The Institute of Management Accountants (IMA) Established Ethical Standards for Accountants

question 49

Essay

The Institute of Management Accountants (IMA) established ethical standards for accountants known as the Statement of Ethical Professional Practice. Briefly describe the four standards.

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Definitions:

Voluntarily Chooses

A decision made freely and without coercion, often referring to actions taken at the discretion of an individual or organization.

Public Companies

Companies that generally have a large number of issued shares and widespread ownership.

Segment Profit or Loss

The financial performance of a distinct part of a company that engages in business activities from which it may earn revenues and incur expenses, resulting in its own net profit or loss.

External Customers

Individuals or entities that are not part of an organization but use or purchase its products or services.