What is a professional accountant? Some years ago, the International
Federation of Accountants (IFAC) undertook a project to develop an
international definition of the term professional
accountant. The purpose of the project was “To support IFAC’s members and
other professional accountancy organizations in the adoption and implementation
of the International Education Standards by clarifying the definition of the
professional accountant.”
In November 2009, there was a confirmed need to assess the
current definition of the term professional
accountant. A number of issues with the current definition were identified and
it was concluded that a task force should be established to 1) evaluate the
current definition, and 2) determine whether an alternative could be developed
for further consideration. In March 2010, IFAC formed a task force and, through
a series of informal discussion papers, IFAC staff developed a paper in January
2011. The progress of the IFAC staff paper was discussed in November 2011 and,
at that time, a decision was made to cease any further work on the project.
However, in June 2012 the Public Interest Oversight
Board (PIOB) wrote to IFAC indicating that it believed that the project was
important and should be completed. Consequently, the proposed definition was
further refined in November 2012, incorporating the suggested changes and
revisions made in response to the initial IFAC Staff paper, as well as
revisions suggested by the Chair and technical staff of the International Accounting Education Standards Board
(IAESB). The status of the project was discussed at the November 2012 meeting
of chairs of IFAC’s committees and the independent standard-setting boards, and
it was agreed that the project had to be advanced by the IAESB for use in its
pronouncements.
In response, the IAESB directed the Framework task force to
expose the definition in the Exposure Draft of the revised Framework for
International Education Standards for Professional Accountants to obtain public
comment. To learn more, refer to the IFAC active project webpage, Revised
Definition of the Professional Accountant, and the July 2015 version of the
IAESB’s revised Framework for International Education
Standards for Professional Accountants and Aspiring Professional Accountants
which sets out the concepts that underlie its International Education Standards.
