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APESB and IESBA staff publish guidance on navigating COVID-19 circumstances

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James Barbour By James E Barbour, Director, Policy Leadership

17 August 2020

Main points:

  • Staff from the APESB and IESBA have collaborated to publish joint guidance for professional accountants on navigating COVID-19 circumstances.
  • The guidance was developed under the auspices of a Working Group (WG) formed by IESBA and national ethics standard setters (NSS) from Australia, Canada, China, South Africa, the UK and the US.
  • The guidance uses four hypothetical scenarios covering services or activities relating to taxation and valuation services. Two scenarios include guidance for professional accountants in public practice, and two scenarios are focused on professional accountants in business.

APESB and IESBA staff publish ethics guidance for professional accountants on navigating COVID-19 circumstances

Introduction

Ethics guidance on navigating COVID-19 circumstances has been developed by the staff of the Australian Accounting Professional & Ethical Standards Board (APESB) and International Ethics Standards Board for Accountants (IESBA) under the auspices of a Working Group (WG) formed by IESBA and national ethics standard setters (NSS) from Australia, Canada, China, South Africa, the UK and the US.
The WG’s remit is to develop implementation support resources to assist professional accountants in public practice and professional accountants in business in effectively applying the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) when facing circumstances created by the COVID-19 pandemic.

The guidance doesn’t amend or override the IESBA Code. the text of which alone is authoritative. (The ICAS Code of Ethics is substantively based on the IESBA Code). The implementation guidance is not meant to be exhaustive and you should always refer to the ICAS Code or IESBA Code where applicable. The guidance does not constitute an authoritative or official pronouncement of APESB, the IESBA or the other NSS organizations that form part of the WG.

The examples in the guidance are hypothetical and don’t necessarily reflect the circumstances in a specific jurisdiction but they illustrate the application of the conceptual framework to enable professional accountants to identify, evaluate and address threats to compliance with the fundamental principles in the IESBA Code created by COVID-19 circumstances.
Professional accountants need to be mindful and take into consideration that some jurisdictions might have provisions that differ from or go beyond those set out in the Code. In these jurisdictions, accountants need to be aware of those differences and comply with the more stringent provisions unless prohibited by law or regulation.

Scenarios

The guidance covers the following four scenarios:

1. Taxation Services – Professional Accountant in Public Practice

A major non audit client of an accountancy firm has requested one of the firm’s tax partners to apply on its behalf to the taxation authority to obtain a grant. The eligibility criterion is based on the impact on the clients turnover.

2. Taxation -  Professional Accountant in Business

A professional accountant is business is asked to apply for a government wage subsidy for the business but certain eligibility criteria need to be met.

3. Valuation Services — Professional Accountant in Public Practice

A firm has been requested by a non-audit client which is selling one of its businesses to prepare an independent expert’s report on the valuation of the business. There are question marks over some of the clients assumptions.

4. Valuation Services — Professional Accountant in Business

A professional accountant in business is faced with a potential impairment in the value of goodwill in a group.

Further COVID-19 related guidance

It is expected that further guidance under the auspices of the WG will be issued in due course.

At this time of great uncertainty, ethical behaviour is key

By Loree Gourley, Chair of the ICAS Ethics Board

3 June 2020

ICAS Code of Ethics

The ICAS Code of Ethics applies to all members of ICAS, affiliates, students, employees of a member firm or an…

2-23-marsh 2-23-marsh
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