The Code Of Conduct And Values

956 WordsNov 17, 20144 Pages
Ethics is a code of conduct and values that are accepted by society as being right and proper, it is a matter of making choices. For an accountant ethics is complying with all the relevant rules and regulations set by the FASB in the form of generally accepted accounting principles. Generally accepted accounting principles, or GAAP for short, are the accounting rules used to prepare and standardize the reporting of financial statements, such as balance sheets, income statements and cash flow statements, for publicly traded companies and many private companies in the United States. GAAP-based income is measured so that the information provided on financial statements is useful to those making economic decisions about a company, such as potential investors and creditors. Accountants are responsible for the validity of the financial statements they work on, and must perform their duties in accordance with all applicable principles, standards and laws. Ethics in accounting and business details the way in which a corporation represents itself to the world. Accountants representing these corporations have great responsibility to the company’s management, creditors, investors, regulatory bodies and to society. The duty to uphold principles, standards and laws of accounting is owed to the financial markets. The financial climate is driven by the financial reports of the companies they are representing. An accountant who does not uphold his responsibilities can have broad
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