IFAC Releases New Framework, Drafting Conventions to Enhance Clarity of its Standards

The International Accounting Education Standards Board (IAESB), an independent standard-setting board within the International Federation of Accountants (IFAC), has released its Framework for International Education Standards for Professional Accountants, which enhances the relevancy, consistency, and applicability of its publications to IFAC members. The Framework sets out the educational concepts that underlie the IAESB's International Education Standards (IESs), describes the nature of IAESB publications, and affirms IFAC member bodies' obligations relating to accounting education. The framework also includes an appendix,"IAESB Drafting Conventions", which will be used to increase the clarity of its standards.


The framework is addressed primarily to IFAC member bodies because of their interest in the education, development, and assessment of their members and students. It is also relevant to a wide range of stakeholders, including accounting faculties at universities, employers of professional accountants, professional accountants, prospective professional accountants, and others interested in the work of the IAESB.


"Our framework improves upon the understanding and application of the principles and concepts that underlie the education and development of a professional accountant," states IAESB Chair Mark Allison. "The framework and the drafting conventions enable the IAESB to deploy a more efficient and effective standard-setting process and to better demonstrate accountability for its decisions."


The framework document has been released following the consideration and approval by the Public Interest Oversight Board of due process and extensive public interest consultation.


IFAC is the global organisation for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.


Asian countries that are members of IFAC include China, India, Hong Kong, Philippines, Taiwan, Indonesia, Japan, Thailand, and Vietnam.


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