Proposed Changes to Part C of the Code Addressing Presentation of Information and Pressure to Breach the Fundamental Principles

IESBA
Nov 24, 2014 | Exposure Drafts and Consultation Papers
39 Pages
English

Comments due by: Apr 15, 2015

This Exposure Draft deals with two matters on which professional accountants in business most often seek assistance in practice—their responsibility to produce financial reports that are faithful representations of the economics of transactions, and pressure to breach the fundamental ethical principles.

Among the proposed changes are:

Fuller and more explicit guidance regarding PAIBs’ responsibilities when presenting information;
Strengthened guidance on how a PAIB can disassociate from misleading information;
An expanded description of pressure that may lead to a breach of the fundamental principles in the Code together with practical examples to illustrate different kinds of situations in which such pressure may arise; and
New guidance to assist PAIBs in identifying and responding to pressure that could result in a breach of the fundamental principles.

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Submitted Comment Letters

1. The Hong Kong Assoiation of Banks (HKAB) (Hong Kong (Special Administrative Region of China))
March 6, 2015

2. Chartered Institute of Public Finance and Accountancy (CIPFA)
March 19, 2015

3. FSR - Danske Revisorer (Denmark)
March 24, 2015

4. The Institute of Chartered Accountants [Ghana] (Ghana)
March 27, 2015

5. Jean Thiomas Giraud (Haiti)
March 28, 2015

6. National Association of State Boards of Accountancy (United States)
March 31, 2015

7. PricewaterhouseCoopers International Limited
April 1, 2015

8. VRC (Netherlands)
April 2, 2015

9. The Malaysian Institute of Certified Public Accountants (MICPA) (Malaysia)
April 7, 2015

10. CPA Canada (Canada)
April 9, 2015

11. DTTL
April 13, 2015

12. Institute of Singapore Chartered Accountants (Singapore)
April 13, 2015

13. Korean Institute of Certified Public Accountants (Korea, Republic of)
April 13, 2015

14. Pennsylvania Institute of Certified Public Accountants (PICPA)
April 13, 2015

15. AAT (Europe )
April 14, 2015

16. Chartered Accountants Australia and New Zealand (Australia)
April 14, 2015

17. ICAEW (United Kingdom)
April 14, 2015

18. AICPA (United States)
April 15, 2015

19. Accounting Professional & Ethical Standards Board (Australia) (Australia)
April 15, 2015

20. Association of Chartered Certified Accountants
April 15, 2015

21. Audit Oversight Board, Securities Commission Malaysia (Malaysia)
April 15, 2015

22. Hong Kong Institute of Certified Public Accountants (Hong Kong (Special Administrative Region of China))
April 15, 2015

23. IFAC Professional Accountants in Business Committee
April 15, 2015

24. Institute of Certified Public Accountants of Kenya (Kenya)
April 15, 2015

25. Institute of Management Accountants (IMA) (United States)
April 15, 2015

26. Instituto Salvadoreno de Contadores Publicos (El Salvador)
April 15, 2015

27. Interamerican Accounting Association (AIC) (Latin America-Caribbean )
April 15, 2015

28. JICPA (Japan)
April 15, 2015

29. KPMG IFRG Limited
April 15, 2015

30. Malaysian Institute of Accountants (Malaysia)
April 15, 2015

31. South African Institute of Chartered Accountants (South Africa)
April 15, 2015

32. The Institute of Chartered Accountants of Pakistan (Pakistan)
April 15, 2015

33. ZICA (Zambia)
April 15, 2015

34. The Institute of Chartered Accountants of Scotland (ICAS) (United Kingdom)
April 16, 2015

35. CPA Australia (CPA Au) (Australia)
April 17, 2015

36. Denise Silva Ferreira Juvenal (Brazil)
April 18, 2015

37. Financial Reporting Council (United Kingdom)
April 20, 2015

38. FEE - Federation of European Accountants (Belgium)
April 21, 2015

39. FAR - the Institute for the Accountancy Profession in Sweden (Sweden)
April 24, 2015

40. International Organization of Securities Commissions (IOSCO)
April 27, 2015

41. Royal Nederlandse Beroepsorganisatie van Accountants (NBA) (Netherlands)
April 30, 2015

42. Chartered Institute of Management Accountants (CIMA) (United Kingdom)
May 18, 2015

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