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Summary Week 2 Accounting Ethics Case Study.docx Accounting Ethics Case Study ACC 497 Accounting Ethics Case Study Honesty and fairness are a large concern when it comes to investors in the financial world. This is why The Sarbane Oxley Act of 2002 was im
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Week 2 Accounting Ethics Case S Accounting Ethics Case Study ACC 497 Accounting Ethics Case Study Honesty and fairness are a large concern when it comes to investors in the financial world. This is why The Sarbane Oxley Act of 2002 was implemented to protect them by making sure that the qual...
week 2 accounting ethics case studydocx accounting ethics case study acc 497 accounting ethics case study honesty and fairness are a large concern when it comes to investors in the financial w
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Running head: ACCOUNTING ETHICS CASE STUDY 1
Accounting Ethics Case Study
ACC 497
, ACCOUNTING ETHICS CASE STUDY 2
Accounting Ethics Case Study
Honesty and fairness are a large concern when it comes to investors in the financial
world. This is why The Sarbane Oxley Act of 2002 was implemented to protect them by making
sure that the quality and accuracy of financial information they receive from an organization is
honest and fair. The FASB or Financial Accounting Standards Board helps to guide companies
into implementing new standards into their system and financial statements when new standards
are put into place. The implementation date is usually twelve months from the date of issuance,
but early implementation is encouraged(FASB, n.a.). One of the largest and most important parts
of accounting is the topic of ethics. When using ethics and implementation guidelines a business
will have great success. Ethics act as an important element when accurate and reliable
information is passed on to users when implementing new standards.
When examining a case study, ethical issues, affected parties, immoral behavior, and the
pros of early implementation will need to be reviewed. Becky Hoger, controller, discusses with
her financial vice president the need for early implementation of a standard that would result in a
fairer presentation of the company’s financial condition and earnings. The financial vice
president determines that early implementation of the standard will adversely affect the reported
net income for the year, he discourages Hoger from implementing the standard until it is
required.
Ethical and unethical issues can be revealed upon opinion when analyzing already ethical
issues. The vice president might find that the profits are affected and that is the reasoning for his
decision to hold off on the implementation of the new standards. This might be an ethical issue
because it will change the way one might see the profit of the company. Some may say that these
standards remain ethical because they are not yet required to switch to the new standards right
away, due to the FASB encouraging organizations to start implementing early but not requiring it
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