The American Institute of Certified Public Accountants (AICPA) Professional Ethics Executive Committee (PEEC) is amending the ethics standards to improve the AICPA Code of Professional Conduct (Code). The objective of the Ethics Codification Project is to help members in the practice of public accounting, in business and others apply the rules and reach correct conclusions more easily and intuitively.
To achieve this objective, PEEC is restructuring the Code into several parts, each organized by topic, editing the Code using consistent drafting and style conventions, and incorporating a conceptual framework. Certain Code provisions will be changed to reflect the “conceptual framework” approach (also known as the “threats and safeguards” approach). Where applicable, the existing non-authoritative guidance will be referenced to the relevant topic. The restructured Code is being exposed for public comment (see comment letters received to date). Before final adoption, the PEEC will pilot test the restructured Code with a group of users.
For additional information, read the AICPA Ethics Codification Project Briefing Paper issued in November 2010 and see the Draft Estimated Timeline and Key Strategic Goals As of 4/2/2012. Also, refer to the January 31, 2012 posting It’s Time for Principles-Based Accounting Ethics.
