Concerned about recent regulation of firm networks, MSI Legal & Accounting Network Worldwide Ltd. has decided to become an association instead of a network.
The U.S. and the rest of the world are likely to implement the International Federation of Accountants' Code of Ethics, and European Union countries are adopting the European Union 8th Directive, which contain definitions of networks and associations. Both make distinctions between firm networks and associations, and place more regulations at the door of networks. The American Institute of CPAs has been looking closely at the IFAC guidance and its Professional Ethics Executive Committee may adopt it as well.
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