The International Ethics Standards Board for Accountants released an alert from its staff on ethics and independence considerations for accountants during the current conflict between Russia and Ukraine.
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Among other issues, the document highlights the ethical implications arising from the wide-ranging economic sanctions many jurisdictions have imposed on Russia and certain Russian entities and individuals, as well as Belarus, and the related ethical responsibilities of professional accountants in business and public practice under the ethics code.
It also highlights ethical considerations for business accountants in relation to the preparation and presentation of information, especially when it comes to accounting for and disclosing the impact of the Ukraine conflict on their employing organizations' business.
The alert also discusses some of the main ethical considerations for public accountants in terms of client and engagement acceptance, and in the context of audits of financial statements, as well as key independence considerations relating to overdue fees and the ethics code's prohibition against assuming management responsibility.
IESBA, which is affiliated with the International Federation of Accountants, noted that regardless of the environment in which professional accountants operate, the provisions of the ethics code serve to enhance the quality and consistency of services accountants provide, thus contributing to public trust and confidence in their work.
