1. Structure of the Code Don Thomson, Task Force Chair IESBA Meeting
Madrid, Spain
March 14 – 16, 2016

2. Looking Back Impetus for project was input from various stakeholders
Structure of the Code
Looking Back
Impetus for project was input from various stakeholders
Understandability, application of principles, enforceability
Extensive research and outreach
32 interviews – regulators, standards-setters, member bodies
Meetings – CAG (6), IOSCO (2), National Standards-setters (3), Forum of Firms, SMP Committee, large firms, ongoing outreach
Consultation Paper – additional input and validation
Broad-based support for change and Task Force proposals

3. What the Restructuring Delivers
Structure of the Code
What the Restructuring Delivers
Enhanced understandability, improved usability
Serving the public interest, responsive to stakeholders
Requirements distinguished from application material
Increased prominence of principles and the conceptual framework
Increased clarity of responsibility
IAASB ISQC 1 Task Force considering further clarification
Increased clarity of language and improved navigability

4. Other Features of Restructuring
Structure of the Code
Other Features of Restructuring
New title to emphasize key features
Guide to the Code
More self-contained sections
Careful to avoid inadvertent changes in meaning
Careful to avoid any weakening of the Code
Various matters outside scope noted for Board attention

5. Where we are today 1 comment received on Structure ED-1 – more awaited
Structure of the Code
Where we are today
1 comment received on Structure ED-1 – more awaited
Completing restructuring of the entire Code, with much done by other TFs with Structure TF direction and oversight
Drafting Guidelines facilitate a consistent approach
This second phase of restructuring will involve two EDs
Safeguards ED-2 combining new proposals and restructuring of safeguards material
Structure ED-2 presenting all other restructuring proposals

6. Sections 800 - Advance Input
Structure of the Code
Sections Advance Input
Advance input received in December
Consider additional narrative when cross-referencing
December proposals retained for precision
Introduced term “qualifying restricted use report”
Advance input received in March
Remove repetition between and 800.6
Various helpful wordsmithing suggestions

7. Looking forward For June
Structure of the Code
Looking forward
For June
Analyze comments received in response to Structure ED-1
Present Structure TF proposals arising from that input
Present draft Section 900 (extant 291) – awaiting IAASB input
Continue to work with the other task forces to achieve our restructuring objectives and finalize a restructured Code
Exposure of Phase 2 restructured material
Finalization of Phase 1 restructured material