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August 14, 2008

International education board issues clarified guidance

The International Accounting Education Standards Board (IAESB) has released amended versions of its International Education Standards 1-8, the Framework for International Education Pronouncements, and the Introduction to International Education Standards.

The IAESB said the amendments are editorial and result in more consistent use of terminology. They also provide a clearer description of the IAESB’s role, standard-setting process and oversight.

IAESB chair Henry Saville explained: “[We have] re-issued documents to conform everything to current working practices, document titles and so on, eliminating inappropriate references.” Given the editorial nature of the changes, no public consultation was held.

The clarification project came about after the IAESB began discussing a review of the framework about a year ago. Saville said the board decided both an editorial review and a substantive review were necessary.

The project to substantively revise the framework and introduction is still in its early stages. A task force has been working on the review for about 12 months. The activities have included an electronic survey, which had more than 1,000 respondents. An initial draft paper on the work to date will go before the IAESB in its September meeting.

The objective is for a second draft to go before the board by the end of this year, with the hope it will be approved for public exposure.

All the amended publications were issued between 2003 and 2006, so the oldest are just five-years-old. Saville said that because this is the first set of international education standards, the board felt it was appropriate to conduct a substantial review after such a short period.

The IAESB is an independent standard-setting board within the International Federation of Accountants (IFAC). The clarified standards can be downloaded free-of-charge from the IFAC website.

Carolyn Canham

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