Exposure Drafts / Standard Setting

The Professional Ethics Executive Committee (PEEC) is responsible for promulgating new ethics interpretations and rulings, and for monitoring those standards and making revisions as needed. The PEEC utilizes a process that includes deliberation in meetings open to the public, public exposure of proposed standards, and a formal vote. Exposure Drafts are issued by the AICPA to invite public comment before a final pronouncement is issued. The public exposure time varies depending on the complexity of the issue and the circumstances surrounding the need for a new standard. Once adopted, the standard becomes effective the last day of the month in which the standard is published in The Journal of Accountancy, unless stated otherwise.

Select the title below to view the exposure draft or related document.

Title	Comment Due Date	Comment Letters	Final Guidance/ Effective Date	Basis for Conclusion Document	Other Related Documents
September 4, 2009 Omnibus Exposure Draft - Proposed Revisions to Interpretations 101-1 and 101-15, Proposed Revisions to Ethics Ruling Numbers 107 Under Rule 101 and 2 Under Rule 301 and Proposed New Definition of Confidential Client Information	November 6, 2009	Individual Comment Letters as of November 13, 2009
December 3, 2007 Exposure Draft - Proposed Interpretation 501-8, Failure to Follow Requirements of Governmental Bodies, Commissions, or Other Regulatory Agencies on Indemnification and Limitation of Liability Agreements with a Client”	February 3, 2008	Individual Comment Letters as of February 25, 2008	Adopted Interpretation Effective July 31, 2008	Not developed	Not developed
August 13, 2007 Exposure Draft - Proposed Interpretation 101-17 - Networks and Network Firms and Proposed New Definations of Network and Network Firms and Proposed Revised Defination - Firm	November 13, 2007	Individual Comment Letters as of January 15, 2008	Still pending
May 15, 2007 – Exposure Draft – Proposed Interpretation 102-7, Other Considerations: Meeting the Objectives of the Fundamental Principles, and Proposed Framework for Meeting the Objectives of the Fundamental Principles.	August 15, 2007	Individual Comment Letters as of August 29, 2007	Non Authoritative Tool Approved in Lieu of Authoritative Framework
September 8, 2006 - Omnibus Exposure Draft - Proposed Interpretations on Indemnification, Limitation of Liability and ADR Clauses in Engagement Letters (proposed Interpretation 101-16), Forensic Accounting Services and Tax Compliance Services	November 8, 2006 for Forensic Accounting and Tax Compliance Proposals December 8, 2006 for Indemnification, Limitation of Liability and ADR proposals and	Comment Letter Summary as of November 22, 2006 Individual Comment Letters as of November 22, 2006 Comment Letters for 101-16 as of December 14, 2006	Adopted Revisions to Forensic Accounting and Tax Compliance Services Adopted Standard Effective February 28, 2007 except as otherwise stated. Remaining portion of exposure draft not adopted. Exposure draft no longer outstanding.	Non Attest Services Basis for Conclusion	Not developed
September 15, 2005- Proposed Revision to “Other Considerations” in Interpretation 101-1 and Proposed Conceptual Framework	December 16, 2005	Comment Letters	Conceptual Framework Revision to the "Other Considerations" section of Interpretation 101-1 Effective April 30, 2007	Not developed	Not developed
September 15, 2005 - Proposed Interpretations on Indemnification/Limitation of Liability Provisions and Forensic Accounting Services	December 16, 2005	Comment Letter Summary and Individual Comment Letters E&Y Comment Letter for Proposal 101-16 E&Y Comment Letter for Proposal 101-17 D&T Comment Letter	See September 8, 2006 Exposure Draft as proposals were re-exposed.	Non Attest Services Basis for Conclusion	Not developed
June 17, 2005 – Offer or Acceptance of Gifts and Entertainment and Revision to Interpretation 501-1 Retention of Client Records	August 16, 2005	Comment Letters (see pages 62-81)	Ethics Ruling # 113 Under Rule 102 Effective January 31, 2006 Ethics Ruling # 114 under Rule 101 Effective January 31, 2006 Revision to Interpretation 501-1 Effective April 30, 2006	Gifts and Entertainment -Basis for Conclusion Document	Not developed
April 18, 2005 - Financial Relationships Exposure Draft (see pages 16-31)	June 17, 2005	Not Available	Interpretation 101-15 Under Rule 101 Effective December 31, 2005	Not developed	Not developed
August 9, 2004 – Outsourcing Exposure Draft	October 8, 2004	Not Available	Ethics Ruling # 112 Under Rule 102 Ethics Ruling # 12 under Rules 201 and 202 Ethics Ruling # 1 under Rule 301 These rulings are effective July 1, 2005, except for professional services performed pursuant to agreements in existence on June 30, 2005 that were completed by December 31, 2005.	Outsourcing - Basis for Conclusion Document	Sample Disclosure Language