Which of the below is not the standards of ethical Conduct for managerial accountants?
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Management accountants have an obligation to the organizations they serve, their profession, the public, and themselves to maintain the highest standards of ethical conduct. In recognition of this obligation, the Institute of Management Accountants (IMA) has published and promoted the following standards of ethical conduct for management accountants.1 IMA Statement of Ethical Professional PracticeMembers of IMA shall behave ethically. A commitment to ethical professional practice includes: overarching principles that express our values, and standards that guide our conduct. PrinciplesIMA's overarching ethical principles include Honesty, Fairness, Objectivity, and Responsibility. Members shall act in accordance with these principles and shall encourage others within their organizations to adhere to them. StandardsA member's failure to comply with the following standards may result in disciplinary action. I. COMPETENCEEach member has a responsibility to: 1. Maintain an appropriate level of professional expertise by continually developing knowledge and skills. 2. Perform professional duties in accordance with relevant laws, regulations, and technical standards. 3. Provide decision support information and recommendations that are accurate, clear, concise, and timely. 4. Recognize and communicate professional limitations or other constraints that would preclude responsible judgment ... Get Accounting Principles, 11th Edition now with the O’Reilly learning platform. O’Reilly members experience live online training, plus books, videos, and digital content from nearly 200 publishers.
What are the standards of ethical conduct for practitioners of management accounting and financial management Practitioners of management accounting and financial management have an obligation to the public, their profession, the organization they serve, and themselves, to maintain the highest standards of ethical conduct. In recognition
of this obligation, the Institute of management Accountants has promulgated the following standards of ethical conduct for practitioners of management accounting and financial management. Adherence to these standards internationally is integral to achieving objective of management accounting. Practitioners of management accounting and financial management have a responsibility to: Maintain an appropriate level of professional
competence by ongoing development of their knowledge and skills. Perform their professional duties in accordance with relevant laws, regulations and technical standards. Prepare complete and clear reports and recommendations after appropriate analysis of relevant and reliable information Practitioners of management accounting and financial management have a responsibility to: Refrain from disclosing confidential information acquired in the course of their work except when authorized, unless legally obligated to do so. Inform subordinates as appropriate regarding the confidentiality of information acquired in the course of their work and monitor their activities to assure the maintenance of that confidentiality Refrain from using or appearing to use confidential information acquired in the
course of their work for unethical or illegal advantage either personally or through third parties. Practitioners of management accounting and financial management have a responsibility to: Avoid actual or apparent conflicts of interest and advise all appropriate parties of any potential conflict. Refrain from engaging in any activity that would prejudice their ability to carry out their duties ethically. Refuse any gift, favor, or hospitality that would influence or would appear to influence their actions. Refrain from either activity or passively subverting the attainment of the organization’s legitimate and ethical objectives. Recognize and and communicate professional limitations or other constraints that would preclude responsible judgment or successful performance of an activity. Communicate unfavorable as well as favorable information and professional judgment or opinion. Refrain from engaging or supporting any activity that would discredit the profession. Objectivity:Practitioners of management accounting and financial management have a responsibility to:
Resolution of Ethical Conflicts:In applying the standards of ethical conduct, practitioners of management accounting and financial management may encounter problems in identifying unethical behavior or in resolving an ethical conflict. When faced with significant ethical issues practitioners of management accounting and financial management should follow the established policies of the organization bearing on the resolution of such conflict. If these policies do not resolve the ethical conflict, such practitioner should consider the following course of action.
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About The AuthorAbidaWhat are the standards of ethical conduct for management accountants?Four standards of ethical conduct in management accountants' professional activities were developed by the Institute of Management Accountants. The four standards are competence, confidentiality, integrity, and credibility.
What are the four standards of IMA Statement of ethical professional Practice?IMA's overarching ethical principles include: Honesty, Fairness, Objectivity, and Responsibility. Members shall act in accordance with these principles and shall encourage others within their organizations to adhere to them.
Which of the following are ethical standards for management accountants I competence II objectivity III confidentiality IV integrity?The statement defines certain needs for management accountants to pay attention to or heed as per the IMA's 4 standards that contain competence, integrity, confidentiality, and credibility. Thus, management accountants' ethical standards include competence, objectivity, integrity, and confidentiality.
What are the ethical issues in management accounting?Here's a quick guide to some of the most common dilemmas involving accounting ethics, along with steps to help you navigate them.. Accounting ethics involving conflicts of interest. ... . Predicaments with client confidentiality. ... . Impacts of financial reporting. ... . Identify potential legal issues. ... . Take an outsider's view.. |