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The International Federation of Accountants is changing the oversight and priorities of its International Accounting Education Standards Board, which sets standards for the education and professional development of accountants.

The IAESB operates with the support of IFAC, which has recently come under pressure from the Monitoring Board, a group of international securities and audit regulators that includes the European Commission and the Financial Stability Board, to overhaul two of its other boards, the International Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants (see IFAC concerned about loss of separate standards committees for audit and ethics). The Supervisory Board wants greater representation on boards of directors of non-accountants such as investors and government regulators.

In the case of the International Accounting Education Standards Board, the IFAC and IAESB announced on Friday that they would change the oversight of the international accounting education model to the IFAC board, instead of the Public Interest Oversight Board. They are also setting up a multi-stakeholder advisory group to help develop the future model and facilitate a smooth transition from the current IAESB. The advisory group will include representatives from the IAESB and the IAESB Advisory Group to help develop and implement the new model, but it will likely also include representatives from other types of constituents, as the Monitoring Board has lobbied for IAASB and IESBA. -the installation of the boards.

“The global imperatives of business, technology and education place new demands on the global profession, and we must anticipate and prepare for the future,” said Anne-Marie Vitale, IAESB Vice President, who will chair the new advisory group. “We will work with key stakeholders to develop a model that considers, addresses and advances the needs of current and future accountants and acts in the public interest to advance a strong and relevant accounting profession. ”

IFAC noted that the IAESB has made a significant contribution to international accountancy education and the global accountancy profession by developing high-quality international training standards, or IES, and leveraging stakeholder relationships to better understand future needs. The model will continue to advance IES implementation and build the capacity of professional accounting organizations.

Ahead of the transition, the IAESB said it will focus on accelerating the completion of its priority projects, including revising standards on continuing professional development and finalizing related new directions, as well as its essential work on information and communication technologies and critical thinking. It will also continue its work in order to position the future model to make the most of all the work of the IAESB.

“The need for real-time advice and action on accountancy education is growing,” IAESB President Chris Austin said in a statement. “While the IAESB has made good progress in improving the quality and relevance of IES and supporting material, a different model that combines standards development, capability support, better exploitation of the The work of professional accountancy organizations and the control of compliance will have a greater impact on the quality of accountancy training and therefore on the profession. It will be in everyone’s interest.

The future model will enter service by July 1, 2019.

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