Institute of Management Accounting’s

Institute of caution Accountings (IMA) tutelage is to provide a forum for research, practice development, education, experience sharing, and the advocacy of the highest good and trump bulge out business practices in management accounting and finance. The IMA has strongly oblige ethics since its inception. Their ethics committee was one of the first committees complete in 1919, at their very first meeting. It was call The Standard of honorable Conduct for Management Accountants. This shows that the IMA is extremely serious when it comes to the professionalism required by its members.This guideline has been revised twice, once in 1979 and whence again in 2005. Upon the last revision, the work out of ethical conduct became the IMA Statement of Ethical master key Practice. All members essential(prenominal) take an oath and adhere to the Institute of Management Accounting (IMA) Standards of Ethical lord Practice. The ar four main principles of this write in code of ethical conduct. They be I. Honesty II. Fairness III. Objectivity IV. Responsibility It is the certificate of indebtedness of all accountant to comply with these standards to avoid both type of disciplinarian action. According to the IMA each member mustinessiness be professional.M either of the areas of professionalism to be booked includes a perpetration to education. This is the section of the IMA Statement of Ethical Professional Practice that requires all accountant members to stay abreast of the some(prenominal) laws, regulations and technical standards. Due to our each(prenominal)day landscape and the continual changes in accounting, taxes, etc. , the IMA has a continuing education (CE) requirement. All accountants must take a sealed amount of CE classes so that theyll be able to provide work advice to their clients. This does non only keep them knowledgeable, it also keeps them aware of their professional limitations.another(prenominal) part of an accountants respon sibility is to respect the confidentiality of their clients. They must suffer a high direct of scrutiny to make sure that not only do they always commit ethically and within the law, solely they must also make sure that all of the activities of their subordinates are legal. This requires a great deal of integrity. To sop up integrity. The official definition of integrity is truehearted adherence to a strict moral or ethical code. This is the rear end of IMAs existence. Aristotle once said, We do not act rightly because we watch virtue or excellence, but rather we film those because we feed acted rightly.It is distinct that there is no room for error when it come to the IMAs code of ethical conduct. An accountant must be ethical when discussing any monetary reporting, including advice and recommendations. He postulates to assess the monetary state of the company to the best of his ability. It is his duty and responsibility to be forthcoming with ALL revenues, expenses, a ssets and liabilities and let the chips ensconce where they may. In essence, they must be fair and objective. The IMAs ethics guidelines have been used by other companies and organizations in some shape, form or fashion for some a(prenominal) years.This tells you that this ethical guideline, in particular, is something that crosses all lines. It is very blowsy to live your life with these principles. As a matter of fact, the IMA lives their members to behave in their personal life and community with the ethical professionalism that is required in their profession. As a student, I can, have and leave behind continue to use every single one of these principles. It is quite obvious that there are galore(postnominal) ways to glide path cultivation with the advent of the internet. Therefore, students today have access to many things that were not available 30 or even 20 years ago.It now takes a great deal of commitment to honesty to maintain ones integrity. As a student, I too, must maintain that feel of integrity. I believe integrity is the basis of the sinless IMAs Statement of Profession Ethical Conduct. Lets look how this can is relevant to me as a student. To remain honest in this society is becoming more rare that the norm. It is imperative that I maintain my sense of honesty throughout my education. As a student, there are a variety of ethical decisions to be made at any given time. I will have to make an ethical choices every single day.By being honest and accountable with my decisions, I will actually take away a higher and more careful learning experience. As a student there are many opportunities for fraudulent behavior up to and including plagiarism. There are many students who are motivated by the consequences of their dishonesty and others who are only motivated by the end result. In other words, they would do it, if they knew for sure that they wouldnt get caught. Those are the students that are lacking in integrity. Personally, my moti vation is the consequence of losing out on the education of a lifetime.Im a Clarity Coach. I help people see their life with clarity. In doing so, I expect to be true to myself. If I cant see things clearly, and I can only do that by being honest with myself, then how do I expect to help others get to the next level in their life. I am motivated by my passion for knowledge. I want to know more and I want to learn more. I can only do these by adhering to my personal code of ethics. To be competent is to be knowledgeable. One gains a sense of knowledge by learning. The only way to learn is to perform as a student.As a student, there are certain guidelines that you must adhere to. both university has their own set of rules and regulations. One obvious rule is to enroll and perform in classes. This must be done to continue to develop my knowledge and skills. If that doesnt happen, either party (you or the university) can decide look at other options. You can make the choice to leave or your shallow can make that choice for you. In reference to me, I must do everything possible to learn whats put before me to successfully perform in the business program, in other words, I must be competent.There are several reasons to maintain a sense of confidentiality. By revealing privileged information, we can have a substantial impact on other individuals. Anything that precludes another individual from gaining the perceived level of education from taking a course, is quite frankly, unethical and illegal in respect to the inferred rule that everyone is allowed an education. There are several advantages of maintaining confidentiality, the most of import one is promoting the opportunity to learn. There is an inherent sense of confidentiality that I must observe hen it comes to the sharing of curriculum assignments, research papers, and a legion personal information.In a class environment, you may find out personal information just by the nature of classroom interaction, as we ll as group projects. Again, it is imperative not to disclose any confidential information acquired during these interactions unless expressly authorized to do so. It is also a abundant part of the learning experience for the instructor to maintain a sense of confidentiality to their students. A breech could impact that students interaction, absorption of the information and hold on them from seeking assistance when/if needed.If a professor is confidential with a students information and/or private dealings, they actually strengthen that relationship and foster proceed learning and trust in that student. Im sure it could have a huge impact on my classroom performance. I have to maintain a sense of fairness and objectivity at all times, when it comes to responding to my classmates, group members and professors. I need to be mindful that everyone is entitled to their own opinion, including myself. However, I need to express it in a fair and balanced manner.When we consider the chal lenges that have been faced by many of our major corporations and accounting firms, along with the S&L catastrophe from years ago, we quickly see how creative financial managers can put us all at risk of losing what weve worked so hard for, at any given time. If only these companies were committed to the guidelines of the IMA, we could have quite possibly had a very different corporate mood all together. Its quite possible that major financial disasters standardized Enron and WorldCom would have been unthinkable and therefore non-existent.It is also quite obvious that the IMAs Statement of Ethical Professional Practice is relevant for so many corporations, organizations and even individuals like me. Today, with the advent of the internet, there are so many ways to compromise your integrity. Students today have access to many things that were not available 30 or even 20 years ago. I can honestly say that it takes a great deal of commitment to honesty to maintain ones integrity. As a student, every day I make the choice to live my life with integrity.