The International Accounting Education Standards Board has issued a set of revised standards for the initial professional development of accountants emphasizing that practical experience plays a key role in developing the competence of fledgling accountants.
International Education Standard 5, Initial Professional Development—Practical Experience aims to assist educational organizations, employers, regulators, government authorities and other stakeholders who support the practical experience of professional accountants. The revised IES 5, which is effective from July 1, 2015, recognizes that practical experience is relevant in developing the competence of an aspiring professional accountant while also promoting greater flexibility in measuring practical experience. The revised standard also permits “practical experience supervisors” to direct, advise and assist an aspiring professional accountant’s experience; and requires practical experience to be recorded in a verifiable and consistent way.
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