A Declaration of (Auditor) Independence from the IFAC

More than 150 standard setters and accountants met in Brussels Tuesday at a ethics forum hosted by the International Federation of Accountants. Proposals including expanding guidance to public sector entities, providing more specific guidance on threats to independence, developing linkages between ethical compliance and quality control and clarifying accountant independence in providing tax services. An important point made was there was a tension between principles-based ethical practice and rules-based ethical practice. The IFAC also issued Exposure Drafts 27 (Budget Presentation in Financial Statements) and 28 (Financial Information Disclosure Regarding the General Government Sector).