|
|
FEE issued a comment letter on the IAESB ED on the Proposed Framework for International Education Standards (2014).
FEE realises that the framework will need to be updated given the comprehensive revision of the IESs. However, taking into account that IES 8 is still in the revision process, FEE believes that the revision of the framework should be postponed.
In addition, FEE would like to reiterate that the completion of the IESs revision project should have an impact on the IAESB’s work and its overall mandate. While this is ongoing, it should pause its activities. Therefore, the revised Framework should only cover amendments that are required based on the revised IES 1 – 8.
The proposed definition of a professional accountant as an “individual who achieves, demonstrates and maintains professional competence in accountancy and who is bound by a code of ethics” appears to be appropriate for the users of the IESs.
At the first glance, the definition seems to comprise any accountant who is bound by any code of ethics, i.e. also accountants who are not a member of an IFAC member body and who are bound by a code of ethics that can be different to the IESBA Code of Ethics.
However, taking into account that IESs are (and can only be) addressed to IFAC member bodies, it is evident that the definition is limited to accountants who are bound by the IESBA Code of Ethics or its national equivalent. Therefore, after all, the new definition is in essence the same as the previous definition (members of an IFAC member body), but in a more generally understandable wording, which FEE supports.
The definition of a professional accountant has also been discussed in an IESBA task force, which proposed a more detailed description, that was however not included in the Code of Ethics. Overall, it might be worth considering to coordinate the efforts of the various standard setting boards and to align the wording of their Frameworks where appropriate, especially regarding definitions.