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The IESBA released the Consultation Paper Improving the Structure of the Code of Ethics for Professional Accountants (the Code). Comments are requested by February 4, 2015.
Among the various matters on which the Ethics Board is consulting are:
“This is a seminal initiative which could result in a completely new presentation of the Code that would make it more accessible, understandable, and enforceable,” noted Interim IESBA Chair Wui San Kwok, adding, “These aims are central to enhancing the usability of the Code and thereby its further adoption globally in the public interest.”
The paper includes illustrative examples of how a restructured Code might be presented. The input received from the consultation will supplement the Ethics Board’s research to date and inform its views of the way forward. This may in due course lead to the publication of an Exposure Draft containing the Ethics Board’s proposals for restructuring the Code and addressing any of the related issues set out in the paper.
“The board has received strong support from stakeholders to take a fresh look at the structure of the Code as a priority,” said IESBA Technical Director Ken Siong. “The current thinking is that an improved structure would provide a platform for future development and maintenance of the Code, and allow for more user-friendly features, including increased search and query capabilities.”