The new model is being proposed “to ensure that the accountancy profession can address the challenges posed by a rapidly changing environment,” an IFAC press release said. An advisory group made up of various stakeholders will consult and inform on the future model and facilitate the transition.

“Global business, technology, and education imperatives are placing new demands on the global profession, and we must anticipate and prepare for the future,” says Anne-Marie Vitale, IAESB deputy chair. “We will work with key stakeholders to develop a model that considers, addresses, and advances the needs of current and future accountants and acts in the public interest to progress a robust and relevant accountancy profession.”

The model will begin operations by July 1, 2019.

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