The International Federation of Accountants (IFAC) has announced revisions to the International Education Standards (IES), incorporating sustainability competence into the training of professional accountants.
These updates to IES 2, 3, and 4 establish a global baseline for sustainability competence, ensuring accountants are equipped to handle sustainability-related disclosure and assurance standards.
The revisions aim to maintain integrity and professional quality within the accountancy profession.
The updated standards align with those issued by the International Auditing and Assurance Standards Board, the International Ethics Standards Board for Accountants, the International Sustainability Standards Board, and those under development by the International Public Sector Accounting Standards Board.
IFAC CEO Lee White said: “IFAC and our members work together to shape the future of the profession through learning, innovation, a collective voice, and a shared commitment to the public interest.
“These revisions to the education standards ensure that professional accountants worldwide develop the right competencies to implement sustainability reporting and assurance standards effectively.”
Revised IES 2 outlines the technical competence learning outcomes, focusing on the application of professional knowledge, while revised IES 3 details the learning outcomes for professional skills.
Revised IES 4 specifies the learning outcomes for professional values, ethics, and attitudes.
These enhancements include new assurance competence areas, a focus on business acumen, enabling behavioural competencies, and expanded explanatory materials to aid implementation, among others.
In addition, the IFAC has modernised IES 6, which deals with the formal assessment of professional competence.
This has introduced principles of integrity and authenticity, updating the principle of equity, and providing guidance on hybrid and remote assessments.
The IFAC urges stakeholders to prepare for the implementation of these standards, promoting early adoption before the 1 July 2026 effective date.
In November 2024, the IFAC appointed Taryn Rulton as its deputy president, marking her as the second Australian woman to hold a leadership position on the IFAC board, succeeding Rachel Grimes, a past president of CA ANZ.
