Ethical Dimensions

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Paper on the
Ethical Dimensions of Financial Accounting with Respect to the Keeping of Two Sets of Records

“Ethical behavior is the lubricant that keeps the economy running. Without that lubricant, the economy would operate much less efficiently – less would be available to consumers, quality would be lower, and prices would be higher.” (Garrison/Norren/Brewer)

Financial accounting is concerned with providing information to stockholders, creditors, and others who are outside the organization.[1] The mentioned financial information are usually prepared in the form of financial statements or reports that shows the company’s past financial activities, performance and changes in its financial position that is useful in making economic decisions. More importantly, these reports will be used by users for different purposes; citing a few: (i) owners and managers require financial statements to make important business decisions that would affect its continued operations, (ii) financial institutions like banks and other lending companies, use them to decide whether to grant a company with fresh working capital or extend debt securities to finance expansion and other significant expenditures, (iii) government entities (tax authorities) need financial statements to ascertain the propriety and accuracy of taxes and other duties declared and paid by a company.

For that reason, financial reports must emphasize precision, objectivity and verifiability and must comply with the generally accepted accounting principles (GAAP), and the International Financial Reporting Standards (IFRS), where external users will have some degree of assurance that reports have been prepared in accordance with a common set of ground rules which enhance comparability, and help reduce fraud and misrepresentation.…...

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