Review of Part C Helene Aglii Task Force
- Slides: 9
Review of Part C Helene Agélii, Task Force Chair IESBA Meeting New York, USA September 29, 2016 Page 1 | Confidential and Proprietary Information
Explanatory Paragraph R 120. X - When facing an ethical issue, a professional accountant in public practice shall consider the context within which the issue has occurred. Where the accountant is performing professional activities pursuant to the accountant’s employment or ownership relationship with the firm, there might be provisions guidance in Part 2 that is are also applicable to those circumstances. If so, the accountant shall comply with the relevant provisions. Page 2 | Confidential and Proprietary Information
Explanatory Paragraph 120. X A 1 For example, where a professional accountant in public practice is placed under faced with pressure from an engagement partner to perform a task without sufficient skills or training accept a client’s questionable accounting treatment on a specific financial reporting issue in order to retain the client, or with unrealistic deadlines, the requirements and application material set out in Section 260 would might be relevant. Page 3 | Confidential and Proprietary Information
Glossary Definition A professional accountant that is an employee, contractor, partner, director (executive or non-executive), ownermanager, trustee or volunteer operating working in areas such areas as commerce, industry, service, the public sector, education, or the not for profit sector, or in regulatory or professional bodies. Page 4 | Confidential and Proprietary Information
Self Interest Threat • A professional accountant inappropriately using personal use of corporate assets for personal use. • A professional accountant’s concern over loss of employment security. • A professional accountant accepting a gift or special treatment from a supplier of the employing organization. , unless the value is trivial and inconsequential. Page 5 | Confidential and Proprietary Information
Advocacy Threat • A professional accountant, in order to obtain favorable financing, manipulates includes in, or excludes critical information in from a prospectus in order to obtain favorable financing for the employing organization. Page 6 | Confidential and Proprietary Information
Intimidation Threat • An individual attempting to influence the decision making process of the professional accountant, for example with regard to the awarding of contracts or the application of an accounting principle. Page 7 | Confidential and Proprietary Information
Other Restructuring Changes • Will be considered at Part C Task Force meeting in October 2016. Page 8 | Confidential and Proprietary Information
The Ethics Board www. ifac. org