This standard sets out a comprehensive framework that covers all forms of inducement and is applicable to both professional accountants in business and professional accountants in public practice in situations involving the offering or accepting of an inducement.

The IFAC Small and Medium Practices Committee has submitted feedback to the International Ethics Stanards Board for Accountants' proposed five-year strategy and work plan. The committee is generally in agreement with the proposed criteria to determine the IESBA's actions and priorities over the next five years. The committee also recognizes that the IESBA is committed to developing high-quality, principles-based standards and strongly believes this is of critical importance when revising the International Code of Ethics for Professional Accountants going forward.