- The APESB has issued revised APES 110 has been issued effective from 1 January 2020
- The revised Code contains changes that impact all professional accountants
- Members need to be familiar with the restructured Code
In November 2018, APESB issued the restructured APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code). The revised standard incorporates amendments to the International Code issued by the International Ethics Standards Board for Accountants (IESBA) in April 2018, with adaptions to suit the Australian environment.
There have been substantial improvements made to the Code including a revised structure, clear distinctions between requirements and application material, clarification on applicability and refinement of concepts such as the conceptual framework and safeguards. The improvements are aimed at making the Code easier to understand and to implement in practice
The Code is the foundation for professional accountants on professional and ethical behavior. It guides accountants on how to act in the public interest and to maintain and increase trust in the accountancy profession.
In this article, Channa Wijesinghe, FCA, CEO, and Jacinta Hanrahan, CA, Senior Technical Manager, APESB from the APESB explain the essentials of the restructured Code, provide an outline of key amendments to the Code, and explain how the changes to the restructured Code will affect other APESB pronouncements.