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Chapter 1

Business Ethics

TermDefinition
Schools of ethics Virtue ethics- Good for society Deontological- Moral duty, know what is right Utilitarianism- Greatest good for the greatest number of people
Relevant Factors The consequences- is it justifiable The motivation Guiding principles- treating people how you want to be treated Key values- environmental concerns Absolutism- right or wrong Key Values- flexible with the truth
Unethical behaviour impacts Jobs Financial viability (success of the business) Tax payers money wasted or misused It is bad for profession if you don't act on public interest
Ethical Influences Law- you must obey the law. Law always wins if there is conflict Government regulations- how thing are marketed Ethical codes personal values and qualities Corporate culture- Dictates how you act Social pressure- Acting in a certain way
IFAC INTERNATIONAL FEDERATION OF ACCOUNTANTS Everything has to be the same in each country
IESBA INTERNATIONAL ETHICS STANDARDS BOARD FOR ACCOUNTANTS Maintains the code of ethics
FRC FINANCIAL REPORTING COUNCIL -Promotes good governance in the UK -audit & assurance council -accounting council (ADVISE THE FRC) -conduct committee
Code of Ethics Corporate codes- Every organisation has them IFAC Code of ethics CIMA code of ethics- this is the standard expected to be followed. It aims to identify personal responsibility that the management accountant takes on. Provides general guidance.
Created by: claudia223
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