Final Pronouncement - The Restructured Code
Apr 09, 2018 | Guidance & Support Tools
All available Translations: Czech Polish Spanish-Spain
In Progress Translations: Danish | English | Finnish | Georgian | Swedish | Turkish
International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) is the culmination of extensive research and global stakeholder consultation. The Code includes substantive revisions and is completely rewritten under a new structure and drafting convention. The Code brings together key ethics advances over the past four years, including the NOCLAR and Long Association provisions and includes an enhanced conceptual framework. Key revisions include:
- Revised “safeguards” provisions better aligned to threats to compliance with the fundamental principles;
- Stronger independence provisions regarding long association of personnel with audit clients;
- New and revised sections dedicated to professional accountants in business (PAIBs) relating to:
- preparing and presenting information; and
- pressure to breach the fundamental principles.
- Clear guidance for accountants in public practice that relevant PAIB provisions are applicable to them;
- New guidance to emphasize the importance of understanding facts and circumstances when exercising professional judgment; and
- New guidance to explain how compliance with the fundamental principles supports the exercise of professional skepticism in an audit or other assurance engagements.
Copyright © 2023 The International Federation of Accountants (IFAC). All rights reserved.
- 2022 Handbook of the International Code of Ethics for Professional Accountants
- Briefing Note for Global Sustainability Roundtables
- Final Pronouncement: Revisions to the Code Relating to the Definition of Engagement Team and Group Audits
- Proposed Revisions to the Code Addressing Tax Planning and Related Services
- Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code
You must be signed in to the IFAC website in order to submit a comment. If you do not have an account, please register below. IFAC respects your privacy and will not send you unsolicited email or spam. You can subscribe to IFAC publications, change your subscription preferences, or manage your user profile at any time.
Get the latest updates delivered to your inbox
Translations & Permissions
Looking to reproduce the standards for your members? Want to include IFAC's publications in your training materials or university course? Learn how we can help.