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The International Code of Ethics for Professional Accountants has been completely rewritten, making it easier to navigate, use and enforce, IFAC has announced.
The revision has enhanced its quality, making it an elevated platform for developing ethics and independence standards that are relevant and globally operable in a world of changing technologies, business methods and public expectations, the International Federation of Accountants (IFAC) said in a recent statement.
"We are witnessing several shifts in the world right now – shifting demographics, technological change, economic interconnectivity and competition for talent. These forces, when taken together, create a complex and challenging operating environment for the accountancy profession and place greater demands on professional accountants," IFAC explained.
Professional accountants all follow an ethical code, which is part of their bedrock foundation. IFAC stressed that as the world becomes more interconnected, the importance of accountability in financial statement preparation and assurance cannot be overstated.
"By adhering to high-quality ethical standards and acting competently, professional accountants contribute to financial accountability," IFAC noted.
As part of IFAC’s mandate to raise awareness and facilitate knowledge-sharing related to international standard adoption and implementation, the IFAC PAO Development Committee and the IESBA recently hosted a webinar.
Presenters highlighted the significant revisions and restructuring changes made to the code and stressed the practical significance of those changes. They also emphasised the need to spread the word about the benefits of adopting the 2018 code and highlighted various tools and resources that are available to support adoption and implementation.
Commenting on the webinar, Institute of Public Accountants chief executive Andrew Conway said that upholding and promoting the code as a profession has "perhaps never been more important".
"As a member of the IFAC Professional Accountancy Organisation Development Committee, I encourage members to log into the webinar, which provides details on important changes to the Code of Ethics as issued by the International Ethical Standards Board," Mr Conway said.
The webinar can be found here.
Webinar speakers include: