Therefore, it is important for an AEC member country to ensure
its accounting professionals attain a certain standard of quality and
competency to enable them to practice in other member countries.
They have to equip themselves with the skills and knowledge in the
international accounting standards. For example, within the AEC
member countries, the accounting professionals are regulated by various
international accounting standards, such as the International Financial
Reporting Standards (IFRS), and the International Education Standards
for Professional Accountants (IES). The establishment of the AEC will
bring forth challenges for the accounting professionals. Therefore,
accounting students who are the accounting professionals of the future
will have to equip themselves to meet these challenges.