The primary objective of the Codification Project is to improve the Code by making it topical and easier to use. AICPA members and other users of the Code should gain significant benefits as this should minimize the risk of misapplying the rules. Further, some ethics guidance resides outside the AICPA Code (for example, informal AICPA staff positions and basis for conclusions documents, which carry no authority but provide helpful guidance or background on the rules). Codification provides an opportunity to re-evaluate that guidance and determine whether to propose that some of it be made authoritative and incorporated into the Codification.
Another important goal of codification will be to retain the substance of the existing AICPA ethics standards. Similar to the FASB’s Codification effort, the relevant AICPA ethics literature will be put into a logically structured, topical format. Drafters will reword the literature using consistent wording conventions and styles. Codification will not involve making substantive changes to the ethics standards; however, the process will likely identify areas that may warrant additional consideration, and possibly, standard-setting. Read more at: