This website uses cookies to ensure you have the best experience. Learn more

Code Of Ethics In Management Accounting And Financial Management

516 words - 2 pages

Code of Ethics in Management Accounting and Financial Management

When faced with major problems and dilemmas in management accounting and financial management, practitioners look to the 'standards of ethical conduct' for practitioners of management accounting and financial management. While looking at ethical standards one has to look at four different areas they are competence, confidentiality, integrity, and objectivity. These four areas are the backbone of what management accounting and financial management are made. When faced with a possible violation within this backbone of the ethical standards one should ask themselves two questions, "Will my actions be fair and just to all parties affected?" and "Would I be pleased to have my closest friends learn of my actions?" (Weygandt D-1) practitioners of management accounting and financial management have an obligation to the public, organization, and themselves to adhere by the ethical standards both domestically and internationally.
( D-2)

When considering the first aspect of the ethical standards competence, a practitioner just as a collegian professor must continue to grow and develop their understanding and knowledge of their skills. They must be professional in their duties and abide by all legal statutes and standards. One must also maintain up to date reports that are clear, revenant, and accurate information.

Secondly practitioners of management accounting and financial management must maintain the highest level of confidentiality. One must not disclose confidential information to anyone in any shape or form unless obligated to do so by law. One must inform the appropriate people when dealing with confidential matters and the monitor the...

Find Another Essay On Code of Ethics in Management Accounting and Financial Management

Ethics In Accounting And Financial Decision Making

884 words - 4 pages Ethics in Accounting and Financial Decision MakingIn today's business world, many organizations place a tremendous emphasis on ethics and the financial decision making process within organizations. All organizations are expected to behave in an ethical manner in the current economy. There are many factors that influence organizations to ensure and enforce ethical policies. The objective of this paper is to discuss ethics in accounting and

Managerial accounting and financial accounting: Evaluate how ethics plays a vital role in accounting

811 words - 3 pages organizations. Managerial and financial accountants are required to operate with highest ethical standards.Managerial Accounting is the process of identifying, measuring, analyzing, interpreting and communicating information in order to achieve an organization's goals (Thompson, 2006). Managerial Accounting is widely known as Cost Accounting all over the world. Management accounting is concentrated towards managers of organizations to assist them

Explain the difference between financial and management accounting, the fundamentals of management accounting. Explain how costs are classified us

1076 words - 5 pages There are two different branches of accounting which are managerial accounting and financial accounting. First the managerial accounting, it the department which issues reports for internal managers. These reports are used for planning, forecasting and decision making. Financial accounting is the department that issues reports for shareholders or any organisation outside the company. These reports show how the company was performing the previous

International Business Financial & Management Accounting

6097 words - 24 pages ., Ahrens 1996; Carr and Tomkins 1996; Chow et al. forthcoming). However, in this study, we are more interested in the identification of similarities of financial and management accounting practices across countries.The argument of our paper builds on observations of a rather strong current tendency toward global homogenization of management accounting practices. Since practice is a multifaceted term, it is possible to focus on various aspects of

The Differences Between Financial Accounting & Management Accounting

336 words - 2 pages Financial and management accounting are both important tools for a business, but serve different purposes. A business uses accounting to determine operational plans in the future, to review past performance and to check current business functions. Management and financial accounting have different audiences, as investors are not usually involved in the day-to-day operations of the business but are concerned about their investment, whereas

Traditional Management Accounting and Innovation Management Accounting

1756 words - 7 pages emphasis on collecting and reporting non-financial quantitative and qualitative information on those key variables that are necessary to compete effectively and which also support the strategies of an orgainzation . For example ,the balance scorecard performance measurement is consistent in both financial and non-financial measurement compared to traditional management accounting which only focuses on the financial aspect.Kaplan and Norton defined

A Role of Ethics and Social Responsibilities in Management

1141 words - 5 pages traditional standards of profitability and burden of social responsibilities is not an easy task. In recent years it has been a trend of setting standards of corporate ethics according to high degree of morale.To be able to keep the ethical standards management must follow the law. However, there are some complications in enforcing it. The law affects and is affected by social forces and prevailing ethical standards. 'Although the law can codify societies

Use of performance indicators in Management Accounting

2863 words - 11 pages performance indicator which has set goals of greater productivity .Schools of thought on management accounting class performance indicators as being able to be placed into 6 distinct groups which are :competitive advantage, financial performance, flexibility, resource utilisation, quality of service, innovation . The first two of competitive advantage and Financial performance are seen as the "ends" or rather the results to see if the measures used are

Career in Financial Management

1314 words - 5 pages your CFA. The bottom line to this career path is to work hard. aid earlier the financial market is extremely competitive. Your resume may get thrown in with hundreds of other candidates with very strong credentials as yours. But you have to remember to stay focused. There are many other jobs that are related to financial management. I will list a few and give a brief description of each. Accounting technician in this position you will work in

Financial Management and Planning

585 words - 3 pages To be a successful business owner, financial planning is instrumental in business if the owner desires to achieve insurmountable success for the long term. Financial planning in particular is concerned with the evaluation process of the business. Financial management is about establishing short and long term objectives for the business and deciding what resources will be required to achieve the necessary objectives. The primary goal for

Financial Management and Analysis

2531 words - 11 pages year or semester) ( Therefore we see that the balance sheet of the company's shows financial health at a specific point in time, and an income statement summarizes the profitability of the company over time. In this report, a comparison between the two companies will be done through ratio analysis. Biotech products, that accounted for less than 7 percent of revenue, generated by

Similar Essays

Accounting Code Of Ethics Essay

820 words - 3 pages faults on financial statements may be the result of either an honest mistake or a lack of integrity it is imperative to associate the notion of independence with the objectivity and integrity.As part of the requirements by the Code of ethics, CPA should avoid any relationships that may result in the CPA's becoming dependent on the particular client. Such relationships include financial interests and client management. It is very important that

Accounting Code Of Ethics Essay

2132 words - 9 pages Accounting codes of professional conduct, or codes of ethics, influence the behavior of accountants, provides for discipline, punishes unethical behavior, and explains standards, rules and technical requirements of the profession. In Florida, the State provides a Code of Ethics applicable to CPAs, but there are other organizations that also provide guidance for accountants, although adherence to their guidelines are more voluntary, whereas CPAs

Accounting Code Of Ethics Essay

1033 words - 4 pages As in any profession, ethics are extremely important, however in accounting they are of particular importance because clients depend and rely upon accountants for their professional expertise in areas such as financial statements, tax preparation, auditing, financial consulting and so forth. Without ethics and the laws that guide ethical practices and behavior, accountants could easily misguide clients or put a company's stakeholders at risk for

Ethics In Accounting And Financial Decision Making

586 words - 2 pages Many organizations today place significant emphasis on ethics and the financial decision making process within the organization. Organizations are expected to behave in an ethical manner in the current economy. There are many factors that influence organizations to ensure and enforce ethical policies. The purpose of this paper is to discuss ethics in accounting and financial decision making, how it relates to the United States Amy.An article