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IES 7 Continuing Professional Development (Redrafted) (Scope of this…
IES 7
Continuing Professional
Development (Redrafted)
Scope of this Standard
This International Educational Standard (IES) prescribes the continuing professional development (CPD) required for professional accountants to develop and maintain the professional competence
necessary to provide high quality services to clients
IFAC member bodies have a responsibility for the CPD of professional accountants as set out in the requirements of this IES. In addition, this IES will
be helpful to educational organizations
this IES is addressed to the IFAC member bodies
because their role is to
Foster a commitment to lifelong learning among professional accountants
Facilitate access to CPD opportunities and resources for professional accountants
Adopt prescribed requirements relating to the development and implementation of
appropriate measurement, monitoring, and compliance procedures
CPD provides continuing development of the
knowledge
skills
values, ethics, and attitudes
competence achieved
during IPD
experience, and training
observation, feedback and reflection
self-directed and unstructured gaining of knowledge.
networking
coaching and mentoring
Measuring the attainment of CPD can be achieved by three different approaches
by establishing an amount of learning activity for professional
accountants to develop and maintain professional competence
by requiring professional accountants to demonstrate, by way of
outcomes, that they have developed and maintained professional competence
by combining elements of the input- and output-based
approaches, setting the amount of required learning activity, and demonstrating the outcomes achieved
Definitions and explanations
Effective Date
January 1, 2014.
Objective
to have professional accountants develop and maintain
their competence subsequent to IPD through the undertaking of CPD that is necessary, in the public interest, to provide high quality services to meet the needs of clients, employers, and other stakeholders.
Requirements
Output-Based Approach
Combination Approach
Mandatory CPD for all Professional Accountants
Monitoring and Enforcement
Access to CPD
Promotion of CPD