Friday, June 3, 2011

ethics

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Ethics is defined as relating to or dealing with right or wrong conduct based on personal or professional standards. There are many ethical considerations within the public accounting industry based on personal and professional or accountant and client conflicting views.


The assigned scenario illustrates many ethical issues. At the risk of loosing the client the accountant may forgo their professional ethics and record the car as a business asset. This is assisting the client to break both company and taxation law. The company has mislead the bank by aiding the company to report false and thus misleading information about the financial strength of the business, and may be responsible for the bank granting a loan they otherwise would not have. The accountant’s unethical


actions could result in the business obtaining a loan they can’t afford to service. This could result in poor business profits or ultimately bankruptcy. This would have an impact on many people including company employees, company suppliers, and company and bank investors. Company shareholders are also financing an asset which is outside their investment.


By recording false information the accountant will be acting contrary to the standards of the profession. They are putting at risk the confidence users have that company reports are true and accurate and exposing to damage the good name and reputation of accountants and the profession. Accountants need to balance their duty to their client with their responsibility to the community, the profession and themselves.


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AASB 101 deals with the depreciation of non current assets. It states that whatever method of deprecation is used must be consistently applied from period to period and must not depend on the profit and loss you wish to record. It also states that any change in the depreciation calculation must be declared in the accounts which mean the firm will have to justify changing the useful life of the assets. To change the accounting method will mean that the current financial performance can’t be uniformly compared with that from past periods.


The suggested changes will provide an instant improvement to the firm’s profits but may just be borrowing earnings from future accounting periods. If the computer equipment is under depreciated then the firm will face additional expense from current revenues when the equipment needs replacing. Accruing revenue for services that have begun but not are yet completed by the firm means the revenue earned for performing the service is carried over the whole period in which the costs are declared. The firm is providing users with a more accurate view of their financial state.


There are also ethical considerations to be made when considering the accounting methods to be used. Accurate and truthful data is required to provide users with information to assist them in understanding the firm’s financial position and performance.


The accountant’s suggestion is not the way to improve the long term performance of the firm. It is simply masking the real issue of wage and salary expenses verses staff efficiency and providing a short term improvement in profits that will create more problems in the future.





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