The AICPA Professional Ethics Executive Committee (PEEC) has released new authoritative guidance related to public interest entities.
The new definition of a publicly traded entity and the revised definition of a public interest entity fulfill the AICPA's responsibility as a member body of the International Federation of Accountants to converge with recent changes in international ethics for accountants.
For most AICPA members, practice will not change; members will continue to follow the guidance of applicable U.S. regulators related to public interest entities.
Members in firms that have voluntarily joined the Forum of Firms will need to comply with the forum's constitution and should consider the changes to international ethics standards.
The changes to the AICPA Code of Professional Conduct will have a two-tiered effective date to ease the transition. Learn more.