Identifying ethical standardsThe Institute of Management Accountants’ Statement of Ethical Professional Practice requires managerial accountants to meet standards regarding competence, confidentiality, integrity, and credibility. Consider the following situations. Which standard(s) are violated in each situation?You tell your brother that your company will report earnings significantly above financial analysts’ estimates.You see others take home office supplies for personal use. As an intern, you do the same thing, assuming that this is a “perk.”At a company-paid conference on e-commerce, you skip the afternoon session and go sightseeing.You failed to read the detailed specifications of a new accounting software package that you asked your company to purchase. After it is installed, you are surprised that it is incompatible with some of your company’s older accounting software.You do not provide top management with the detailed job descriptions they requested because you fear they may use this information to cut a position in your department.

The statement of ethical professional practice is developed by the institute of management…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Identifying ethical standards

The Institute of Management Accountants’ Statement of Ethical Professional Practice requires managerial accountants to meet standards regarding competence, confidentiality, integrity, and credibility. Consider the following situations. Which standard(s) are violated in each situation?

You tell your brother that your company will report earnings significantly above financial analysts’ estimates.
You see others take home office supplies for personal use. As an intern, you do the same thing, assuming that this is a “perk.”
At a company-paid conference on e-commerce, you skip the afternoon session and go sightseeing.
You failed to read the detailed specifications of a new accounting software package that you asked your company to purchase. After it is installed, you are surprised that it is incompatible with some of your company’s older accounting software.
You do not provide top management with the detailed job descriptions they requested because you fear they may use this information to cut a position in your department.

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