The Chartered Institute of Management Accountants, while supporting the Code of Ethics for Professional Accountants being developed by the International Federation of Accountants, has warned proposed amendments could make the code too rule-based.
CIMA said proposed increase in detail to the Code of Ethics, along with the different terminology used, could potentially transform the code from a conceptual framework into a rules-based approach.
CIMA has also brought to IFAC's attention how the proposed increase in length and detail could potentially cause the code to be less user-friendly.
Robin Vaughan, director of professional standards at CIMA, said CIMA was a champion of a principles-based approach to codes of ethics and is a firm advocate of the Code of Ethics for Professional Accountants.
'However, by including certain amendments to the code, CIMA believes there is a risk that a more authoritarian approach along with an increase in detail and length could render the code less effective as a tool for guiding professional behaviour,' Vaughan said.
Further reading:
CIMA racks up 3,000 members in Scotland
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