The International Ethics Standards Board for Accountants, an independent standard-setting board within IFAC, revised the Code of Ethics for Professional Accountants by updating the definition of a network firm, which is required to be independent of an audit client of another firm within the network.

The International Ethics Standards Board for Accountants, an independent standard-setting board within IFAC, revised the Code of Ethics for Professional Accountants by updating the definition of a network firm, which is required to be independent of an audit client of another firm within the network. The revised definition classifies firms as network firms if they belong to a larger structure that is aimed at cooperation and at profit- or cost-sharing, or that shares ownership, control or management; quality control policies and procedures; business strategy; a brand name; or a significant part of professional resources. The new provision is effective for assurance reports dated on or after December 31, 2008, and is available free at www.ifac.org/store/Category. tmpl?Category=Ethics.

Another IFAC body, the IAASB, approved A Guide for National Standard Setters That Adopt IAASB's International Standards but Find It Necessary to Make Limited Modifications (ww.ifac.org/IAASB/ downloads/modification_policy_position.pdf). The nonauthoritative paper states the board's position on the extent to which a national standard setter that adopts IAASB-issued international standards can modify them while still asserting its standards conform to their international counterparts.