Confidentiality – should not disclose, unless there is a legal or professional right or duty to disclose Professional behavior – comply with relevant laws and regulations and should avoid any action that discredits the profession Ethical framework 6.Practical situations Consider the following: . relationships – boss, subordinate, husband, friend . consequences – survival of the company, company’s reputation, company as a whole is amoral . actions – informal discussions, further investigation, tightening up of controls or the introduction of new ones, attention to organizational matters 7.Examination questions: an approach In a situation involving ethical issues, there are practical steps that should be taken: . establish the facts of the situation by further investigation and work . consider the alternative options available for action . consider whether any professional guidelines have been breached . state the best course of action based on the steps above Use the terminology of the ethical guidelines: Objectivity: integrity, fairness, bias, influence Independence: 8.Professional skills – guidance from the ACCA Marks are awarded for professional skills Environmental and social reporting 1 Environmental reporting Although not compulsory, environmental reports are becoming increasing important. You should distinguish -items that affect the financial statements (e.g. IAS 37) .items that affect the environmental report Financial reporting: environmental matters may be reported in the accounts of companies in the following areas: . contingent liabilities . exceptional charges . operating and financial review comments . profit and capital expenditure forecasts 2 Sustainability The Global Reporting Initiative (GRI): arose from the need to address the failure of the current governance structures to respond to changes in the global economy. 3 dimensions of the conventional definition of sustainability: economic, environmental, and social 3 Social responsibility The&n
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