The effective dates of three AICPA ethics interpretations will be extended by one year because of the coronavirus pandemic after a vote Tuesday by the AICPA Professional Ethics Executive Committee (PEEC).
Firms have told the AICPA that regardless of when the pandemic is declared over or social-distancing restrictions are lifted, small and medium-size firms will not have the time or resources to effectively implement interpretations.
As a result, PEEC extended the effective dates of the following interpretations to the AICPA Code of Professional Conduct by one year:
- The “Information Systems Services” interpretation (ET §1.295.145), which is now effective on Jan. 1, 2022, with early implementation permitted.
- The “State and Local Government Client Affiliates” interpretation (ET §1.224.020), which is now effective for years beginning after Dec. 15, 2021.
- The “Leases” interpretation (ET §1.260.040), which is now effective for fiscal years beginning after Dec. 15, 2020, with early implementation permitted.
For more news and reporting on the coronavirus and how CPAs can handle challenges related to the outbreak, visit the JofA’s coronavirus resources page.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.