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IESBA Makes Substantial Progress on Restructuring Code of Ethics for Professional Accountants; Also Proposes Enhanced Provisions Related to Safeguards

  • IAASB (International Auditing and Assurance Standards Board) (lt gray) Image

Dec 21, 2015

On December 21, 2015, the International Ethics Standards Board for Accountants (IESBA) released for public comment two Exposure Drafts (EDs) proposing key enhancements to fundamental aspects of the Code of Ethics for Professional Accountants (the Code).

The first ED, Improving the Structure of the Code of Ethics for Professional Accountants—Phase 1 (Structure ED) represents the first application of proposed new structure and drafting conventions for the Code, covering both a number of the provisions of the Code dealing with its general application and selected sections addressing professional accountants in public practice.

The second ED, Proposed Revisions Pertaining to Safeguards in the Code—Phase 1 (Safeguards ED) includes enhanced requirements and application material pertaining to the application of the Code’s conceptual framework, including safeguards.

Review the press release and ED on the IAASB's Web Site.

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