03 August 2018

IFAC and IAESB to transition standard-setting board to different model

To remain relevant in an environment of rapid change, professional accountants increasingly must demonstrate skills beyond today’s typically-recognized accountancy competencies. The IAESB and IFAC recognize that today’s macro-trends have direct implications for the accountancy profession’s approach to professional development.

To ensure that the accountancy profession can address the challenges posed by a rapidly changing environment, a different model is being advanced based on the benefits that will be realized from a comprehensive and integrated approach to international accountancy education. The model will continue to progress international accountancy education in the public interest and with the legitimacy necessary for stakeholders around the world to continue to participate and accept its outputs as credible. The model will be overseen by the IFAC Board instead of the Public Interest Oversight Board.

A multi-stakeholder advisory group is being established to consult with key stakeholders, inform the development of the future model, and facilitate a smooth transition from the IAESB. The advisory group will include IAESB and IAESB Consultative Advisory Group representation, which will be instrumental in developing and implementing the model.

“Global business, technology, and education imperatives are placing new demands on the global profession, and we must anticipate and prepare for the future,” says Anne-Marie Vitale, chair of the new advisory group and IAESB Deputy Chair. “We will work with key stakeholders to develop a model that considers, addresses, and advances the needs of current and future accountants and acts in the public interest to progress a robust and relevant accountancy profession.”

The future model will begin operations by July 1, 2019.

Full press release

IAESB Chair Outlines Steps to Facilitate Successful Transition to a Different Model

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