• Register
Return to: Home > News > IESBA addresses technological ethical questions in five-year plan

IESBA addresses technological ethical questions in five-year plan

The International Ethics Standards Board for Accountants (IESBA) has launched its five-year plan, outlining the board’s strategy and priorities for ethics standards to be adopted globally and its approach to ethical questions which arise from emerging technologies.

In the plan’s foreword, IESBA chairman Stavros Thomadakis said: “We believe that principles-based ethics standards must be sustainable long-term constructs. We also recognise that new requirements or application material should be brought out quickly to market to respond to changing technological circumstances and public expectations.”

The plan acknowledges the growing significance of developments in technology, highlighting some of the ethical questions that emerge from these developments such as the ethical implications of relying on technologies such as AI, data analytics and RPA to shape professional judgements.

While noting that it is important to respond rapidly to these developments, IESBA expressed caution in regards to developing ineffective responses without an informed strategy.

To mitigate this issue, IESBA established a working group to gather an understanding of the transformative effects of these technological trends and developments on the assurance, accounting and finance functions, and explore their ethical implications.

The five-year plan has built on the revised International Code of Ethics for Professional Accountants which comes into effect in June.

Thomadakis said: “This new Strategy and Work Plan embodies our clear determination to pursue global public interest objectives and outcomes, underpinned by our firm belief in the centrality of Ethics and in a unified Code for all professional accountants.

“The priorities and actions in the SWP have been calibrated to safeguard the relevance of the Code in an era of changing technologies, business methods and public expectations, and to reinforce its role as a linchpin of public trust in the profession.”

The development of the plan was informed by stakeholder input over the last two years, including a survey of stakeholders and a public consultation paper.

Top Content

    Choosing the right location can have cast-iron benefits

    As Game of Thrones, one of the biggest television shows of all time, comes to an end, Joe Pickard looks at how tax incentives offered to television and film production companies help the wider economy.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.