CAT / FIA FBT Syllabus F. Professional Ethics In Accounting And Business - Codes of Ethics & Codes of Conduct - Notes ^{1 / 4}

Reform of the accounting profession has shifted to harmonisation with global standards worked out under the support of the IASB and IFAC.

These global standards have returned professional accountants to focus on serving the public interest.

IFAC Code of Ethics Preface:

The mission of the International Federation of Accountants (IFAC), as set out in its constitution, is “the worldwide development and enhancement of an accountancy profession with harmonised standards, able to provide services of consistently high quality in the public interest.”

• In pursuing this mission, the IFAC Board has established the IFAC Ethics Committee to develop and issue, under its own authority, high quality ethical standards and other pronouncements for professional accountants for use around the world.

• This Code of Ethics establishes ethical requirements for professional accountants.

  A member body of IFAC or firm may not apply less stringent standards than those stated in this Code. 

  However, if a member body or firm is prohibited from complying with certain parts of this Code by law or regulation, they should comply with all other parts of this Code.

• Some jurisdictions may have requirements and guidance that differs from this Code. 

  Professional accountants should be aware of those differences and comply with the more stringent requirements and guidance unless prohibited by law or regulation.