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These revisions, part of the IAESB’s project to improve the clarity of its standards, address the development of technical competence and professional skills by an aspiring professional accountant. IESs 2 and 3 will be helpful to educational organisations, employers, regulators, government authorities, and other stakeholders who support the learning and development of professional accountants.
IESs 2 and 3, drafted in 2004, prescribe the knowledge content and the mix of professional skills aspiring professional accountants should acquire during initial career development. The revision of these IESs has focused on prescribing learning outcomes that demonstrate the competence required to become professional accountants.
“Professional accounting education programmes that provide for the development and application of knowledge and skills by aspiring professional accountants are essential in the development of skilled competence—a fundamental pillar in providing high-quality financial reports”, said IAESB Chair, Prof Peter Wolnizer.
In addition to proposing an outcome-based approach to developing professional competence, the IAESB is also proposing requirements for IFAC member bodies to assess the achievement of technical competence and professional skills, and regularly to review and update their professional accounting education programmes to achieve learning outcomes identified in these standards.