - oversight of Board’s activities • Consultative Advisory Group (CAG) – strategic and operational advice • IFAC staff – facilitate structures and processes that support the operations of the IAESB How Do We Operate? IAESB Overview
    6. 6. Page 6 | Confidential and Proprietary Information Rigorous due process subject to PIOB review Expose draft Standards for public comment Have public members Receive input through Consultative Advisory Groups How Do We Operate? (continued) IAESB Overview
    7. 7. Page 7 | Confidential and Proprietary Information IESs Overview Important Characteristics International Education Standards Audience IFAC Member Bodies Coverage Policy & Professional Accounting Education Programs Level of Authority “To Prescribe …” Scope “Advancing accountancy profession by establishing benchmarks..”
    8. 8. Page 8 | Confidential and Proprietary Information IESs Overview Prescribe the knowledge, skills, values, ethics and attitudes required of a professional; Develop skills for life-long learning; Focus on learning outcomes, not inputs; Promote consistency in accounting education. A set of interlinked Standards covering initial & continuing professional development that:
    9. 9. Page 9 | Confidential and Proprietary Information IESs Overview Initial Professional Development Entry Requirements for Professional Accounting Education Content of Professional Accounting Education Practical Experience Assessment Continuing Professional Development Continuing Professional Development Specialization Initial & Continuing Professional Development
    10. 10. Page 10 | Confidential and Proprietary Information Current International Education Standards IES 1, Entry Requirements to a Program of Professional Accounting Education IES 2, Content of Professional Accounting Education Programs IES 3, Professional Skills & General Education IES 4, Professional Values, Ethics, and Attitudes IES 5, Practical Experience Requirements IES 6, Assessment of Professional Capabilities and Competence IES 7, Continuing Professional Development: A Program of Lifelong Learning and Continuing Development of Professional Competence IES 8, Competence Requirements of Audit Professionals Initial Professional Development Continuing Professional Development IESs Overview
    11. 11. Page 11 | Confidential and Proprietary Information Revision of IESs Improving clarity; Ensuring consistency with concepts of the revised Framework document; and Clarifying issues resulting from changes in the environment of accounting education and the experience gained from implementation of the Standards by IFAC member bodies. Project Objectives for Revision of IESs:
    12. 12. Page 12 | Confidential and Proprietary Information Revision of IESs IES 1, Entry Requirements To A Program Of Professional Accounting Education IES 1 prescribes the principles to be used when setting and communicating educational requirements for entry to professional accounting education programs
    13. 13. Page 13 | Confidential and Proprietary Information Revision of IESs IES 1, Entry Requirements To A Program Of Professional Accounting Education IES 1, Entry Requirements to Professional Accounting Education Programs IES 2, Initial Professional Development – Technical Competence IES 3, Initial Professional Development – Professional Skills IES 4, Initial Professional Development – Professional Values, Ethics, and Attitudes IES 5, Initial Professional Development – Practical Experience IES 6, Initial Professional Development – Assessment of Professional Competence Entry to the Accountancy Profession Entry to Professional Accounting Education Programs Development
    14. 14. Page 14 | Confidential and Proprietary Information Revision of IESs IES 1, Entry Requirements To A Program Of Professional Accounting Education Audience • Primarily to IFAC Member Bodies • Helpful to stakeholders who deliver and support delivery of professional accounting education programs
    15. 15. Page 15 | Confidential and Proprietary Information Revision of IESs IES 1, Entry Requirements To A Program Of Professional Accounting Education Principles • Allowing flexible access to professional accounting education programs • Ensuring reasonable chance of successful completion of professional accounting education programs
    16. 16. Page 16 | Confidential and Proprietary Information IES 1 • Aim to ensure students have background to have reasonable chance of achieving success • Requires education at least equivalent to enter a university degree program or equivalent REVISED IES 1 • Prescribe principles for setting & communicating educational requirements for entry • Specify that educational entry requirements allow entrance only to those with a reasonable chance of completing the program; and • Require publically available information to help individuals assess their own chances of completing a professional accounting education program. Revision of IESs IES 1, Entry Requirements To A Program Of Professional Accounting Education
    17. 17. Page 17 | Confidential and Proprietary Information Revision of IESs IES 5, Initial Professional Development – Practical Experience IES 5 prescribes the practical experience required of aspiring professional accountants by the end of Initial Professional Development
    18. 18. Page 18 | Confidential and Proprietary Information Revision of IESs IES 5, Initial Professional Development – Practical Experience Requirements Practical Experience  Completed by the end of Initial Professional Development  Sufficient to perform a role as professional accountant
    19. 19. Page 19 | Confidential and Proprietary Information Revision of IESs IES 5, Initial Professional Development – Practical Experience Requirements (continued) Measurement  practical experience measured using one of the following 3 approaches:  Output-based  Input-based  Combination of output and input-based approaches
    20. 20. Page 20 | Confidential and Proprietary Information Revision of IESs IES 5, Initial Professional Development – Practical Experience Requirements (continued) Supervision & Monitoring  Under the direction of a practical experience supervisor  Recorded in a consistent form & supported by verifiable evidence  Periodic review of records  Appropriate assessment activities to assess sufficient practical experience
    21. 21. Page 21 | Confidential and Proprietary Information IES 5 • Aim is to ensure that candidates have acquired the practical experience considered appropriate at the time of qualification to function as professional accountants. • Minimum of 3 years’ practical experience • Need to record and assess experience REVISED IES 5 • Require that practical experience is measured by using one of the following approaches: output- based, input-based; or combination of these approaches; • Require assessment activities that asses completing sufficient practical experience by the end of IPD; • Ensure that practical experience is properly recorded, as well as monitored and periodically reviewed by a practical experience supervisor. Revision of IESs IES 5, Practical Experience Requirements
    22. 22. Page 22 | Confidential and Proprietary Information Implication of Revised Standards IES Status Developed PAO Developing POA University Regulator 1 Standard M M L L 2 Post- Exposure H H H M 3 Post- Exposure M H M L 4 Standard M H M M 5 Standard M M L M 6 Standard M M M M 7 Standard H H L M 8 Post- Exposure H H L H
    23. 23. Page 23 | Confidential and Proprietary Information Sources of Information http://www.ifac.org/education THANK YOU Information

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