IES 5 Initial Professional Development – Practical Experience (Revised)…
Initial Professional Development – Practical Experience (Revised)
Scope of this Standard
This International Education Standard (IES) prescribes the practical experience required of aspiring professional accountants by the end of Initial Professional Development (IPD).
This IES is addressed to IFAC member bodies.for ensuring that IPD meets the requirements set out in this IES.
Practical experience refers to workplace and other activities that are relevant to developing professional competence.
Practical experience during IPD builds on general education and programs of professional accounting education.
This IES specifies requirements for practical experience during IPD.
After the completion of IPD, practical experience may be required to bring professional accountants to a level of competence needed for other roles, such as that of a statutory auditor, other forms of specialization, or those roles that are regulated.
Practical experience supervisors and employers have important roles in planning and monitoring practical experience gained by aspiring professional accountants.
Definitions and explanations of key terms used in the IESs and the Framework for International Education Standards for Professional Accountants are set out in the IAESB Glossary of Terms.
July 1, 2015.
The objective of an IFAC member body is that aspiring professional accountants complete sufficient practical experience required to perform a role of a professional accountant.
sufficient practical experience to enable aspiring professional accountants
preferred approach to measure practical experience using one of the following three approaches:
a combination of output-based and input-based approaches.
that aspiring professional accountants complete practical experience by the end of IPD.
output-based and input-based approach shall require aspiringprofessional accountants to demonstrate using output measures. have obtained practical experience.
comply with the requirements of output- and input-based approaches
Practical Experience Supervision and Monitoring
be conducted under the direction of a practical experience supervisor.
recorded in a consistent form prescribed
supervisor undertake a periodic review of the records of practical experience of aspiring professional accountants.
appropriate assessment activities to assess that sufficient practical experience has been completed by aspiring professional accountants.