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AICPA Ethics Codification Project

The AICPA Ethics Codification Project aims to create a user-friendly and organized code of ethics for accounting professionals. The project emphasizes clarity through improved drafting conventions, while revising existing requirements without substantial changes. The codification includes two new conceptual frameworks for practitioners in public accounting and business, addressing ethical conflicts and defining key terms, such as attest clients and self-review threats. The initiative also features an online codification tool and related resources on the AICPA website to support members.

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AICPA Ethics Codification Project

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  1. AICPAEthics Codification Project As of January 24, 2014

  2. Project Objective • Create user friendly, intuitively arranged Code • Revise without making significant changes to existing requirements and restrictions • Clarity through better drafting conventions • Substantive changes will follow due process • Incorporate conceptual framework approach • Incorporate threats and safeguards • Conceptual framework only applies when no guidance in Code exists • Cannot be used to override existing requirements

  3. Project Objective cont. • Incorporate references to division’s nonauthoritative guidance • Physically different – Separate parts • Part 1: Members in public practice • Part 2: Members in business • Part 3: All Other Members • On-line Codification with enhanced functionality • Project Page on aicpa.org. Contains information such as: • Mapping Documents • Informational Video and articles • Project Timeline • Drafting Guidelines www.aicpa.org/InterestAreas/ProfessionalEthics/Community/Pages/aicpa-ethics-codification-project.aspx

  4. AICPA Ethics Codification Substantive Changes

  5. Incorporate Conceptual Frameworks • Two New Frameworks • Conceptual Framework for Members in the Practice of Public Accounting • Conceptual Framework for Members in Business • Applied when no guidance on a particular relationship or circumstance • Violation of applicable Rule • If the member cannot demonstrate that safeguards were applied that eliminated or reduced significant threats to an acceptable level

  6. Other Substantive Changes • Ethical Conflicts • Definition of Attest Client • Loans and Lending Institutions • Blind Trusts • Expanded Application • Self-Review Treat • Director Positions • False, Misleading or Deceptive Acts • Billing for a Subcontractor's Services • Attest Engagement Performed with Former Partner • Use of AICPA Awarded Designation

  7. Questions Slide 7

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