The Professional Ethics Executive Committee has issued an exposure draft, dated April 4, 2011, which contains three new proposed ethics interpretations under Rule 501, Acts Discreditable, of the AICPA Code of Professional Conduct and one new proposed definition under ET section 92, Definitions (AICPA, Professional Standards).
All proposals in this exposure draft apply to CPAs in business and industry while one of the proposed interpretations is applicable to all CPAs. The proposed interpretations relating to CPAs in Business and Industry cover topics not previously addressed in the Code of professional Conduct.
The Proposed Interpretations are:
No. 501-9 – “Confidential information obtained from employment,” under Rule 501
No. 501-10 – “Financial interests,” under Rule 501
No. 501-11 – “False, misleading or deceptive acts in promoting or marketing professional services,” under Rule 501
Proposed New Definition, “Member in business and industry,” under ET Section 92