Ethical Standards Of Ethics: The Institution Of Management Accountants

Decent Essays
Ethics are very important in any organization. It is a set of principle and values that is used to guide the organization in its’ actions and decisions. The Institution of Management Accountants (IMA) have set a list of ethical standards of conduct which all management accountants have to comply to when providing services at the highest ethical level possible. According to The Institution of Management Accountants (IMA), members of this association have to comply with and uphold to the ethical standards that focuses on competence, confidentiality, creditability, and integrity.
The standard of competence requires one to hold an appropriate level of professional leadership and expertise by enhancing knowledge and skill to ensure that clients or employers receive competent professional services; and also, to perform their duties adhering to the relevant laws, regulations, and technical standards; providing decision support information and
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Once they have cleared their financial difficulties, John Young should use his expertise to predict the market movement to determine if it would be feasible to buy over the major competitor. Should John Young predict that the market will be picking up slowly in the near future, they could consider raising more funds to buy over their major competitor’s business to expand on their portfolio of clients and business opportunities, eventually looking into monopolizing the industry. However, if raising funds to buy over their major competitor business proves to be a challenge for their corporation, they could also opt for joint venture so as to help each other tide over this
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