All Ethical Standards Have at Least Three Golden Rules

question 68

Essay

All ethical standards have at least three golden rules. What are those rules?

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Definitions:

IFRS

International Financial Reporting Standards, which are a set of accounting standards developed by the International Accounting Standards Board (IASB) that serve as a global framework for financial statements.

Direct Method

A cash flow statement presentation method that shows actual cash flows from operating activities, detailing specific sources and uses of cash, as opposed to the indirect method which adjusts net income for non-cash transactions.

Dividends

Regular payments made by a corporation to its shareholders out of its profits or reserves.

Financing Activities

Transactions that result in changes in the size and composition of the equity and borrowings of an entity.