During 2010, minimum academic standards for Australian bachelor and master degree programmes in accounting were formulated. These were developed for a new higher education system predicated on expansion, including participation targets and demand-driven funding for public institutions, and a centralised regulatory and quality assurance system to support consumer protection covering all providers. In 2011 a pilot project involving 25% of Australian universities that provide accounting education, is underway to assess achievement of graduating student outcomes against nationally agreed academic standards. The benchmarking process involves double-blind external peer review. It will be expanded in 2012 to embrace other universities and non-university providers including emerging providers from both the private sector and the vocational education sector.