IAESB guidance on experience requirement for professionals
30 Dec 2007
IFAC's International Accounting Education Standards Board (IAESB) has developed guidance to assist IFAC member organisations and others in establishing effective practical experience programs for professional accountants.
International Education Practice Statement (IEPS) 3 Practical Experience Requirements – Initial Professional Development for Professional Accountants provides guidance on the period of practical experience, content of practical experience requirements, and the roles and responsibilities of IFAC members as well as mentors and employers. In meeting the requirements of International Education Standard (IES) 5 Practical Experience Requirements IEPS 3 suggests that IFAC member bodies should consider adopting a combined approach – requiring a minimum three-year period of practical experience and measuring workplace output to assess competence. IEPS 3 may be downloaded from www.ifac.org/store. Here is the Press Release (PDF 53k).
