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The modifications to the acca rulebook effective from 1 january 2021. The changes include updates to council regulations, membership regulations, global practising regulations, and the code of ethics and conduct. Key adjustments include changes to council composition, membership in retirement, uk and republic of ireland eligibility requirements, and professional indemnity insurance provisions.
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This paper provides an explanation of the changes to the ACCA Rulebook , which take effect on 1 January 202 1. This document has no regulatory status. It is issued for guidance purposes only. Nothing contained in this document should be taken as constituting the amendment or adaptation of the ACCA Rulebook. In the event of any conflict between the content of this document and the content of the ACCA Rulebook, the latter shall at all times take precedence. The Rulebook is divided into three sections:
Section 2 – Regulations Membership Regulations Members in retirement An amendment has been made to Regulation 4(6)(a) of the Membership Regulations to reflect changes to membership in retirement and support the introduction of the concept of lifetime membership. A member who is a Fellow of the Association, and who has, with a view to permanent retirement, retired from professional work or business, may now apply to the Council to be placed on the register of members in retirement. Previously, the requirement was at least 30 years’ membership. Global Practising Regulations United Kingdom withdrawal from the European Union The United Kingdom left the European Union on 31 January 2020 and entered a period of transition which ended on 31 December 2020. As a result, new eligibility and qualification requirements for statutory auditors and audit firms in the United Kingdom and the Republic of Ireland take effect from 1 January 2021. The key changes are set out below: Annex 1 – Additional Practising Regulations for the United Kingdom, Jersey, Guernsey and Dependencies and the Isle of Man
Section 3 – Code of Ethics and Conduct Amendments have been made to the Code of Ethics and Conduct to incorporate IESBA revisions to Part 4B of the International Code of Ethics for Professional Accountants (including International Independence Standards). It is ACCA’s policy to incorporate changes to the IESBA Code in their entirety and unaltered. The revisions to Sections 900, 920, 921, 922, 924, 940, 950 and the Glossary reflect the terms and concepts used in the International Standard on Assurance Engagements (ISAE) 3000 Revised, Assurance Engagements Other than Audits or Reviews of Historical Financial Information. Part 4B relating to independence for assurance engagements with respect to underlying subject matter covering periods will be effective for periods beginning on or after June 15, 2021; otherwise, it will be effective as of June 15, 2021. Early adoption is permitted. All members, students and others bound by the ACCA Rulebook should ensure they are fully aware of its contents. Further information can be found at www.accaglobal.com/rulebook