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Revised standard on practical experience requirements

  • IAESB (International Accounting Education Standards Board) (lt gray) Image

14 Mar 2013

The International Accounting Education Standards Board (IAESB) has released a revised version of International Education Standard (IES) 5, Initial Professional Development — Practical Experience.

The key changes concern

  • allowing greater flexibility in measuring practical experience,
  • permitting supervisors or mentors to direct an aspiring professional accountant's experience, and
  • requiring practical experience to be recorded in a verifiable and consistent form.

The release of the revised IES 5 represents the fourth IES released by the IAESB in a project to revise its suite of eight IESs. The current timetable envisages that all IESs will have been revised and redrafted, or redrafted only, by the fourth quarter of 2013.

Please click for further information on the IFAC website:

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