In 2009 the former Australian Learning and Teaching Council (ALTC) established the Learning and Teaching Academic Standards (LTAS) project to develop minimum learning standards for higher education courses, aligned with the Australian Qualifications Framework (AQF), across a range of demonstration disciplines. Accounting was the first business discipline selected for standards development given it has well-defined employment outcomes, engaged professional bodies and weighting in the typical portfolio of both public and private business higher education providers
ABDC, CPA Australia, Institute of Chartered Accountants Australia (ICAA) and the ALTC jointly funded the project. A working party under the guidance of a expert advisory group developed and released the final Accounting Learning Standards in February 2011.
The development and assessment of accounting learning standards has considerably influenced thinking about accounting higher education. As a result, accreditation requirements of CPA Australia and ICAA now incorporate the learning standards and the Tertiary Education Quality and Standards Agency (TEQSA) acknowledge the accounting learning standards as a benchmark.
In 2011 ABDC initiated a follow-on project, Achievement Matters: External Peer Review of Accounting Learning Standards, which aims to collaboratively benchmark achieved learning outcomes against the nationally-agreed learning standards for accounting bachelors and masters coursework programs.
In 2012 these projects and its leads won two awards - the Accounting and Finance Association of Australia and New Zealand's Outstanding Contribution to Accounting and Finance - Education Award and the CPA Australia for Outstanding Achievement in Accounting Teaching Collaboration at the Business/ Higher Education Round Table (B-HERT) awards.
Final Learning Standards