AICPA PEEC extends effective dates on 3 independence standards

At its May 5th open meeting, the AICPA Professional Ethics Executive Committee (PEEC) agreed to defer the effective dates of three (3) independence interpretations for one (1) year. They are: 

  • Information system services (extended until 1/1/22; early implementation allowed) 
  • State and local government client affiliates (extended until years beginning after 12/15/21) 
  • Leases (extended until fiscal years beginning after 12/15/20; early implementation allowed) 

PEEC granted the extension to try to accommodate firms that are experiencing significant challenges during the COVID-19 crisis.