IMPACT 102: Revised AICPA Code Issued

The revised AICPA Code of Professional Conduct (AICPA Code) will be effective December 15, 2014 (early implementation permitted). The new conceptual frameworks and related interpretations will be effective December 15, 2015.

The primary goal of the Ethics Codification Project was to restructure the AICPA Code so that members and other users of the AICPA Code can apply the rules and reach correct conclusions more easily and intuitively. The revised Code was adopted by Professional Ethics Executive Committee (PEEC) on January 28, 2014.

A video that provides an overview of how to navigate the revised AICPA Code, as well as a link to the revised online Code, are available for viewing on the AICPA Ethics Codification Project page at:
http://www.aicpa.org/InterestAreas/ProfessionalEthics/Community/Pages/ai...

The article, “Ethics made easier: How to use the revised AICPA Code of Professional Conduct,” from the June 2014 issue of the Journal of Accountancy, can be found online at: http://www.journalofaccountancy.com/Issues/2014/Jun/20149734.htm

According to the Journal of Accountancy (February 2014):
“Although the intent was to maintain the substance of the existing ethics standards during the reformatting process, a number of improvements were made to clarify the guidance and, as such, enhance the user experience. For the most part, the substantive changes were made either to elevate nonauthoritative guidance into authoritative standards or to broaden existing guidance.

“The most significant substantive change is the incorporation of two conceptual frameworks, one for members in public practice and one for members in business. The conceptual framework approach is a way of identifying, evaluating, and addressing threats to compliance with the rules resulting from a specific relationship or circumstance that is not otherwise addressed in the code.”

Share this post

Latest Articles

  • 05 Feb

    Five reasons why CPAs believe they will never be sued

    CPAs generally take every precaution feasible to ensure error-free work, but that may not be enough to ensure a firm's security. In our litigious society, it's wise to be prepared for that unexpected bump in the road. To help put this in perspective, here are five common reasons why CPAs d... read more

  • 11 Jan

    January Tip - Documentation Tips for Tax Season

    Jurors (who are members of the public) generally consider CPAs to be experts in documentation, and falling short of that expectation when faced with a liability lawsuit may be viewed by the public as negligent and below the standard of care for the services rendered.

    The fol... read more

  • 17 Dec

    War Story 113

    #113: Difficult Client; Tax Planning and Return Preparation Services — A client with high turnover and disorganization in its accounting and financial staff is not only frustrating, but also a liability exposure if documentation is not thorough.

    read more

  • 17 Dec

    General Data Protection Regulation

    General Data Protection Regulation ("GDPR") is a European mandate that went into effect on May 25, 2018. The regulation is designed to establish uniform data privacy law across the European Union, and applies to any EU established business, including U.S. companies and firms with offices i... read more