The revised standard, IES 1 Entry Requirements to Professional Accounting Education Programs (link to IFAC website) has been issued as a result of the IAESB's 'clarity' programme and follows the issue of an exposure draft in June 2011.

The revised IES 1 outlines the principles to be used by IFAC member firms when setting and communicating educational requirements for entry to professional accounting education programs.  It seeks to ensure a sufficient number of high-quality aspiring professional accountants by setting out principles for entry requirements for professional accounting education programs that are neither too high (causing unnecessary barriers to entry to the profession), nor too low (causing individuals to believe falsely they have a likelihood of completing the education successfully).

Consistent with the proposals in the June 2011 exposure draft, the revised IES 1 focuses on allowing flexible access to professional accounting education, including removing the previous requirement of a recognised university degree programme or its equivalent, and instead stating that such a requirement is 'not precluded'.  Various other changes are also included in the revised IES 1

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