The Professional Ethics Executive Committee (PEEC) has issued an exposure draft, Omnibus Proposal AICPA Professional Ethics Division Interpretations and Rulings. This exposure draft covers proposed interpretations to various sections of the Professional Code of Conduct including Rule 101, Independence and revisions to Rule 101. It also contains a proposed revision to Conceptual Framework for AICPA Independence Standards, proposed definitions and deletions of various Ethics Rulings.
Comments on the proposed pronouncements must be received at the AICPA by May 31, 2011. The PEEC will evaluate the comments and may decide to publish one or more of the proposed pronouncements. Once published, the pronouncements become effective on the last day of the month in which they are published in the Journal of Accountancy, except if otherwise stated in the pronouncements.
The exposure draft is available for download on the AICPA Website, http://www.aicpa.org/InterestAreas/ProfessionalEthics/Community/ExposureDrafts
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