The International Accounting Education Standards Board (IAESB) has issued a revised International Education Standard (IES): 6, Initial Professional Development – Assessment of Professional Competence in accordance with its new clarity drafting conventions.

The revised standard addresses elements that are essential to assessing the professional competence of aspiring professional accountants, including specifying the requirements for the assessment of professional competence by the end of the Initial Professional Development of an aspiring professional accountant.

It also prescribes that IFAC member bodies formally assess the achievement of competence of aspiring professional accountants prior to their admission to the profession as well as principles for individual assessment activities used by member bodies to assess professional competence.

IAESB chair Peter Wolnizer said the revised standard would be more useful to interested parties in assessing professional competence than the current approach and "the revised standard on assessment demonstrates the board’s desire to move to a more principles-based approach in standard setting."

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International Accounting Education Standards Board