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.
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