We are witnessing several shifts in the world right now—shifting demographics, technological change, economic interconnectivity, and competition for talent. These forces, when taken together, create a complex and challenging operating environment for the accountancy profession and place greater demands on professional accountants.

Professional accountants all follow an ethical code. A code of ethics is part of their bedrock foundation. As the world becomes more interconnected, the importance of accountability in financial statement preparation and assurance cannot be overstated. By adhering to high-quality ethical standards and acting competently, professional accountants contribute to financial accountability.

Professional accountancy organizations have the opportunity to ensure stakeholders and the public truly understand the importance of this foundation and the profession’s value, especially in light of upcoming changes from the International Ethics Standards Board for Accountants.

The International Code of Ethics for Professional Accountants (the Code) has been completely rewritten. Its new structure makes the Code easier to navigate, use and enforce. The revisions enhance its quality, making it an elevated platform for developing ethics and independence standards that are relevant and globally operable in a world of changing technologies, business methods, and public expectations.

As part of IFAC’s mandate to raise awareness and facilitate knowledge-sharing related to international standard adoption and implementation, the IFAC PAO Development Committee and the IESBA recently hosted a webinar. IESBA members shared a brief, but essential, overview of the 2018 Code of Ethics.

Presenters highlighted the significant revisions and restructuring changes made to the Code and stressed the practical significance of those changes. They also emphasized the need to spread the word about the benefits of adopting the 2018 Code. They also highlighted various tools and resources that are available to support adoption and implementation, including the soon-to-be-launched eCode.

Webinar speakers include:

• Brian Friedrich, IESBA and eCode Working Group Member
• Laura Friedrich, IESBA Rollout Working Group Member