Ethical Issues Faced by the Accountancy Profession Essay

Ethics plays an essential and integral part in the accountancy profession. Professional conduct plays an important role in establishing public trust in financial reporting and business practise. Yet this can and has come under threat when clients and employees are exposed to the risk of fraud when accounting ethics are not adhered to. Codes of ethics are adopted to ensure the reliability, comparability and integrity of financial statements. Ethical standards exist to safeguard the fundamental principles of accountancy and recognize threats to these principles so judgement can be made to resolve ethical dilemmas. However an accountant frequently faces ethical issues due to their work and not always stays vigilant to the manipulating†¦show more content†¦In recognizing the importance of ethics to the accounting profession, many colleges and universities have incorporated ethics into the accounting curriculum in recent years to meet industry demands. Somers, M. (2001) found that a growing interest in codes of ethics is evident in organizations over the past few decades. In his article, Somers outlines the influence of codes on employee behaviour in organizations. He states the effects of the growing adoption of codes of ethics in organizations is not being addressed as unethical perceptions and behaviour continue. Somers carried out a survey of a sample of management accountants in the U.S and he found that respondents in organizations with formal codes of ethics were less aware of unethical activity in their organization compared to respondents in organizations without a formal code of ethics. These results indicate that neither the presence of corporate codes of ethics nor a high level of familiarity with the institute of Management Accountants code of ethics had any influence on employee propensity to report observed wrong doing. Somers then surveyed whether or not the respondents had personally observed or obtained direct evidence of financial fraud in the present organization within the last five years. Nearly 56% had observed wrong doing and around 35% ofShow MoreRelatedthe legal ethical and technological conerns paper1087 Words   |  5 Pages The Legal, Ethical, and Technological Concerns Paper For as long as businesses have existed, so has accounting. With time, it has become more complicated and detailed, but it is still a process of keeping financial accounts in order. Through accounting, or financial reporting, a system is set up to keep track of, maintain and audit the financial proceedings. Because accounting and financial reporting of a business is so important for its accuracy and in general, a lot of ethical, technologicalRead MoreEthics : The Principles Of A Culture Individuals, Organisation Or Groups814 Words   |  4 Pagesbe. 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Graduation Speech High School - 1956 Words

Society then and now is filled with people that chase their dreams of being famous, smart, or a pro sport competitor. What separates those who succeed and fail is the amount of dedication they put in, whether or not it started early in their life. For me it began when I was a freshman in high school. I was very active in playing in the marching and concert band. I played the saxophone and impressed a few other students during class. About a week later, after my class period ended, two friends of mine came up to me and suggested that I try out for the show choir band. I asked what it was and found out that it was a band playing with a singing and dancing choir. I was not at all hesitant to say yes and I remember having to ask my mom if it was okay that I was trying out for the band and she surprisingly said yes. 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Codification Master Glossary Essay Example For Students

Codification Master Glossary Essay Question 1 Is the Enterprise a VIE as defined in the Codification Master Glossary? If so. what standard cause it to be deemed a VIE? Assume that ( 1 ) the Enterprise does non measure up for any range exclusions and ( 2 ) the equity investing by the Nominee Shareholders in the Enterprise represents equity investing at hazard. The endeavor is a VIE as defined in the codification of the maestro glossary. From the narrative. nominee equity holders do non absorb the losingss of the endeavor and make non profit from the residuary addition the residuary addition instead goes to the WFOE. The nominee equity holders though they own 100 % of the portion can non run the activities of the endeavor ; the activities are run by the WFOE as they provide the rational belongings. employees. resources and other services to run the schools. The nominee stockholders every bit pledge their equity rights to the WFOE and can non reassign. sell or give their equity for burden. This descriptions in the narrative are in line with the definition of a VIE as per ASC 810-10. Question 2 If the Enterprise is deemed to be a VIE. would the WFOE ( excepting any related party or de facto bureau relationships ) consolidate the Enterprise? The WFOE would consolidate the endeavor following ASC 810-10-25-38 because it says a coverage entity shall consolidate a VIE if the coverage entity has a variable involvement that absorb a bulk of the VIE’s expected losingss. receives a bulk of the VIE’s expected residuary income or both. The WFOE receives a bulk of the endeavor residuary income and so should consolidate the endeavor. Question 3 What impact. if any. does the POA understanding have on the decision reached in Question 2? The POA does non alter the decision reached in inquiry 2 because the campaigner stockholders still move on behalf of the WFOE and the commissariats that made the endeavor a VIE does non alter with the POA 4. Does the accounting analysis or decision alteration for each of the inquiries above when analyzed in conformity with IFRS? IFRS does non hold VIEs they have particular intent entities which are similar to VIEs. Harmonizing to IAS 27 SPEs should be consolidated where substance of the relationship indicates that the SPE is controlled by the coverage entity. This may originate even where the activities of the SPE are predetermined or where the bulk of the vote or equity are non held by the coverage entity.

Where is the Child’s Environment A Group Socialization Theory of Development by Judith Rich Harris Essay Example

Where is the Child’s Environment? A Group Socialization Theory of Development by Judith Rich Harris Essay Judith Rich Harris maintains that children are more often than not, influenced by their peers more than their parents. Her article Where Is the Childs Environment? A Group Socialization Theory of Development, published in Psychological Review expounds on this theory. She starts right off as she recounts the history of what she calls the â€Å"nurture assumption.† The nurture assumption presupposes that parents give the environment where most of the child’s personality develops. Before Freud, the role of parents was not that emphasized. However, as time progressed, the assumption then became implanted in one’s social consciousness. According to Harris, parents spend years loving and raising children. Children turn out to be much like their parents but the environment, especially his peer groups are big influencers of a person’s actions. Some experts elucidate the issue deeper by asking why siblings turn out to be different from one another if they have the same parents with whom they grow up with. If the parents do not influence much, Harris maintains that the â€Å"group socialization theory† posits that children do not necessarily bring the learned behavior from one context to another. The author argues that children are able to fit their personalities depending upon the context to where they are exposed. This only goes to show that children naturally imitate adults where they imitate their actions and become happy when they receive approval. In the homes, parents are in charge, but when children go out into their schools and see their classmates, they prefer to play with them than their parents . We will write a custom essay sample on Where is the Child’s Environment? A Group Socialization Theory of Development by Judith Rich Harris specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Where is the Child’s Environment? A Group Socialization Theory of Development by Judith Rich Harris specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Where is the Child’s Environment? A Group Socialization Theory of Development by Judith Rich Harris specifically for you FOR ONLY $16.38 $13.9/page Hire Writer After some time, these children find that socialization becomes more sophisticated. They usually adopt the group’s styles of speaking and dressing. The author even states that older children are able to find some children in school with whom they pattern their actions. Even the academic performance of a child changes to fit the group to where he or she belongs. Thus, this contrasts with the view that the home environment is the main determinant of academic performance. The urge for independence and achievement can be a highly motivating drive for a child. When children challenge themselves and each other, during their socialization, they usually will go only as high as they feel safe. Wise teachers stay close by when one child is encouraging another child to go beyond where that child feels safe, because this is a situation that often creates fear, and the child may let go if scared. Adults should avoid motivating one child to achieve heights or speed just because another has.    If a child is prone to show off to other children or to adults, this too is a situation of danger. Once a child learns a skill, they need to find a new feat that is now appropriate. The parent or the teacher can then help their children to develop the foundation upon which good values are built. The guidance of the teacher should be very personal—given directly to the child in quiet, reassuring tones. Shouts across the play yard are usually totally ineffective. Children do not know that one means the shouts for them, and they may actually not hear what is said. Harris’ belief that peer influences are now more than what parents show can have several implications.   The author maintains that the children are able to blend in a group and learn many things from individuals in that context.   Children play a role in their own socialization. As most parents will say, children are sometimes the ones responsible for how they are treated by others. One knows that if he smiles, he is more likely to get a smile back. The way one socializes with children often is influenced by their reaction to the other person.   They respond differently physiologically to various experiences. This is evident because children have individual differences in activity level, adapting to new situations. How other children respond to another child’s temperaments influences the socialization process. If there is a â€Å"goodness of fit† between a child’s temperament and his or her caregivers, then socialization is likely to proceed smoothly . An example is if the child does not get used to new things slowly, then socialization is likely to be smooth. If, on the other hand, the fit between the child’s temperament and the caregivers’ is poor, socialization is likely to be rough. For example if the child is very active, responds intensely to people and things, and is moody, and the caregivers force him or her to sit still, punish him or her for crying or being frightened, and demand   a smile most of the time, then socialization may turn out to be a battleground of wills. As infants become children, adolescents and then adults, they interact with more people and have more experiences. In so doing, they acquire skills, knowledge,   Ã‚  attitudes, values, motives, habits, beliefs, interests, morals and ideals. One may learn to read from the first-grade teacher. Thus, from the point of view of society, individuals are socialized to fit into an organized way of life. And from a personal point of view, socialization has enabled them to discover their selves—their potentialities for personal growth and fulfillment. By going to school, children not only gain knowledge; they also find out in what subjects they do best. As members of a peer group, they not only learn to cooperate; they find out whether they are leaders or followers.