The International Federation of Accountants (IFAC) issues an exposure draft of a revision to its Code of Ethics for Professional Accountants.

The International Federation of Accountants (IFAC) issues an exposure draft of a revision to its Code of Ethics for Professional Accountants. The ED proposes elevating its ethics code to a standard requiring IFAC member compliance from a "model" on which to base national requirements. It expands guidance for all individual accountants with respect to integrity, objectivity, confidentiality and professional competence and behavior, and it identifies for professional accountants in public practice various threats and safeguards relating to second opinions, fees and remuneration and custody of client assets.

IFAC also releases seven draft statements of membership obligations (SMO) pertaining to quality assurance, investigation and discipline and standards for auditing, ethics, education, public-sector accounting and international financial reporting. The statements will require member organizations to report the extent to which they are implementing IFAC and international financial reporting standards and whether they have established enforcement structures to ensure compliance and appropriate investigative and disciplinary processes. Comments on all the proposals (www.ifac.org/eds) are due November 30.