Ethics news and resources - Journal of Accountancy

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August 1, 2008

International

The SEC signed protocols to share information on the application of IFRS with financial regulators in four European countries. The arrangements with regulators in Belgium, Bulgaria, Norway and Portugal are in line with the plan previously agreed to between the SEC and the Committee of European Securities Regulators (CESR). These

July 1, 2008

International

FASB and the China Accounting Standards Committee (CASC) issued a Memorandum of Understanding articulating their commitment to strengthen cooperation and communication between the standard–setting organizations. The MOU calls for FASB and the CASC to, among other things, work to build the technical foundation for sharing views on convergence of

May 1, 2008

A Global Standard for Professional Ethics

EXECUTIVE SUMMARY Standard setting organizations in more than 100 countries have adopted the International Federation of Accountants’ (IFAC) Code of Ethics for Professional Accountants, while others are in the process of converging with the code. The code applies to professionals in public practice, business, academia and government. The IFAC code’s

February 1, 2008

Formal Ethics and Compliance Programs

In its study of private U.S. companies, the Ethics Resource Center identified the following basic elements of comprehensive ethics programs—though only three (*) are mandated by the Sarbanes-Oxley Act: Written standards for ethical conduct* Training on company standards of ethical workplace conduct Provision of a mechanism for

January 1, 2008

The Intersection of FIN 48 and Tax Opinions

FASB’s Interpretation no. 48, Accounting for Uncertainty in Income Taxes, has changed how enterprises recognize and measure tax benefits associated with tax positions and disclose in their financial statements uncertainties related to income tax positions. Most enterprises have found they must take a variety of steps to

December 1, 2007

Navigating the Crossroads of Control and Independence

EXECUTIVE SUMMARY Statement on Auditing Standards no. 112, Communicating Internal Control Related Matters Identified in an Audit , introduced terms, definitions and guidance for identifying and evaluating control deficiencies and communicating significant deficiencies and material weaknesses. It requires an auditor to communicate in writing to a client’s

September 1, 2007

Highlights

The SEC approved the PCAOB’s Auditing Standard no. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated With An Audit of Financial Statements, clearing the way for the measure to replace Auditing Standard no. 2. The new standard is designed to increase the likelihood that

September 1, 2007

CPAs as Corporate Directors

EXECUTIVE SUMMARY Section 407 of SOX requires public company disclosure of “financial expert” participation on an audit committee but stops short of requiring one. Reasons for not including one must be disclosed. CPAs have become prime candidates to serve in this capacity because they generally meet the