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

  • 26 May

    Advise and Warn Clients of Embezzlement Risks

    By Ron Klein, J.D.

    The classic small-business embezzlement scenario has occurred so many times over the years that CAMICO Loss Prevention specialists have it memorized:

    The client is a small business owner who is too busy running the business to supervise ... read more

  • 20 May

    Cyber-Security for Working Remotely

    CAMICO's recent cyber claims experience shows that the cyber-security of employees working remotely has not been as effective generally as cyber-security in an onsite office location. The lower security is being exploited by hackers, many of whom are increasing their ransomware demands. <... read more

  • 18 May

    PPP Update / Returning to the Office —The 'New Normal'

    CAMICO continues to monitor the information and guidance on COVID-19 relief measures being put into place by regulatory and legislative bodies to combat the detrimental impacts of this pandemic on people, as well as on the economy.

    Paycheck Protection Program ("PPP") —... read more