Instruction
Each student needs to answer a SEPARATE item of the 1-10 as their FIRST POST. If you want to identify your item first, you can post the one you are taking- use the number please.
The IMA's Statement of Ethical Professional Practice requires management
accountants to meet standards regarding the following:
Competence
Confidentiality
Integrity
Credibility
https://www.imanet.org/-/media/635508439d8848b89e544a4ac2888f88.ashx?la=en (Links to an external site.)
Consider the following situations. Which guidelines are violated in each situation?
You tell your brother that your company will report earnings significantly above
financial analysts' estimates.
2. You see that other employees take office supplies for personal As an intern, you
do the same thing, assuming that this is a "perk."
At a conference on sustainability, you skip the afternoon session and go sightseeing.
Your company paid for the registration fee, and you are getting paid for the day.
You failed to read the detailed specifications of a new 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 managers with the detailed job descriptions they
requested because you fear they may use this information to cut a position from
your department.
Identify ethical standards violated
For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility.).
Even though Kayla's company is adopting International Financial Accounting
Standards (I FRS) this year, Kayla (a management accountant) has not completed the required IFRS training.
David, a purchasing agent for his company, received two tickets from a supplier to the upcoming Ohio State vs. University of Michigan football game. These tickets sell for over $500 each.
The CFO directed that certain expenses be reclassified as assets, so that target profit could be achieved. The CFO rationalized that jobs would be saved by reaching the targeted income figures.
Tara, an accountant for a smartphone manufacturer, told her friends about a new model of smartphone being released by the company in the following quarter. For competitive reasons, the company keeps its models shrouded in secrecy until the release date.
Daniel provides an analysis of the profitability of a company-owned store that is managed by Daniel's best friend, Stuart. Daniel neglects to include allocated fixed costs in Stuart's report. If Daniel includes those allocated fixed costs, the store will show a loss and Stuart's job could be in danger.