General (100.1 A1 to 100.3 A2)
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100.1 A1

A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest. A professional accountant's responsibility is not exclusively to satisfy the needs of an individual client or employing organization. Therefore, the Code contains requirements and application material to enable professional accountants to meet their responsibility to act in the public interest.

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100.2 A1

The requirements in the Code, designated with the letter "R," impose obligations.

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100.2 A2

Application material, designated with the letter "A," provides context, explanations, suggestions for actions or matters to consider, illustrations and other guidance relevant to a proper understanding of the Code. In particular, the application material is intended to help a professional accountant to understand how to apply the conceptual framework to a particular set of circumstances and to understand and comply with a specific requirement. While such application material does not of itself impose a requirement, consideration of the material is necessary to the proper application of the requirements of the Code, including application of the conceptual framework.

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A professional accountant shall comply with the Code. There might be circumstances where laws or regulations preclude an accountant from complying with certain parts of the Code. In such circumstances, those laws and regulations prevail, and the accountant shall comply with all other parts of the Code.

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100.3 A1

The principle of professional behavior requires a professional accountant to comply with relevant laws and regulations. Some jurisdictions might have provisions that differ from or go beyond those set out in the Code. Accountants in those jurisdictions need to be aware of those differences and comply with the more stringent provisions unless prohibited by law or regulation.

  • Non-Authoritative Guidance
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100.3 A2

A professional accountant might encounter unusual circumstances in which the accountant believes that the result of applying a specific requirement of the Code would be disproportionate or might not be in the public interest. In those circumstances, the accountant is encouraged to consult with a professional or regulatory body.

Breaches of the Code (R100.4 to 100.4 A1)
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Paragraphs R400.80 to R400.89 and R900.50 to R900.55 address a breach of International Independence Standards. A professional accountant who identifies a breach of any other provision of the Code shall evaluate the significance of the breach and its impact on the accountant's ability to comply with the fundamental principles. The accountant shall also:

  • Take whatever actions might be available, as soon as possible, to address the consequences of the breach satisfactorily; and

  • Determine whether to report the breach to the relevant parties.

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100.4 A1

Relevant parties to whom such a breach might be reported include those who might have been affected by it, a professional or regulatory body or an oversight authority.

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This version includes content that has been approved by the IESBA but is either not yet effective or has been superseded by a newer version. You are able to return to the extant version at any time by clicking on “Return to Extant Version” in the black bar at the top of any page.

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June 2021

You are now leaving the extant Code to view another version that contains passages that have either been superseded or that have been issued but are not yet effective.

This version of the eCode incorporates changes to Part 4B.

Part 4B relating to independence for assurance practitioners with respect to underlying subject matter covering periods is effective for periods beginning on or after June 15, 2021; otherwise, it is effective as of June 15, 2021. Early adoption is permitted.

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