Ima Statement of Ethical Practice.
Running head: IMA Statement
Review of IMA Statement of Ethical Professional Practice:
Does Business Interaction in the Global Market Conflict with these Standards?
Paul D. Baker
Aspen University BUS 510
Abstract
Ethical standards are subjective. Like morals, mission statements and corporate responsibilities and conduct, Ethical standards or practices are used to guide behavior in an organization or profession. This paper will explore the Institute of Management Accountants (IMA) Statement of Ethical Professional Practice and their ability to interact in the global market.
Review of IMA Statement of Ethical Professional Practice:
Does Business Interaction in the Global Market Conflict with these Standards?
Following ethical standards in any organization relies on one’s subjective interpretation of the principals within these written standards. Ethical practice standards often contain descriptive terms such as “fairly”, “appropriate”, or “responsibly” that are used to guide behavior. Since these are subjective terms, they are open to interpretation by the professionals who work within these standards. The Institute of Management Accountants (IMA) Statement of Ethical Professional Practice also contains many of the same subjective terms. As stated, their overreaching principles include: Honesty, Fairness, Objectivity, and Responsibility (Braun, p. 13). So the question asked is: Does business interaction in the global market conflict with these ethical standards? The simple answer is no. In 1936, Frank Russell opened his first brokerage firm in Tacoma, Washington. Today, Russell Investment is a global leader in financial management with offices in over 11 countries and currently manager over $220 billion in assets (www.russell.com). In their recent history, Russell Investment has never been under any relevant investigation by any federal or international trade commission for
Review of IMA Statement of Ethical Professional Practice:
Does Business Interaction in the Global Market Conflict with these Standards?
Paul D. Baker
Aspen University BUS 510
Abstract
Ethical standards are subjective. Like morals, mission statements and corporate responsibilities and conduct, Ethical standards or practices are used to guide behavior in an organization or profession. This paper will explore the Institute of Management Accountants (IMA) Statement of Ethical Professional Practice and their ability to interact in the global market.
Review of IMA Statement of Ethical Professional Practice:
Does Business Interaction in the Global Market Conflict with these Standards?
Following ethical standards in any organization relies on one’s subjective interpretation of the principals within these written standards. Ethical practice standards often contain descriptive terms such as “fairly”, “appropriate”, or “responsibly” that are used to guide behavior. Since these are subjective terms, they are open to interpretation by the professionals who work within these standards. The Institute of Management Accountants (IMA) Statement of Ethical Professional Practice also contains many of the same subjective terms. As stated, their overreaching principles include: Honesty, Fairness, Objectivity, and Responsibility (Braun, p. 13). So the question asked is: Does business interaction in the global market conflict with these ethical standards? The simple answer is no. In 1936, Frank Russell opened his first brokerage firm in Tacoma, Washington. Today, Russell Investment is a global leader in financial management with offices in over 11 countries and currently manager over $220 billion in assets (www.russell.com). In their recent history, Russell Investment has never been under any relevant investigation by any federal or international trade commission for
References: Braun, Teitz & Harrison (2010). Managerial Accounting. New Jersey: Prentice Hall