Accounting Professional & Ethical Standards Board
Encyclopedia
The Accounting Professional & Ethical Standards Board (APESB) is an Australia
n organization that defines a code of professional conduct which members of the three professional accounting bodies in Australia are required to follow.
and the Institute of Chartered Accountants in Australia in February 2006, and later that year the National Institute of Accountants
(now called the Institute of Public Accountants) became the third member of the APESB. The three organizations jointly fund the APESB.
The Institute of Public Accountants states that "Where an APESB standard, guidance note or authoritative interpretation has been promulgated it may replace an existing IPA Pronouncement, to the extent that the APESB standard covers the same issues".
(IFAC), originally tailored to the Australian business environment.
Thus the initial 2006 version of the Code of Ethics for Professional Accountants was based on the code issued by the International Ethics Standards Board for Accountants
(IESBA) of the IFAC, but some provisions were amended to align with Australian legislation.
When a revised version of the Code of Ethics was issued in December 2010, reflecting changes to the IESBA code issued in July 2009, the specific Australian requirements were omitted, replaced with a warning that accountants were also required to comply with legislation such as the Corporations Act 2001.
The APESB contributes to development of international standards through submissions to the IESBA.
In April 2010, APESB released a Proposed Standard: APES 310 Dealing with Client Monies with a request for comment.
This standard, covering situations where a member is handling client monies through a trust account or has been appointed as a signatory to a client bank account, became effective on 1 July 2011.
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n organization that defines a code of professional conduct which members of the three professional accounting bodies in Australia are required to follow.
Organization and mandate
The APESB was established by CPA AustraliaCPA Australia
CPA Australia is one of three professional accounting bodies in Australia, the others being the Institute of Public Accountants and the Institute of Chartered Accountants of Australia....
and the Institute of Chartered Accountants in Australia in February 2006, and later that year the National Institute of Accountants
National Institute of Accountants
The Institute of Public Accountants is one of the three legally recognised professional bodies for accountants in Australia. The IPA represents more than 22,000 members and students working in industry, commerce, government, academia and private practice.From the 2nd of May 2011, the organisation...
(now called the Institute of Public Accountants) became the third member of the APESB. The three organizations jointly fund the APESB.
The Institute of Public Accountants states that "Where an APESB standard, guidance note or authoritative interpretation has been promulgated it may replace an existing IPA Pronouncement, to the extent that the APESB standard covers the same issues".
Relationship to other standards
The standards issued by APESB are consistent with standards issued by the International Federation of AccountantsInternational Federation of Accountants
International Federation of Accountants is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe...
(IFAC), originally tailored to the Australian business environment.
Thus the initial 2006 version of the Code of Ethics for Professional Accountants was based on the code issued by the International Ethics Standards Board for Accountants
International Ethics Standards Board for Accountants
The International Ethics Standards Board for Accountants develops and promotes ethical standards and guidance for professional accountants...
(IESBA) of the IFAC, but some provisions were amended to align with Australian legislation.
When a revised version of the Code of Ethics was issued in December 2010, reflecting changes to the IESBA code issued in July 2009, the specific Australian requirements were omitted, replaced with a warning that accountants were also required to comply with legislation such as the Corporations Act 2001.
The APESB contributes to development of international standards through submissions to the IESBA.
Activities
APESB periodically introduces new or revised standards, taking into account comments on the initial drafts. For example, in December 2009, APESB received feedback on their Consultation Paper: Proposed Revision of APES 110 Code of Ethics for Professional Accountants.In April 2010, APESB released a Proposed Standard: APES 310 Dealing with Client Monies with a request for comment.
This standard, covering situations where a member is handling client monies through a trust account or has been appointed as a signatory to a client bank account, became effective on 1 July 2011.