IFAC ISSUES DISCUSSION PAPER ON PRACTICAL EXPERIENCE
The International Federation of Accountants' (IFAC) education committee has released a discussion paper "Practical Experience," providing guidance to member bodies on practical experience requirements for accounting professionals. The paper comes at a time when many are considering changes to the experience requirement for licensure as set forth in the latest uniform accountancy act.
The discussion paper gives a description of "good practice" experience and recommends the following procedures for ensuring that experience is acceptable:
* A system for monitoring and reporting on the experience obtained
* Detailed written guidance for employers and students
* An approval mechanism to determine suitable employers
* Pre-employment assessment and approval of the work experience
* Post-employment feedback from
IFAC is a worldwide organization of accountancy bodies in 101 different countries. Its mission is to develop and enhance the quality of public service offered by accounting professionals. To obtain a copy of the paper, contact the IFAC secretariat at (212) 286-9344 or online at www.ifac.org. *
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