IFAC releases revised exposure draft on mandatory continuing education.

• Position: Accounting & auditing news - International Federation of Accountants' Education Committee - Brief Article

A commitment to maintaining professional competence through lifelong learning is critical for accountants to meet the needs of a competitive worldwide economy and carry out their public-interest responsibilities. This is one of the fundamental premises in an exposure draft of a proposed new standard issued by the International Federation of Accountants' Education Committee. Comments are due Dec. 31.

The proposed standard, Continuing Professional Development: A Program of Lifelong Learning and Continuing Development of Professional Competence, prescribes mandatory continuing professional development for all professional accountants, including those working for accounting firms, corporations, small or medium enterprises, public sector organizations or in other environments. All IFAC member bodies are expected to comply with the standard from the proposed effective date of Jan. 1, 2006.

The standard advocates a broader view of CPD, one that encompasses a wider...