SMP Committee Response to the IESBA Exposure Draft on Improving the Structure of the Code

The IFAC Small and Medium Practices (SMP) Committee submitted this comment letter to the International Ethics Standards Board for Accountants (IESBA) in response to its Exposure Draft, Improving the Structure of the Code of Ethics for Professional Accountants—Phase 2.

The SMP Committee continues to support the International Ethics Standards Board for Accountants (IESBA) efforts to improve the structure, understanability, and usability of the Code of Ethics for Professional Accountants. Among other comments, the SMP Committee's feedback includes encouraging the IESBA to:

• employ less conventional means of requesting feedback to encourage participation from SMPs, which may have limited resources
• always prioritize attaining ethical behavior through application of principles rather than mere prescription, which will help increase compliance rates and allow for improved compatability with national requirements.