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Review of Accounting Ethics - Essay Example
Finance & Accounting
Pages 4 (1004 words)
Tyco Executive Bleach of Accounting Ethics Name Institution Tyco Executive Bleach of Accounting Ethics 1. Given the corporate ethical breaches in recent times, assess whether or not you believe that the current business and regulatory environment is more conducive to ethical behavior…
Accounting ethics, which are set by the International Accounting Standards Board (IASB), and the Securities and Exchange Commission (Audi, 2009). The ethics are contained in the accounting principles that dictate the way businesses should account for their sales, profits, and costs. The principles are known as the International Financial Reporting standards, and these govern mainly public organizations, which are required to publish their annual statements. In the last decade, there has risen cases of bleach of accounting ethics, and this raised questions among investors concerning the effectiveness of the business environment (Kushniroff, 2011). The cases involved organizations such as Enron, Tyco, WorldCom, and Yahoo among others. The rise of these cases triggered the implementation of several regulations in the accounting sector, which include the requirement for accountability and the involvement of the community in dealing with cases that concern bleach of ethics. The accounting environment requires state corporations to reveal their annual statements to the public through the media. The accounting boards require companies also to employ internal and external auditors to verify the annual statements. Business stakeholders such as investors and shareholders are now more aware of business ethics than they were in the last decade. ...
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