Drafted in 2004, IES 4 prescribes the values, ethics and attitudes that professional accountants should acquire during the education program leading to qualification. A revised draft of IES 4 was exposed for public comment in May 2011 and, although respondents’ comments were generally supportive, further clarification was requested to explain the requirements on learning outcomes, assessment and reflective activity (the recurring process of reviewing experiences with a view to improve future actions). As a result, the IAESB has made substantial changes to the content of IES 4.
In addition to addressing these issues, the proposed revised IES 4 requires IFAC member bodies to regularly review and update their professional accounting education programs, including formal education and workplace training. Updating the knowledge content of professional accounting education programs and the content of workplace training on a regular basis improves the likelihood of learning outcomes being relevant and developing appropriate competence.
In a continuing effort to improve the clarity of its standards, the IAESB has undertaken a project to redraft all eight of its IESs in accordance with its new clarity drafting conventions. IES 7, Continuing Professional Development, is the first clarified standard to be released since the project began in December 2010. Under the current timetable, the IAESB anticipates that all IESs will have been revised and redrafted, or redrafted only, by the third quarter of 2013. The IAESB invites all stakeholders to comment on its proposals at www.iaesb.org. Comments are requested by October 11, 2012.
