The International Federation of Accountants has issued its 2005 annual report, highlighting the update of its code of ethics, as well as the formal establishment of the Public Interest Oversight Board.

In a statement, IFAC president Graham Ward said that the group's most notable accomplishments in 2005 included the strengthening of standard-setting processes, the development of practice guidance to help developing nations build accounting capacity and the release of the updated "Code of Ethics for Professional Accountants." The international code goes into effect June 30.

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