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:
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.”