IFAC proposes new code of ethics

  • IFAC (International Federation of Accountants) (lt gray) Image

28 Jul 2003

The International Federation of Accountants has issued an exposure draft of a Revised Code of Ethics, expanding both the guidance and authority of the existing Code.

Comments are due by 30 November 2003. IFAC proposes to elevate the Code from a "model code" on which to base national requirements to a "standard" that requires IFAC member body compliance. IFAC has 155 member organisations in 113 countries. The proposed revised Code expands guidance for all individual accountants – addressing integrity, objectivity, professional competence, confidentiality, and professional behavior. The revised Code also provides specific guidance for accountants in business by addressing issues such as potential conflicts, preparing and reporting information, financial interests, inducements, and disclosing of information.

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