The International Federation of Accountants (IFAC) have proposed changes to International Education Standard (IES) 2, 3 and 4 which concern the initial professional development of accountants. The proposed revisions seek to embed sustainability concepts within these standards.

In our submission we supported the proposed revisions noting minor suggested revisions and points that require further clarification. We agreed that a new competence area for assurance is appropriate and allows for a key focus on assurance. As the foundational level of competence is the minimal, mandatory standard and sets a global baseline for the profession to achieve across all the jurisdictions, we felt that it is appropriate and yet still provides flexibility for some jurisdictions to be at a higher level.

CA ANZ has encouraged IFAC to review the IES’s again to ensure that they are fit for purpose and reviewed in timely manner given the nature of change in relation to sustainability.