CODE OF ETHICS AND CONDUCT:

Ethics

The conceptual framework

The application of the Fundamental Principles as stated in the ACCA rulebook is considered within a conceptual framework, which acknowledges that these principles may be threatened by a broad range of circumstances. This approach categorises the threats, and thereby assists members to identify, evaluate and respond to them.

If identified threats are other than clearly insignificant, members must implement safeguards to eliminate the threats or reduce them to an acceptable level so that compliance with the Fundamental Principles is not compromised.

According to the Rulebook of Ethics, it is impossible to define every situation that creates threats to compliance with the Fundamental Principles and specify the appropriate mitigating action that should be taken.

A conceptual framework requires members to identify evaluate and address threats, but it is not sufficient for members to merely comply with the examples of circumstances set out in the Code of Ethics and Conduct. Rather, members must ensure that, in the particular circumstances under consideration, the Fundamental Principles have been observed.