Ethical Standards Board
The Institute of Chartered Accountants of India
31st March, 2022

ANNOUNCEMENT

Sub.: Deferment of certain provisions of Volume-I of Revised Code of Ethics, 2019

As the members are aware, the revised 12th edition of Code of Ethics has come into effect from 1st July, 2020. It is accessible on www.icai.org at the following links: -

Code of Ethics Volume – I
https://resource.cdn.icai.org/55133CodeofEthics-2019.pdf

Code of Ethics Volume – II
https://resource.cdn.icai.org/60018code-of-ethics-2020vol2.pdf

Code of Ethics Volume –III (Case Laws Referencer)
https://resource.cdn.icai.org/59111esb48239.pdf

It may further be recalled that the following provisions of Volume-I of Code of Ethics, 2019, deferred earlier, were to come into force w.e.f 1st April, 2022 (Ref. Announcement dt. 26.7.2021 at https://www.icai.org/post/esb-applicable-date-of-certain-deferred-provisions ) :-

1. Responding to Non-Compliance with Laws and Regulations (NOCLAR)
[Sections 260 and 360]

2. Fees - Relative Size
[Paragraphs 410.3 to R410.6]

3. Tax Services to Audit Clients
[Subsection 604]

The Council at its 410th Meeting held on 24th and 25th March, 2022 decided that the applicability of abovementioned provisions be further deferred for a period of six months (i.e. till 30th September, 2022) to ensure effective adoption and implementation by the membership at large. A roll out plan for these provisions will be announced suitably.

CA. (Dr.) Jai Kumar Batra
Secretary, ICAI