The International Accounting Education Standards Board (IAESB), part of the International Federation of Accountants (IFAC), has developed a guidance to assist member organisations and others establish effective practical experience programmes.
The new guidance is part of the International Education Practice Statement (IEPS) 3, ‘Practical Experience Requirements - Initial Professional Development for Professional Accountants’, which has just been released by the Public Interest Oversight Board (PIOB).
‘A period of practical experience is critical to the development of professional accountants, enabling them to cultivate and demonstrate the knowledge and skills that they have acquired during their education programme,’ Henry Saville, IAESB chair, said.
The practice statement indicates how IFAC members and associates may meet the requirement for a period of practical experience for trainees to qualify as professional accountants. It also explains how workplace output can be used to assess competence developed by trainees during that period.
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