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need of accounting standards
need of accounting standards
corporate accountability introduction
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Molly McDale is the controller for Robert’s Manufacturing. It is a small company that manufactures plastic lumber. The head of the company, owner and CEO, Frank Roberts reviews the projected operating income for the year. If the operating income is bellow $200,000 then the company will not give out holiday bonuses to their employees, which includes Molly. Molly feels she has worked hard and earned a bonus. She helped implement several cost saving programs and worked long days without receiving overtime pay. Also noted is the fact that several factory employees are struggling and the holiday bonuses would serve them well. She has decided to change the calculation of manufacturing overhead based on direct labor hours to machine hours used. …show more content…
Creditability for the IMA standards has three parts to it, 1) Communicate information fairly and objectively. 2) Disclose all relevant information that could reasonably be expected to influence an intended user 's understanding of the reports, analyses, or recommendations. 3) Disclose delays or deficiencies in information, timeliness, processing, or internal controls in conformance with organization policy and/or applicable law. Molly broke the ethical code of credibility when she changed the calculation of manufacturing overhead to based on machine hours. She was not objective with her data; she didn’t disclose the relevant information that was asked of her. She changed the calculation because the original would influence Mr. Robert’s. McDale’s responsibilities as a management accountant when considering the IMA standards of ethical principal are very simple. Her job is to completely comply and abide to the rules based on competence, confidentiality, integrity, and credibility. If she steers away from these rules she will be violating the ethical code. And as an accountant you must be completely accurate, honest, capable, and confidential with the data you provided. Unfortunately, she did not follow these codes and broke the IMA standard of ethical
Quality which they demonstrate by continuing commitment to modernization, relevance, and continuing improvement in services, products, and programs.’
The six basic guidelines outlined by the George S. May International Company (GMS) for making ethical business decisions are so simplistic and common sensible that it is hard
The main points of provision five of the ANA code of ethics are as follows: section 5.1, which is moral self-respect, suggests that nurses must care for themselves as much as they care for their patients. Nurses must do their best to maintain professional respect to themselves in regards of their competence and moral character. Section 5.2, which is professional growth and maintenance of competence, suggests that nurses must continue to self and peer evaluate themselves throughout their careers. Nurses must continue to learn current, up to date nursing practices through self, peer, and higher education. Section 5.3, which is wholeness of character, suggests that nurses must develop and take into consideration their own moral perspectives when practicing in their careers. Nurses are encouraged to express their moral viewpoint when it is helpful to the recovery of their patients, but must never express moral beliefs based on social stigmas that could negatively affect patient outcomes.
The first provision of the American Nurses Association’s (ANA) “Code of Ethics” states, “ The nurse, in all professional relationships, practices with compassion and respect for the inherent dignity, worth and uniqueness of every individual, unrestricted by considerations of social or economic status, personal attributes, or the nature of health problems.” The second provision states, “The nurse’s primary commitment is the patient, whether the patient is an individual, family, group, or community” (Fowler, 2010). As nurses we need to respect the autonomy and allow for the patient to express their choices and concerns. We also need to provide them with support by giving them knowledge and understanding so they
NAEYC Code of Ethical Conduct and Statement of Commitment. (2005, April). Retrieved from http://www.naeyc.org/files/naeyc/file/positions/PSETH05.pdfRetrieved from http://journal.naeyc.org/btj/200511/ColomboBTJ1105.pdf
Many counselors enter into the profession because they are interested in helping individuals and have the desire to enhance human development. Though counselors are guided in culture from their own values and beliefs they have about living, ethics supersedes morality. Ethics are rooted in philosophy and are created by professional associations in order to govern those members of the profession. In the field of counseling there are two individual agencies, American Counseling Association (ACA) and the American Association for Marriage and Family Therapy (AAMFT), that both have several similarities and differences within each specific codes of ethics.
Which of the six principles in the AICPA Code of Conduct is most related to Article 1.5 of the California Accountancy Act? Explain your conclusion.
Benevolence instructs the accountant to serve in the best interest of the public. It is described as the extent to which a trusty will want to do good to the trustor aside from an egocentric profit motive (Power Point Presentation 7, n.d.). From a utilitarian perspective, some actions may not be deemed worth the effort when there is a lack of profit to be obtained from the action. The AICPA Code of Professional Conduct is set up to establish professional norms and standards that discourages this type of behavior.
It is important as a professional health care provider to have guidelines, regulations, and ethical standards to obey when providing care to the public. The ACA is to improve the quality of professional counselors in the community with education, knowledge, and guidelines by providing an ACA Code of Ethics standard when delivering treatment toward a clientele (American Counseling Association, 2015). One particular part of the ACA mission that is essential, is the ACA Code of Ethics. The purpose of the ACA Code of Ethics is a guide to ensure counselors in training and professional counselors understand the ethical obligations toward clients, possible grievances for conduct unbecoming, and professional responsibilities, which supports the ACA
Canadian Association of Social Workers (CASW) and the Code of Ethics The CASW Code of Ethics outlines a number of values that guide the social work profession. These include (1) Respect for the Inherent Dignity and Worth of Persons; (2) Pursuit of Social Justice; and (3) Service to Humanity (CASW, 2005a). The first value of Respecting the Inherent Dignity and Worth of Persons advocates for the protection of individuals because it encompasses the right to self-determination, human rights, and the right to informed consent (CASW, 2005a, p.4). Notwithstanding, one principle found in this value also supports the protection of society, encouraging social workers to ". uphold the right of society to impose limitations on the self-determination of individuals, when such limitations protect individuals from self-harm and from harming others (CASW, 2005a, p.4).
Renzo Ramon, a 25-year old, works at Adidas, as a salesperson for over 2 years and was employed in 2014. He maximizes his hours to pay his daily expenses, like food, gas and rent. All because, Renzo, decided to move out his family’s home and begin his adult life. He currently works in an athlete’s dream job; he has the privilege of getting exclusive discounts on all items. His day starts around noon and usually oversees closing the store. His salary depends on customer’s references when an item is purchased. Therefore, when customer’s reference Renzo as an employee who helped, his employee points, which are used to determine his hourly wage begins to increase. Thus, if at least 500 customers recommend Renzo, then Renzo can enjoy the employee
This individual believes the agent controls important resources and rewards desired by the individual (Yukl, 2012). Bill has little input when it comes to rewarding his employees as he is not able to increase their salary per say but he is able to suggest some sort of raise; essentially, his judgment could possibly help raise the salary of his employees. This would be considered an influence in the way of rewarding employees for good performances. Due to this factor, employees strive for personal
The ACA Ethics Committee members developed “A Practitioner 's Guide to Ethical Decision Making”, which address ethical questions in the workplace by identifying problems, deliberating potential
Quintana can rectify this situation by modifying the Musimundo incentive system. Quintana can use multiple performance measures to reward his managers. These performance measures can be sales based on a flexible budget that looks at historical sales and measures them against current sales. The manager could be rewarded for the percentage of increase.
Reichelstein, S. (2000). Providing Managerial Incentives: Cash Flows versus Accrual Accounting. Journal of Accounting Research, 38(2), 243.