Ethics code

Just like any other professional group, accountants have got their own ethics code. In different countries of the world these codes are generally worked out by professional accounting bodies and used as a guide for accountants in the performance of their duties. Ethics codes are generally based on the international ethical standards set by the International Federation of Accountants. The currently used ethics code was adopted by the IFA in 1998.

Naturally, professional ethics is closely connected with the common norms of ethical behavior. Ethical behavior involves choosing actions that are right, proper and just. As a rule, people differ in their views of the meaning of ethical terms. However there is a common principle of all ethical norms expressed by the belief that ethical behavior suggests willingness to sacrifice one's interests.