Generally Accepted Accounting Principles
in the United States

U.S. GAAP Codification IFRS International Standards Accounting Topics

Professional Ethics Rules
AICPA Code of Professional Conduct
IFAC Code of Ethics for Professional Accountants
  

International Financial Reporting Standards (IFRS)
International Accounting Standards (IAS)
U.S. GAAP by Topic
 
AICPA Code of Professional Conduct

AICPA:  American Institute of Certified Public Accountants
    (http://www.aicpa.org)

Adoption and Amendments
    a.  Adopted, January 12, 1988
    b.  Amended, January 14, 1992
    c.  Amended, October 28, 1997
   
Two Sections
    a.  Section 1:  The Principles
    b.  Section 2:  The Rules

Other Ethics Guidance
    a.  Interpretations of Rules of Conduct
    b.  Ethics Rulings

Principles of Professional Conduct
    a.  Article I:   Responsibilities
        --> should exercise sensitive professional and moral judgments

    b.  Article II:  The Public Interest
        --> serve the public interest
        --> honor the public trust
                        
    d.  Article III: Integrity
        --> perform responsibilities with the highest sense of integrity
        --> adherence to moral and ethical codes 

    d.  Article IV: Objectivity and Independence
        --> should be independent in fact and appearance

    e.  Article V:  Due Care
        --> observe technical and ethical standards of the profession

    f.  Article VI:  Scope and Nature of Services
        --> observe code of professional conducts in determining the scope and nature of services
 
Rules of Professional Conduct
    a.  Rule 101:  Independence
    b.  Rule 102:  Integrity and Objectivity
                         --> should be free of conflicts of interest

    c.  Rule 201:  General Standards
                    A.  Professional Competence
                    B.  Due Professional Care
                    C.  Planning and Supervision
                    D.  Sufficient Relevant Data   
         
    d.  Rule 202:  Compliance with Standards
    e.  Rule 203:  Accounting Principles

    f.   Rule 301:  Confidential Client Information
    g.  Rule 302:  Contingent Fees

    h.  Rule 501:  Acts Discreditable
    i.   Rule 502:  Advertising and Other Forms of Solicitation
    j.   Rule 503:  Commissions and Referral Fees

    k.  Rule 504:  Deleted

    l.   Rule 505:  Form of Organization and Name 

Interpretations of Rules of Conduct 
    
a.  Interpretations of Rule 101
          --> 101-1, 101-2, 101-3, 101-4, 101-5, 101-6
               101-8, 101-10, 101-11, 101-12, 101-14

     b.  Interpretations of Rule 102
          --> 102-1, 102-2, 102-3, 102-4, 102-5, 102-6
 
IFAC Code of Ethics for Professional Accountants

IFAC:  International Federation of Accountants
    (http://www.ifac.org)

Adoption and Revisions
    a.  Adopted, July 1996
    b.  Revised, January 1998
    c.  Revised, November 2001
   
Objectives
    a.  Credibility
    b.  Professionalism
    c.  Quality of Services
    d.  Confidence

Fundamental Principles
    a.  Integrity
         --> should be straightforward and honest

    b.  Objectivity
         --> should be fair
         --> should not allow bias or conflicts of interest

    c.  Professional Competence and Due Care
         --> perform services with due care, competence and diligence

    d.  Confidentiality
         --> should not use or disclose confidential information

    e.  Professional Behavior
         --> should act in a manner consistent with the good reputation of the profession

    f.  Technical Standards
         --> perform services in accordance with technical and professional standards

Three Parts of the Code
    a.  Part A:  Applicable to All Professional Accountants
    b.  Part B:  Applicable to Professional Accountants in Public Practice
    c.  Part C:  Applicable to Employed Professional Accountants
 
18 Sections of the Code
    Part A:  Applicable to All Professional Accountants
                Section 1:  Integrity and Objectivity
                Section 2:  Resolution of Ethical Conflicts
                Section 3:  Professional Competence
                Section 4:  Confidentiality
                Section 5:  Tax Practice
                Section 6:  Cross Border Activities
                Section 7:  Publicity

    Part B:  Applicable to Professional Accountants in Public Practice
                Section   8:  Independence
                Section   9:  Professional Competence and Responsibilities Regarding the Use of Non-Accountants
                Section 10:  Fees and Commissions
                Section 11:  Activities and Incompatible with the Practice of Public Accountancy
                Section 12:  Clients' Monies
                Section 13:  Relations with Other Professional Accountants in Public Practice
                Section 14:  Advertising and Solicitation

    Part C:  Applicable to Employed Professional Accountants
                Section 15:  Conflict of Loyalties
                Section 16:  Support for Professional Colleagues
                Section 17:  Professional Competence
                Section 18:  Presentation of Information
 
   
  U.S. GAAP by Topic
  Statements of Financial Accounting Standards (SFAS)








Copyright CPAclass.com.TM  All Rights Reserved.