International Ethics Standards Board for Accountants
| Purpose | Develop and promote ethical standards for accountants |
|---|---|
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Official language
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English |
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Parent organization
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International Federation of Accountants |
The International Ethics Standards Board for Accountants (IESBA) develops and promotes ethical standards and guidance for professional accountants. The IEASB also supports debate on issues related to accounting ethics.[1]
Organization
The IESBA is an independent standard setting body under the auspices of International Federation of Accountants (IFAC).[2] The Public Interest Oversight Board provides oversight, ensuring the IESBA standards are in the public interest.[3]
Member bodies of the IFAC such as Institute of Chartered Accountants in England and Wales (ICAEW) and the other CCAB bodies must comply with the principles included in the IFAC Code of Ethics.[4] Thus the Institute of Chartered Accountants of Scotland (ICAS) Code of Ethics is based on the IESBA Code of Ethics for Professional Accountants.[5]
Activities
The IESBA periodically issues revised standards. In 2010 the IESBA issued a revised Code of Ethics for Professional Accountants to be effective from 1 January 2011. The IESBA also issued a revised, principles-based definition of what constitutes a network. The new definition covers the way a group of companies operate and present themselves, and is consistent with the Statutory Audit Directive.[4]
Convergence of international and national ethical standards is a high priority for the IESBA, although progress in this area trails progress in adoption of other IFAC standards such as International Financial Reporting Standards (IFRS).[6] Such convergence is of considerable importance when dealing with ethical issues involving multi-national companies. However, the principles-based IFAC standards continue to differ in several respects from the more rules-based standards of the American Institute of Certified Public Accountants (AICPA) maintained by its Professional Ethics Executive Committee.[7]
References
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