Revision of International Education Standard
Objective(s) of project
To improve the clarity and implementation of IES 4 by (1) applying the new IAESB drafting conventions, (2) updating the concepts and terminology to conform to the revised Framework for International Education Standards for Professional Accountants, and (3) clarifying issues resulting from changes in the environment of accounting education and the experience gained from implementation of the Standards by IFAC member bodies.
Scope
IES 4 shall be revised to assist IFAC member bodies in prescribing the professional values, ethics, and attitudes to be acquired by professional accountants through learning and development during professional accounting education undertaken as part of Initial Professional Development (IPD).
Background
IES 4 was approved for publication in 2004 and became effective January 1, 2005.
At its November 2006 meeting, the IAESB agreed to conduct a detailed review of existing IESs and the framework underpinning the IESs, to determine areas where the clarity of standards could be improved and/or additional guidance most usefully developed. The IAESB agreed to suspend any further work on redrafting or revising the IESs until the work on the Framework project was substantially complete.
At its October 2009 meeting the IAESB agreed the project direction to redraft and revise all eight IESs.
In December 2009 the IAESB published the new Framework for International Education Standards for Professional Accountants, which enhances the relevancy, consistency, and applicability of its publications to IFAC members. The Framework also includes an appendix, "IAESB Drafting Conventions," which will be used to increase the clarity of its standards.
Issues
Issues that this project will consider include:
IES 4 – Professional Values, Ethics And Attitudes
(i) Consider clarifying the Standard’s requirements to ensure that accounting education programs continue to meet the core competence required for the various roles of a professional accountant
(ii) Revise the Standard to ensure consistency with the terminology and concepts set out in the revised IFAC Code of Ethics.
Task Force progress / Board discussions to date
IAESB Meetings:
October 2013: The IAESB received a revised draft of IES 4, Initial Professional Development – Professional Values, Ethics, and Attitudes, which included editorial amendments to the common paragraphs shared with IESs 2 and 3. The IAESB reviewed and accepted these amendments as they did not significantly change the content, but improved clarity of IES 4 and increased consistency among the revised IESs. Following a review of the proposed editorial amendments, the IAESB approved the final content of International Education Standard (IES) 4, Initial Professional Development – Professional Values, Ethics, and Attitudes (Revised).
June 2013: The IAESB received a revised draft of IES 4, Initial Professional Development – Professional Values, Ethics, and Attitudes and an Issues paper that identified significant issues resulting from the drafting of the revised version of IES 4. These discussions covered: technical issues pertaining to development of learning outcomes for competence areas, and editorial suggestions to improve clarity. More specifically, the IAESB agreed with the task force’s proposals on: using a tabular format to present the learning outcomes for each competence area, subject to positioning the minimum level of proficiency so that it can be associated directly with each competence area; including a footnote to Table A to explain what is meant by the term, Level of Proficiency; adding further explanation that describes how the level of proficiency should be used in the context of the competence areas; using the following competence areas: professional skepticism and professional judgment; ethics principles; and commitment to the public interest; assigning an intermediate level of proficiency to each of the three competence areas because they apply to all professional accountants during IPD and will be developed over time throughout their careers and through further CPD; amending the learning outcome on professional skepticism to read as follows: “Apply a questioning mindset that assesses critically financial information and other data relevant to the role of a professional accountant”; reorganizing the learning outcomes for the competence area of Ethical Principles so as to show application of relevant ethical requirements before explaining approaches to ethics; changing the verb, “compare,” in the learning outcome (c) (iv) to the verb, “analyze,” so as to strengthen the learning outcome and align it with the intermediate level of proficiency required of an aspiring professional accountant; amending the wording of paragraph A14 to read: “… it is usual to integrate professional values, ethics, and attitudes ....”; amending paragraph A17 to reflect the competence areas represented in Table A of IES 4; and publishing IES 4 at the same time as IES 2, and 3 to improve understanding of the three IESs. Following a full discussion of issues resulting from the April 30th teleconference meeting with the IAESB CAG and a page-by-page editorial review of the revised draft, the IAESB approved the final content of International Education Standard (IES) 4, Initial Professional Development – Professional Values, Ethics, and Attitudes (Revised).
Revision of International Education Standard Objective(s) of projectTo improve the clarity and implementation of IES 4 by (1) applying the new IAESB drafting conventions, (2) updating the concepts and terminology to conform to the revised Framework for International Education Standards for Professional Accountants, and (3) clarifying issues resulting from changes in the environment of accounting education and the experience gained from implementation of the Standards by IFAC member bodies.ScopeIES 4 shall be revised to assist IFAC member bodies in prescribing the professional values, ethics, and attitudes to be acquired by professional accountants through learning and development during professional accounting education undertaken as part of Initial Professional Development (IPD).BackgroundIES 4 was approved for publication in 2004 and became effective January 1, 2005.At its November 2006 meeting, the IAESB agreed to conduct a detailed review of existing IESs and the framework underpinning the IESs, to determine areas where the clarity of standards could be improved and/or additional guidance most usefully developed. The IAESB agreed to suspend any further work on redrafting or revising the IESs until the work on the Framework project was substantially complete. At its October 2009 meeting the IAESB agreed the project direction to redraft and revise all eight IESs. In December 2009 the IAESB published the new Framework for International Education Standards for Professional Accountants, which enhances the relevancy, consistency, and applicability of its publications to IFAC members. The Framework also includes an appendix, "IAESB Drafting Conventions," which will be used to increase the clarity of its standards.IssuesIssues that this project will consider include: IES 4 – Professional Values, Ethics And Attitudes (i) Consider clarifying the Standard’s requirements to ensure that accounting education programs continue to meet the core competence required for the various roles of a professional accountant (ii) Revise the Standard to ensure consistency with the terminology and concepts set out in the revised IFAC Code of Ethics.Task Force progress / Board discussions to dateIAESB Meetings:October 2013: The IAESB received a revised draft of IES 4, Initial Professional Development – Professional Values, Ethics, and Attitudes, which included editorial amendments to the common paragraphs shared with IESs 2 and 3. The IAESB reviewed and accepted these amendments as they did not significantly change the content, but improved clarity of IES 4 and increased consistency among the revised IESs. Following a review of the proposed editorial amendments, the IAESB approved the final content of International Education Standard (IES) 4, Initial Professional Development – Professional Values, Ethics, and Attitudes (Revised).June 2013: The IAESB received a revised draft of IES 4, Initial Professional Development – Professional Values, Ethics, and Attitudes and an Issues paper that identified significant issues resulting from the drafting of the revised version of IES 4. These discussions covered: technical issues pertaining to development of learning outcomes for competence areas, and editorial suggestions to improve clarity. More specifically, the IAESB agreed with the task force’s proposals on: using a tabular format to present the learning outcomes for each competence area, subject to positioning the minimum level of proficiency so that it can be associated directly with each competence area; including a footnote to Table A to explain what is meant by the term, Level of Proficiency; adding further explanation that describes how the level of proficiency should be used in the context of the competence areas; using the following competence areas: professional skepticism and professional judgment; ethics principles; and commitment to the public interest; assigning an intermediate level of proficiency to each of the three competence areas because they apply to all professional accountants during IPD and will be developed over time throughout their careers and through further CPD; amending the learning outcome on professional skepticism to read as follows: “Apply a questioning mindset that assesses critically financial information and other data relevant to the role of a professional accountant”; reorganizing the learning outcomes for the competence area of Ethical Principles so as to show application of relevant ethical requirements before explaining approaches to ethics; changing the verb, “compare,” in the learning outcome (c) (iv) to the verb, “analyze,” so as to strengthen the learning outcome and align it with the intermediate level of proficiency required of an aspiring professional accountant; amending the wording of paragraph A14 to read: “… it is usual to integrate professional values, ethics, and attitudes ....”; amending paragraph A17 to reflect the competence areas represented in Table A of IES 4; and publishing IES 4 at the same time as IES 2, and 3 to improve understanding of the three IESs. Following a full discussion of issues resulting from the April 30th teleconference meeting with the IAESB CAG and a page-by-page editorial review of the revised draft, the IAESB approved the final content of International Education Standard (IES) 4, Initial Professional Development – Professional Values, Ethics, and Attitudes (Revised).
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