Chapter 18, Problem 3BTN

To determine

1. Introduction:

The Statement of Ethical Professional Practice of Institute of Management Accountants

• The Statement of Ethical Professional Practice of Institute of Management Accountants is a guideline of the various principles and policies regarding the ethical obligations of the members of the Institute of Management Accountants.

• It comprises of the Principles of the Institute of Management Accountants, Standards of the Institute of Management Accountants and the course of Action prescribed by the Institute of Management Accountants in resolving ethical conflicts.

To Identify:

Ethical Principles that underlie the Institute of Management Accountants' statement of Ethical professional practice

To determine

2. Introduction:

The Statement of Ethical Professional Practice of Institute of Management Accountants

• The Statement of Ethical Professional Practice of Institute of Management Accountants is a guideline of the various principles and policies regarding the ethical obligations of the members of the Institute of Management Accountants.

• It comprises of the Principles of the Institute of Management Accountants, Standards of the Institute of Management Accountants and the course of Action prescribed by the Institute of Management Accountants in resolving ethical conflicts.

Resolution of ethical conflicts

• Practical application of the Standards of Ethical Professional Practice is not easy and at times situations may arise where unethical behavior is observed. Instead of turning a blind eye, the member must try to resolve the situation.

• The Statement of Ethical Professional Practice of Institute of Management Accountants contains the suggested courses of actions that a member can resort to if unethical behavior is observed.

Courses of actions recommended by the Institute of Management Accountants while resolving ethical issues.