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Accounting Standards & Ethics

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Are the current accounting standards ethically based?

Are ethics important to the accounting profession? Explain

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Solution Summary

The question of the importance of ethics in accounting and how accounting standards can be ethical is discussed in 444 words with 4 references.

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Are the current accounting standards ethically based?

Yes, the current accounting standards are ethically based. For instance, the American Institute of Certified Public Accountants has developed five divisions of ethical principles that its members should follow. These are comprehensive and include technical standards, competence, independence, integrity, objectivity, and responsibilities to colleagues, clients, and practices. The members must best apply the standards even though it may cause loss or discontinuation. The Standards developed by the Financial Accounting Standards Board are also ethically based. The accounting standards that are accepted in the profession are also based on ethical standards. Consider the example of revenue ...

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