Accounting ethics require accountants to adhere to their moral standards when preparing, presenting, and disclosing financial information. Accountants should not engage in unethical practices that deceive users.
The accountants should follow the following steps when the written policies do not provide sufficient guidance:
1. The management accountant should inform their immediate supervisor regarding the issue.
2. The accountant should consult the IMA ethics counselor or an impartial advisor. This consultancy helps the accountant decide the plan of action to be followed.
3. The accountant should take advice from their attorney and learn about their legal rights and obligations concerning the ethical issues.
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