RECENT DEVELOPMENTS DECEMBER 18, 2017
The International Ethics Standards Board for Accountants (IESBA) podcast of highlights from its December 2017 meeting held in Livingstone, Zambia revealed the following IESBA actions:
- Approved the restructured Ethics Code, including several enhancements
- Approved the new work plan for the period between 2019-2024
- Approved clarifications to the Code on the need to exercise professional skepticism when rendering assurance services
- Agreed to develop a consultation paper on a long-range plan to address professional skepticism more broadly in the Code (i.e. outside of assurance services)
- Approved the inclusion of stronger safeguards and a clarified conceptual framework and its application as important elements in the restructured Code
- Approved expansion of restrictions on certain recruitment services to include services provided to all companies (not solely public interest entities)
The proposed effective date for the new Code is for periods after June 15, 2019. The staff will post the final text of the Code and a basis for conclusions and other information to the IESBA web site in January 2018. The Public Interest Oversight Board will consider approving the new Code at its meeting in March 2018.
The IESBA will meet next on March 12-14 in NYC. The meeting is open to members of the public who register in advance to observe the meeting.