At its December 2017 meeting, the IESBA completed its Structure of the Code project and approved the text of the restructured Code. The Code has been renamed "International Code of Ethics for Professional Accountants (including International Independence Standards)" and comprises:
- Structural and drafting enhancements developed under the Structure of the Code project;
- Revisions to the provisions pertaining to safeguards in the Code, developed under the Safeguards project;
- Revisions to clarify the applicability of the provisions in Part C of the extant Code to professional accountants in public practice, developed under the Applicability project; and
- New application material relating to professional skepticism and professional judgment, developed under the Professional Skepticism (short-term) project.
Subject to Public Interest Oversight Board (PIOB) approval, the restructured Code is expected to be released by early April 2018. In the interim, to facilitate early implementation activities, the text of the restructured Code is made available through the links under "What's New" below.
*The word version of the restructured Code - approved text is accessible using your user IFAC login and password on the IESBA December 2017 meeting page.
- Restructured Code - Approved Text (Clean)
- Restructured Code - Approved Text (Mark-up)
- Table of Concordance (Extant to Restructured Code Comparison)
When is the Restructured Code Effective?
- Parts 1, 2 and 3 of the restructured Code will be effective as of June 15, 2019.
- Part 4A relating to independence for audit and review engagements will be effective for audits and reviews of financial statements for periods beginning on or after June 15, 2019.
- Part 4B relating to independence for assurance engagements with respect to subject matter covering periods will be effective for periods beginning on or after June 15, 2019; otherwise, it will be effective as of June 15, 2019.
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