APES 110 Code of Ethics for Professional Accountants (including Independence Standards)
Content Summary
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) ("the Code") is issued by the Accounting Professional and Ethical Standards Board (APESB).
The Code is based on the International Code of Ethics for Professional Accountants (including Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA) of the International Federation of Accountants (IFAC). Additional Australian definitions or paragraphs in the Code contain the prefix AUST.
Members practising in Australia or abroad must comply with the Code unless they are prevented from doing so by applicable laws or regulations. In applying the requirements outlined in the Code, members shall be guided not only by the words, but also by the spirit, of the Code.
An overview of the Code
The objective of the overview is to provide an outline of the framework of the Code and to assist members in accessing the relevant sections of the Code more efficiently.
The overview is not a replacement of the Code. It should be used in conjunction with, and not instead of, the Code. The Code uses the word "shall" to impose a requirement on the member or firm and is divided in four parts.
Part 1: Complying with the Code, Fundamental Principles and Conceptual Framework (applies to all members)
Part 2: Members in business (including employment relationships of members in Public Practice)
Members in public practice may also find this relevant in running their firm.
Part 3: Members in public practice
Part 4A and 4B: Independence Standards
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