ACCT 1B Lecture Notes - Lecture 6: Disclose

• School: Irvine Valley College
• Department: Accounting
• Course: ACCT 1B
• Professor: johnson

Document Summary

We cannot have business people lying, stealing, perpetrating frauds, and making up accounting rules as they go without seriously disrupting business. Ethical behavior by businesspeople is an absolute necessity for the smooth functioning of the economy. Ima"s (institute of management accountants) overarching ethical principles include: honesty, fairness, objectivity, and responsibility. Maintain an appropriate level of professional expertise by continually developing knowledge and skills. Perform professional duties in accordance with relevant laws, regulations, and technical standards. Provide decision support information and recommendations that are accurate, clear, concise, and timely. Keep information confidential except when disclosure is authorized or legally required. Refrain from using confidential information for unethical or illegal advantage. Refrain from engaging in any conduct that would prejudice carrying out duties ethically. Abstain from engaging in or supporting any activity that might discredit the profession. Regularly communicate with business associates to avoid apparent conflicts of interest.