IFAC Small and Medium Practices (SMP) Committee Response to the International Ethics Standards Board for Accountants (IESBA) Exposure Draft: Improving the Structure of the Code of Ethics for Professional Accountants—Phase 1

The IFAC SMP Committee supports the approach to restructuring taken by the IESBA and the general direction of the project. The work undertaken to increase the clarity of the language will help the understandability of the Code, in particular the simpler and shorter sentences and increased use of the active voice. The SMP Committee believes that the needs of the SMP community should be at the forefront as the IESBA takes this project forward in Phase 2. The IESBA needs to engage more with this important constituency as it develops the next Exposure Draft in order to ensure their views are taken into consideration.

For specific comments, read the full comment letter below.