CIMA Council approves comprehensive new Code of Ethics

14 December 2005

The CIMA Council has given its support to a new CIMA Code of Ethics for Professional Accountants by approving the Code, which comes into effect on January 1st 2006. The new Code, which significantly advances ethical guidance in the accountancy profession, sets out the principles of professional behaviour required of all CIMA members and students. It also replaces CIMA's Ethical Guidelines with comprehensive guidance which reflects developments in ethics across the accountancy profession in recent years.

The new Code includes specific guidance for both Professional Accountants in Business and Professional Accountants in Public Practice. It sets out fundamental principles, describes potential threats, and identifies possible safeguards to help mitigate those threats. The new Code is founded upon the principles of Integrity; Objectivity; Professional competence and due care; Confidentiality; and Professional Behaviour. It is also strongly aligned with global standards of ethics.

To make the new Code as accessible as possible, it will be available to view and download from CIMA's website from January 2006, while every CIMA member will receive their own copy on a searchable, interactive CD-ROM, attached to the front cover of the February issue of Financial Management magazine.

Commenting on the launch of the new Code of Ethics, Ian Christison, President of CIMA said:

'CIMA has an overriding commitment to fulfil its obligation as a Chartered Institute and to support members and protect the public interest, and this comprehensive guidance helps us to meet those objectives by reflecting the many developments in ethics across the accountancy profession. Members and students can also be assured that CIMA's ethical framework is strongly aligned with global standards across the profession.'

'The new CIMA Code of Ethics is ground-breaking', he continued 'in that it establishes principles for ethical behaviour, which can be successfully applied in a greater variety of circumstances.'

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For interviews and further information please contact:

Lynda Hardy Maskell
Chief Press Officer, CIMA
020 8849 2347
lynda.hardymaskell@cimaglobal.com

Notes to editors

1. CIMA (the Chartered Institute of Management Accountants) is the only international accountancy body with a sole focus on business. It is a world leading professional institute that offers an internationally recognised qualification in management accountancy, focusing on accounting in business, in both the private and public sectors. CIMA is the voice of over 85,000 students and 65,000 members in 158 countries and is responsible for the education and training of management accountants who work in industry, commerce and not-for-profit and has more members in the public sector than any other UK based body. CIMA prides itself on the commercial relevance of its syllabus, which is in tune with the activities of high performance organisations, and evolves continually to reflect the latest developments in global business. It is committed to upholding the highest ethical and professional standards of members and students, and to maintaining public confidence in management accountancy. For more information about CIMA, please visit http://www.cimaglobal.com/