DQ reply wk 4

DQ reply wk 4 - "right" thing If the CFO has a...

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I don't think there are any grey areas in finance. It is either do it one way or another. Standard accounting practices are very specific about what to do and when to do it. Many times CEO's want certain receivables to show up in one year or another and many times, this is manipulated. However, there is a right and a wrong way. I can understand that there is a dilemma between operating in the right way as investing in ethical practices may hurt all the stakeholders. Sometimes our professional responsibilities can be in conflict with our values and often there is not a clear link between business ethics and financial success. In many cases, the ones that come out ahead are the dishonest ones. For example, Goldman Sachs made millions by insuring their bad products (bundled derivatives) in case they became bad products. There was a right way, and that wasn't it, but they got ahead. Many times, the ethical businessman finds that he fails the business by doing the
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Unformatted text preview: "right" thing. If the CFO has a strong moral compass, he will survive by doing the right thing and need to leave organizations that want other behavior. I would be a little hard pressed to think that most corporations are operating in the green. What I mean is, I believe that almost all major corporations fudge their reports to make themselves look better in some way or another. The assumption is that most of them will never get caught. I am not saying that I agree with this practice, but you also have to look at how our society is too. The consumers of today only want to invest in companies that will make them profits and fast. They want companies that have the quick fix, and can make them the most profits. I believe the pressure on companies these days to come up with the quick fix, and get rich quick ideal has created a monster in itself, and we will continue to see these issues as long as we as the consumer continue to pressure the corporations back...
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This note was uploaded on 03/29/2011 for the course ACC 305 taught by Professor Allison during the Spring '11 term at Western Intl..

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