IAESB clarifies continuing professional development

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

24 Jul 2012

The International Accounting Education Standards Board (IAESB) has issued a clarified International Education Standard (IES) 7, 'Continuing Professional Development'. IES 7 prescribes the continuing professional development (CPD) required for professional accountants to develop and maintain the professional competence necessary to provide high quality services to clients, employers, and other stakeholders, and thereby to strengthen public trust in the profession.

IES 7 is addressed to IFAC member bodies as they have a responsibility for the CPD of professional accountants through fostering a life-long commitment to learning by their members, providing access to CPD opportunities, and designing a system by which measurement, monitoring, and compliance procedures for CPD are undertaken.

The IES requires IFAC member bodies to require all professional accountants to undertake CPD to contribute to the development and maintenance of professional competence that is appropriate to their work and professional responsibilities.  IFAC member bodies are responsible for establishing their preferred approach to measuring professional accountants’ CPD activity from three models: output-based, input-based, or combination approaches.

The revised IES 7 is effective from 1 January 2014.  Click for IAESB press release (link to IFAC website).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.