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In the accounting field, you may one day be put in a compromising situation in w
In the accounting field, you may one day be put in a compromising situation in which you question the morality or integrity of the actions taken and future actions that need to be taken. For this discussion, you will discuss possible actions to take when an authority figure/company puts you in a compromising situation. As you read the scenario and answer the questions, consider GAAP principles, continual updates and nuances to methods and GAAP, and GAAP ethics.
First, read from Chapter One in your textbook in the Review and Practice section: Critical-Thinking Cases CT1.13 Ethics (Rule Making Issues). Then, address the following questions in your initial post:
From your point of view, is there an ethical issued involved in this case? In your own words, explain why there is or is not an ethical issued involved and what the issue is.
Is the financial vice president acting improperly or immorally? Why?
What does Weller have to gain by advocacy of early implementation?
How might stakeholders be affected by the decision against early implementation?
Should we hold financial decision makers and companies responsible and why?
In your responses to two peers, respond to their initial post and add to the conversation about possible actions to take when an authority figure/company puts you in a compromising situation. Provide examples from personal experience or recent events.
To complete this assignment, review the Discussion Guidelines and Rubric.
To complete this assignment, review the Discussion Rubric.
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Peer 1)After reading through the case it seems that when the FASB creates new rules they have a 12 month implementation period from their date of issuance. Within this policy it states that early implementation is encouraged. While Weller was pushing for the early implementation because “it would cause a fairer presentation of the company’s financial condition and earnings”. The vice president she spoke with decided to not implements the rule early because the vice president deemed it would adversely affect their reports. This seems to me like an ethical issue is involved. Weller may only gain the good feeling of properly presenting the financial health of the company. Stakeholders may not be able to gain the better representation of the financials of the company or may also be adversely affected by the lower projected numbers the company may have. Yes we should definitely hold financial decision makers and companies responsible because if they act unethically or immorally they can adversely affect many clients along with their employees.
References:
Global leader in publishing, Education and research. Wiley. (n.d.). https://www.wiley.com/en-us
peer 2) There is a clear ethical issue when the financial vice president discourages early implementation of a new accounting rule because it would lower the reported net income. This action prioritizes the company’s short-term financial appearance over the long-term goal of providing transparent and accurate financial information. The role of financial reporting is to present a true picture of the company’s financial health. By delaying the implementation of a rule that ensures fairer presentation, the financial vice president is potentially misleading stakeholders, including investors, creditors, and regulators. This decision compromises ethical principles like honesty and transparency, which are crucial for maintaining trust and integrity in financial reporting.
Advocating for early implementation of the new rule, as Karen Weller suggests, has significant benefits. It demonstrates a commitment to ethical standards and ensures that the company’s financial reports are accurate and transparent. This approach not only enhances Weller’s professional reputation but also builds trust with stakeholders who rely on truthful financial information for their decisions. On the other hand, delaying the implementation can lead to stakeholders making decisions based on incomplete or misleading information, potentially causing financial losses and damaging trust in the company’s management. Holding financial decision-makers accountable for their actions is essential to maintain the integrity of financial reporting and protect stakeholders’ interests.
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