This question has been answered by Mmahajan on Feb 8, 2013. View Solution
CherryBlossom posted a question Feb 07, 2013 at 1:33pm
Read “It's Time for Principles-Based Accounting Ethics” which can be accessed through the DeVry online library. In 3-4 pages (12-pt type, double-spaced) answer the following questions:

1. Do you agree with the authors that a code of ethics should do more than establish minimum acceptable standards? Why or why not?
2. Describe the five cardinal virtues of professional accountants that the article’s authors discuss.
3. We’ve talked about rules-based versus principles-based accounting standards. Should we have rules-based ethics standards? Why or why not? Should they tell you exactly what to do in specific ethical situations?
4. Compare and contrast the AICPA’s Code of Professional Conduct and the IFAC Code of Ethics for Professional Accountants.


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  • Its time for priciples based acct.pdf Download Attachment

    J Bus Ethics (2011) 99:49–59
    DOI 10.1007/s10551-011-1166-5

    It’s Time for Principles-Based Accounting Ethics
    Albert D. Spalding Jr. • Alfonso Oddo

    Published online: 6 January 2012
    Ó...
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answered the question Feb 08, 2013 at 12:09pm
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Hi Student,

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. Do you agree with the authors that a code of ethics should do more than establish
minimum acceptable standards? Why or why not?
An effective code establishes the expectations from management and...


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