Which of the forgoing "year-end" actions are clearly in conflict with the IMA statement of ethical standards and should be viewed as unacceptable because of their potential harm to investors?
Which of the forgoing "year-end" actions are clearly in conflict with the IMA statement of ethical standards and should be viewed as unacceptable because of their potential harm to investors?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the forgoing "year-end" actions are clearly in conflict with the IMA statement of ethical standards and should be viewed as unacceptable because of their potential harm to investors?
Expert Solution
IMA Statement of Ethical Standards
The principle of IMA statement of Ethical standards are Honesty, Fairness, Objectivity and Responsibility. This statement of Ethical behaviour requires accountants to:
- Perform professional duties in accordance with relevant laws, regulations and technical standards
- Refrain from engaging in any conduct which is unethical.
- Communicate information fairly and objectively.
- Disclose all relevant information which can influence user's understanding of provided reports.
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