Ethical accounting practices important for public & private
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Are ethical accounting practices equally important for both public and private companies? Should the government be involved in enforcing ethical practices for private companies?
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This solution helps discuss ethical accounting practice and discusses whether they are equally important for both public and private companies. The explanation is given in 401 words.
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Are ethical accounting practices equally important for both public and private companies?
In general, business ethics can be considered a moral issue in which the concept can be as simple as the 'Golden Rule' of doing unto others. Milton Friedman referred to it as the social responsibility of business in 1970. In 1984, R. Edward Freeman coined the term 'stakeholder theory' which became an accepted concept in trying to achieve a balance between profits and the interests of stakeholders.
In accounting practice, ethics can be more narrowly defined as applied to honesty and transparency. Arthur Anderson and Enron are the classic example of the results when honesty and transparency are ...
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