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Code of ethics for management accountants
  • Introduction to the code of ethics
  • Competence, confidentiality, integrity, and credibility
  • Resolution of ethical conflict
  • Key takeaways
 

Code of ethics for management accountants

Introduction

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

2. Confidentiality

3. Integrity

4. Credibility

Resolution of Ethical Conflict

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:

Key Takeaways

The IMA Code of Ethics sets out standards to maintain:
1. Competence
2. Confidentiality
3. 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.

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Code of ethics for management accountants (2022). Accountingverse.
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