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Ethics in Accounting and Corporate Accounting Scandals
Finance & Accounting
Pages 8 (2008 words)
Ethics in Accounting and Corporate Accounting Scandals Abstract The research study is aimed at establishing a relation between the unethical practices in accounting and the occurrence of corporate scandals. The concept of ethical accounting practice has been explained.
The suggested course of action by the companies is also recommended in order to prevent unethical practices that lead to corporate scandals and eventual bankruptcy of the organizations. Introduction The accounting practices are based on the Generally Accepted Accounting Principles. Apart from the rule base practices, the importance of principle based practices have emerged in the field of accounting. This is due to the corporate scandals that have occurred over the years. These corporate scandals establish a link with the unethical practices in accounting. In different countries, the accounting practices are guided by different laws like the tax law in Germany, accounting law in Sweden, company law in USA, etc. The unethical practices in accounting have not only resulted into bankruptcy of the companies but also eroded the wealth of the investors. International Financial Reporting Standards, Sarbanes-Oxley Act have been implemented in order to prevent the unethical accounting practices and subsequent corporate scandals. ...
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