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State Board Report

March 2013

A revised International Education Standard, to become effective July 1, 2014 was released in February to enable International Federation of Accountants (IFAC) members to start working on implementation. The International Education Standards Board comments: “This IES explains the principle of allowing flexible access to professional accounting education programs under the auspices of an IFAC member body, while ensuring that aspiring professional accountants have a reasonable chance of successful completion of professional accounting education programs. This IES explains (a) reasonable chance of successful completion, (b) the suitability of entry requirements, and (c) different forms of entry requirements.”

Flexible access, as described in IES 1, would allow more people to enter professional accounting education programs. It is not intended to create different classes of accountants. An example of achieving such flexibility might be an IFAC member substituting experience for education as a prequalification requirement.

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