Who We Are

Our mission. One way we serve the public interest[i] is by strengthening the global accountancy profession through the development and enhancement of professional accounting education. We achieve this through developing high-quality International Education Standards (IESs). These standards improve professional accounting education worldwide by setting minimum requirements for initial professional development for aspiring professional accountants and continuing professional development for professional accountants.

Effective governance is essential to our mission.

Governance is demonstrated through effective due process, which consists of public transparency, independence, competence, public consultation, and monitoring.

• Public transparency consists of adherence to a process framework and publicly available materials provided throughout the process that also provides transparency into decision points demonstrating the framework’s application. Stakeholder outreach is one process element designed to capture global and diverse perspectives.
• Independence in accountancy education differs from independence in developing assurance, auditing and ethics standards and the resultant risk of undue influence exercised by the accountancy profession. High quality accounting education standards development[ii] requires collaboration among constituents of the profession including IFAC, the IPAE, professional accountancy organizations, firms, regulators, and academics. Effective accountancy education is a shared responsibility among stakeholders in the profession thereby obviating potential self-interest threats.[iii]
• Competence is demonstrated by the individuals and groups that contribute to accountancy education standards development. Baseline expectations for these individuals and groups, which include IPAE members and others with relevant expertise as needed, consist of independence of thought, standard setting expertise, accountancy education experience, accounting practice experience, a willingness to constructively challenge others, and business acumen. Accountancy education standards development is further supported through the IPAE members who are experienced accounting professionals from academia, practitioners in public practice, professional accounting organizations and regulators. IPAE members are subject to IFAC’s nomination and evaluation processes.
• Public consultation on proposed changes to standards provides oversight, accountability, and contributes to the quality of the output. Public consultation includes evaluating each comment objectively on exposure drafts and providing substantive analysis supporting proposed and final changes through a bases for conclusions. 
• Monitoring over the process and outputs for accountancy education standards development is achieved through IPAE discussion and resolution, engagement with accountancy education directors and regulators, formal public consultation, and ongoing IFAC board oversight. The nature and extent of monitoring is reflective of the need for collaboration among stakeholders to develop high quality education standards.

Effective November 2024

Advancing Accountancy Education in the Public Interest

1. IFAC, with its member organizations, follows a comprehensive and integrated approach to assist stakeholders to equip professional accountants and aspiring professional accountants to be future-ready and essential to strong, sustainable organizations, financial markets, and economies. In implementing this approach, the primary audience is IFAC member organizations and aspiring IFAC member organizations, while the secondary audience includes other stakeholders involved in establishing and implementing initial and continuing professional development requirements at jurisdictional level.

2. The approach builds on the high-quality work of the International Accounting Education Standards Board (IAESB), which made a significant contribution to the accountancy profession by developing the International Education Standards (IES) and shaping the direction of quality education for both initial and continuing professional development of professional accountants.

3. Implementing IFAC’s strategy to advance accountancy education at the global level and in the public interest is the responsibility of the IFAC staff, under the leadership of an IFAC Director, who is accountable to the IFAC Chief Executive Officer. The IFAC Chief Executive Officer is accountable to the IFAC Board.

Purpose

4. The IFAC Board established the International Panel on Accountancy Education (the Panel) to provide strategic advice, facilitate access to expertise and resources, and advocate for quality education of future-ready professional accountants.

Responsibilities

5. The responsibilities of the Panel are as follows:

   1. Drawing on stakeholder input (see paragraph 20) and monitoring of developments, provide input to the development of the IFAC strategy, ensuring fit-for-future advancement of accountancy education at the global level.

   2. Advise IFAC staff on the implementation of the IFAC strategy for advancing accountancy education at the global level; facilitate access to expertise and resources, and advise on matters such as the identification and priority of projects (e.g., revisions to / new IES, IES implementation support and other non-authoritative guidance, professional accountancy organization (PAO) capacity building, thought leadership, etc.), the development of project proposals, the determination of appropriate resources and consultation processes for projects, and development of proposed and final publications.

   3. Endorse the content of and consultation process followed in the development of a new/revised IES for recommendation to the IFAC Board (see paragraphs 17-18).

   4. Promote the adoption and implementation of IES, and advance the international debate on emerging issues relevant to accountancy education.

   5. Advocate for quality education of future-ready professional accountants.

Composition and Membership

6. The Panel is comprised of not less than 16 and not more than 22 senior representatives from the global accountancy education community, who are well suited to contribute effectively to the fulfilment of the Panel’s responsibilities.

7. Panel members are nominated in response to a formal Call for Nominations issued by IFAC, and can include PAO senior staff, practitioners, academia and other educators, government officials, regulators, employers, and representatives from other stakeholders. Panel members have relevant expertise and experience, and are well suited to provide strategic advice, facilitate access to expertise and resources, and advocate for quality education of future-ready professional accountants.

8. The Panel membership shall predominantly consist of members nominated by IFAC member organizations and the Forum of Firms. Members nominated by other stakeholders, including educational institutions, governments, other relevant organizations, and those coming from the general public shall not exceed 25% of the Panel size. Panel membership is diverse and geographically balanced.

9. Appointment of Chair: The appointment and terms of service of the Chair are recommended by the IFAC Nominating Committee and approved by the IFAC Board in accordance with the IFAC Constitution and Bylaws.

10. Appointment of Members (excluding the Panel Chair): The appointment and terms of service of members, including the Deputy Chair, are recommended by the Panel Chair and the IFAC staff that support the Panel Chair. The Nominating Committee reviews the process for selecting the members, including the Deputy Chair, and the related recommendations. The IFAC Board approves the recommendation of the members, including the Deputy Chair.

11. Appointment of Technical Advisors: The appointment of technical advisors shall be in accordance with the IFAC Constitution and Bylaws allowing one technical advisor to accompany a member, including the Chair, to a meeting. Technical advisors may also participate in other meetings and activities of the Group, but shall not be entitled to vote.

12. Observers may attend and participate in meetings, subject to approval by the Director or Principal who supports the IPAE, in consultation with the Chair.

Terms of Office

13. The initial term for Panel members is up to three years, with approximately one-third of the membership’s terms expiring on an annual basis. A Panel member may be reappointed and serve for a maximum of six consecutive years.

14. Following the expiry of six consecutive years as a member of the Panel, such individual shall not be eligible to be a member of the Panel unless two years have lapsed since he/she completed his/her previous terms as a member, or he/she is appointed as Chair, of the Panel.

15. The Panel Chair shall be appointed for a term of up to three years and could be recommended for reappointment for additional terms not exceeding three years until they have reached the maximum of nine consecutive years as Chair.

Meeting Procedures

16. The number and format (in-person, hybrid or virtual) of meetings are commensurate with the Panel fulfilling its responsibilities. At a minimum, the Panel meets three times per year, with preference given to virtual meetings. Each meeting where the IPAE is voting to endorse a recommendation to the IFAC Board requires the presence of at least a simple majority of the appointed Panel members, either in person or virtual.

17. The Panel Chair convenes the meeting. In the Panel Chair’s absence, the Deputy Chair may convene the meeting. In the event of the absence of both, the Panel members present elect another member to chair the meeting.

18. All Panel members are expected to participate in the deliberations at the meeting. Each Panel member has one vote. A Panel member has the right to appoint a proxy in writing. (A proxy may be given to the Panel Chair or another Panel member.) The affirmative vote of a simple majority of all appointed Panel members present in person, virtually, or by proxy is required to endorse any recommendation to the IFAC Board.

19. The meetings and agenda papers are in English, the official working language of IFAC.

20. IFAC staff is responsible for developing and distributing the agenda and material for each meeting. The agenda and materials are distributed at least one week in advance of the meeting.

Outputs

21. The credibility of outputs are achieved through a fit-for-purpose consultation process determined by IFAC staff, reviewed by the Panel, and—in the case of the revision of or new IES—approved by the IFAC Board. The authority of such outputs is achieved through SMO 2: International Education Standards for Professional Accountants and Other Pronouncements Issued by the IAESB.

22. The Panel is responsible for endorsing for recommendation to the IFAC Board the content and consultation process followed in the development of a revised/new IES. The IFAC Board is responsible for confirming whether the approved consultation process (see paragraph 17) was followed in the development of the revised or new IES.

23. In providing advice, the Panel is required to be transparent in its activities and adhere to the Board-approved approach for advancing accountancy education at the global level.

24. In advising on the IFAC strategy to advance accountancy education at the global level, the Panel draws on the results of stakeholder consultations.

Other

25. The Panel Chair reports at least annually to the IFAC Board on progress made in fulfilling the Panel’s responsibilities.

26. The IFAC Board will periodically review the terms of reference of the IPAE (generally every three to five years).