Courses > Management Accounting > Introduction to Managerial Accounting
Índice
- 1. Competence
- What are the 4 standards of ethical behavior?
- How many standards comprise the IMA’s statement of ethical professional practice?
- Which of the following statements is a responsibility for an IMA member regarding the competence standard of ethical conduct?
- What are the four standards in the Institute of Management Accountants Statement of ethical professional practice?
- What four categories has the IMA classified these standards into?
- What is the purpose of IMA?
- What are standards of ethical behavior?
- What are the 5 ethical standards?
- What are the types of ethical standards?
- What is the IMA’s statement of ethical professional practice?
- What are the IMA’s four ethical principles?
- What are the ethical standards?
- What are the 5 codes of ethics?
- What are the four standards of IMA Statement of ethical professional Practice?
- What is the management accountant’s responsibility under the IMA Statement of ethical professional Practice in situations like this?
- What are the four 4 standards of ethical conduct of a management accountant?
- What are the 4 IMA standards of ethical practice?
- Which item is an indication of credibility under IMA standards of ethical conduct?
- What is the purpose of IMA Statement of Ethical Professional Practice?
- What are the benefits of joining IMA?
- Is IMA is govt or private?
- What does IMA mean in accounting?
- What are the standards of ethical Behaviour?
- What are the six standards of ethical behavior?
✓ Checked for updates, April 2022. Accountingverse.com
Management accountants should behave ethically. They have an obligation to follow the highest standards of ethical responsibility and maintain good professional image.
The Institute of Management Accountants (IMA) has developed standards of ethical professional conduct. The IMA Statement of Ethical Professional Practice has been revered as the central code of ethics for management accountants.
1. Competence
- Maintain an appropriate level of professional expertise by continually developing knowledge and skills.
- Perform professional duties in accordance with relevant laws, regulations, and technical standards.
- Provide decision support information and recommendations that are accurate, clear, concise, and timely.
- Recognize and communicate professional limitations or other constraints that would preclude responsible judgment or successful performance of an activity.
- Keep information confidential except when disclosure is authorized or legally required.
- Inform all relevant parties regarding appropriate use of confidential information. Monitor subordinates' activities to ensure compliance.
- Refrain from using confidential information for unethical or illegal advantage.
- Mitigate actual conflicts of interest; regularly communicate with business associates to avoid apparent conflicts of interest. Advise all parties of any potential conflicts.
- Refrain from engaging in any conduct that would prejudice carrying out duties ethically.
- Abstain from engaging in or supporting any activity that might discredit the profession.
- Communicate information fairly and objectively.
- Disclose all relevant information that could reasonably be expected to influence an intended user's understanding of the reports, analyses, or recommendations.
- Disclose delays or deficiencies in information, timeliness, processing, or internal controls in conformance with organization policy and/or applicable law
In applying the Standards of Ethical Professional Practice, you may encounter problems identifying unethical behavior or resolving an ethical conflict. When faced with ethical issues, you should follow your organization's established policies on the resolution of such conflict. If these policies do not resolve the ethical conflict, you should consider the following courses of action:
- Discuss the issue with your immediate supervisor except when it appears that the supervisor is involved. In that case, present the issue to the next level.
- If you cannot achieve a satisfactory resolution, submit the issue to the next management level. If your immediate superior is the chief executive officer or equivalent, the acceptable reviewing authority may be a group such as the audit committee, executive committee, board of directors, board of trustees, or owners. Contact with levels above the immediate superior should be initiated only with your superior's knowledge, assuming he or she is not involved. Communication of such problems to authorities or individuals not employed or engaged by the organization is not considered appropriate, unless you believe there is a clear violation of the law.
- Clarify relevant ethical issues by initiating a confidential discussion with an IMA Ethics Counselor or other impartial advisor to obtain a better understanding of possible courses of action.
- Consult your own attorney as to legal obligations and rights concerning the ethical conflict.
Key Takeaways
The IMA Code of Ethics sets out standards to maintain:1. Competence2. Confidentiality3. Integrity and
4. Credibility
It also suggests steps in resolving ethical conflict: discuss it with immediate supervisor first, bring up to the next management level if unresolved, talk to an IMA advisor, or consulting a lawyer in case of a legal offense.
Web link
Code of ethics for management accountants
APA format
Code of ethics for management accountants (2022). Accountingverse.
//www.accountingverse.com/managerial-accounting/introduction/code-of-ethics.html
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Introduction to Managerial Accounting
It’s rooted in the IMA’s ethical principles of honesty, fairness, objectivity, and responsibility. The statement describes specific requirements for management accountants to heed according to the IMA’s four standards: competence, confidentiality, integrity, and credibility
What are the 4 standards of ethical behavior?
The four standards are competence, confidentiality, integrity, and credibility.
How many standards comprise the IMA’s statement of ethical professional practice?
four standards
Which of the following statements is a responsibility for an IMA member regarding the competence standard of ethical conduct?
Answer (B) is correct. One of the responsibilities of an IMA member under the competence standard is to maintain an appropriate level of professional expertise by continually developing knowledge and skills. C.
What are the four standards in the Institute of Management Accountants Statement of ethical professional practice?
The four standards are competence, confidentiality, integrity, and credibility.
What four categories has the IMA classified these standards into?
The document, guided by IMA’s overarching core ethical principles of honesty, fairness, objectivity, and responsibility, outlines specific requirements for members to follow according to four standards categories: competence, confidentiality, integrity, and credibility.
What is the purpose of IMA?
What four categories has the IMA classified these standards into? Competence, Objectivity, Integrity, and Confidentiality.
What are standards of ethical behavior?
This means principles of fairness, good faith and respect consistent with laws, regulations and University policies govern our conduct with others both inside and outside the community. Each situation needs to be examined in accordance with the Standards of Ethical Conduct.
What are the 5 ethical standards?
Moral Principles The five principles, autonomy, justice, beneficence, nonmaleficence, and fidelity are each absolute truths in and of themselves.
What are the types of ethical standards?
while your character is determined and defined by your actions (i.e., whether your actions are honorable and ethical according to the 12 ethical principles:
- HONESTY. Be honest in all communications and actions.
- INTEGRITY.
- PROMISE-KEEPING.
- LOYALTY.
- FAIRNESS.
- CARING.
- RESPECT FOR OTHERS.
- LAW ABIDING.
What is the IMA’s statement of ethical professional practice?
The IMA Statement of Ethical Professional Practice includes specific reference to perform professional duties in accordance with relevant laws, regulations, and technical standards and to abstain from engaging in or supporting any activity that might discredit the profession. Any substantial violation of the public
What are the IMA’s four ethical principles?
Principles. IMA’s overarching ethical principles include: Honesty, Fairness, Objectivity, and Responsibility. Members shall act in accordance with these principles and shall encourage others within their organizations to adhere to them.
What are the ethical standards?
Definition: Ethical standards are a set of principles established by the founders of the organization to communicate its underlying moral values. This code provides a framework that can be used as a reference for decision making processes.
What are the 5 codes of ethics?
What are the five codes of ethics?
- Integrity.
- Objectivity.
- Professional competence.
- Confidentiality.
- Professional behavior.
What are the four standards of IMA Statement of ethical professional Practice?
IMA’s overarching ethical principles include: Honesty, Fairness, Objectivity, and Responsibility. Members shall act in accordance with these principles and shall encourage others within their organizations to adhere to them.
What is the management accountant’s responsibility under the IMA Statement of ethical professional Practice in situations like this?
IMA members have a responsibility to comply with and uphold the standards of Competence, Confidentiality, Integrity, and Credibility. Failure to comply may result in disciplinary action.
What are the four 4 standards of ethical conduct of a management accountant?
IMA’s overarching ethical principles include: Honesty, Fairness, Objectivity, and Responsibility. Members shall act in accordance with these principles and shall encourage others within their organizations to adhere to them.
What are the 4 IMA standards of ethical practice?
IMA’s overarching ethical principles include: Honesty, Fairness, Objectivity, and Responsibility. Members shall act in accordance with these principles and shall encourage others within their organizations to adhere to them.
Which item is an indication of credibility under IMA standards of ethical conduct?
It’s rooted in the IMA’s ethical principles of honesty, fairness, objectivity, and responsibility. The statement describes specific requirements for management accountants to heed according to the IMA’s four standards: competence, confidentiality, integrity, and credibility
What is the purpose of IMA Statement of Ethical Professional Practice?
The IMA Statement of Ethical Professional Practice includes specific reference to perform professional duties in accordance with relevant laws, regulations, and technical standards and to abstain from engaging in or supporting any activity that might discredit the profession. Any substantial violation of the public
What are the benefits of joining IMA?
Benefits of IMA Membership:
- IMA runs its own National Professional Protection Scheme (IMA NPPS) to protect the members and help them in case of harassment, litigation etc.
- IMA also runs a National Social Security Scheme for its members (IMANSS)
- IMA runs a Pension scheme.
- IMA runs a Health scheme for its members.
Is IMA is govt or private?
The Indian Medical Association (IMA) is a national voluntary organisation of physicians in India. It was established in 1928 as the All India Medical Association, and was renamed the Indian Medical Association in 1930.
What does IMA mean in accounting?
Institute of Management Accountants
What are the standards of ethical Behaviour?
Ethical behavior includes honesty, fairness, integrity and understanding. There are several ways to encourage an ethical workplace culture, including establishing a company-wide code of ethics.
What are the six standards of ethical behavior?
The four standards are competence, confidentiality, integrity, and credibility.