Senior External Verifier Update International Accounting Standards Kim Tree

Feedback on Error Tolerances for HND Feedback from centres that we should be considering adopting IAS. All professional awarding bodies have adopted IAS as have most of the universities in UK.

EV Activity New Frameworks for China up and running and EV activity has been ongoing. New International centres coming on board to offer HN –mainly Business Increases pressure to adopt IAS to ensure consistency across all centres.

 Consultation for International Standards adoption  EV visiting verification feedback is that centres are keen to move on to IAS to prepare candidates for progression.  The EV team have been reviewing this feedback on an ongoing basis.

IFRS Adoption IFRS  Adoption discussion  Introduction in a centre  Impact on us  Run out time for UKGAAP

IFRS  The EV team has been reviewing the current Unit Specifications  In line with the SQA requirement to keep up to date  Discussions started about IFRS  Units affected identified  Impact assessment currently underway  Feedback and comments from centres invited  Unit Specifications and Exemplars will be revised

When?  The plan is to have this introduced for HNC units during session  (Business Accounting and GU1).  There will be a review of Financial Services Units  HND Units will be phased in during the session.  Preparing Financial Forecasts, Business Tax, MAPC etc  Timing gives centres opportunity to adapt  Brings SQA in line with other awarding bodies.  Keep up to date with the progress on SQA website and in update letters.

Impact  Centres must update materials to be used for teaching purposes.  Centres must use up to date terminology  Centres must use updated AIs  Suggest beginning process now to ensure that materials updated in time  Alternative assessments must also be updated  Recommend Prior Verification.