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NEWS ROUND-UP |
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The Joint Insolvency Committee (JIC) has issued a revised Insolvency Ethical Guide for consultation, following its review of the existing guide which was introduced in 2004. The JIC intends the revised guide to be adopted by all authorising bodies so that all insolvency practitioners will be subject to the same code, in addition to the individual ethical standards of their authorising body. The revised guide sets out five fundamental principles with which insolvency practitioners should comply: » integrity; » objectivity; » professional competence and due care; » confidentiality; and » professional behaviour. It is designed to assist insolvency practitioners in identifying threats to the fundamental principles and put in place appropriate safeguards to combat them. It gives examples of specific situations which commonly pose threats to these principles, and suggests how insolvency practitioners and their firms should handle them. The ICAEW is coordinating the consultation, which will close on 2 July 2007. A copy of the revised guide and consultation response form can be found at: http://www.icaew.com/index.cfm?route=146325 |
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Consultation on new ethical code for IPs |
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On 26 April 2007, the Accounting Standards Board (ASB) launched a consultation on the International Accounting Standard Board's (IASB) Exposure Draft of an International Financial Reporting Standard (IFRS) for Small and Medium-Sized Entities (SMEs). The Consultation Paper provides an analysis of the significant differences between the proposed IFRS for SMEs and: » UK GAAP; » FRSSE; and » full IFRS. The ASB is seeking views on three main issues: » Is the IFRS for SMEs suitable for a mid-tier of companies above the current range for the FRSSE but below those currently required to apply full IFRS? » Is the IFRS for SMEs an appropriate replacement for the FRSSE? » If the answer to either of those questions is yes, what changes will need to be made to the proposal? A copy of the consultation paper may be freely downloaded from the ASB's website (http://www.frc.org.uk/asb). |
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Consultation on proposed IFRS for SMEs See CLM: ¶4212, ¶4360+ |