A board within the International Federation of Accountants has proposed new guidance to help member bodies develop practical experience programs for accounting students.The International Accounting Education Standards Board, an independent standard-setting board, recently issued a statement outlining such programs, “Practical Experience Requirements - Initial Professional Development for Professional Accountants.”

"A period of practical experience is a vital part of the education of professional accountants, enabling them to develop and demonstrate the skills they need," said board chairman Henry Saville, in a statement. "It enables students to demonstrate not only that they have gained the necessary theoretical knowledge, but also that they are able to apply this knowledge in their day-to-day work as professional accountants."

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