Comparison
Ethics in accounting are very important for manager to make a good decision for the company so that investor can make a good investment. There are three standards that set professional standards and provide certification options and continuing education for accountant: The AICPA Code of Professional Conduct, the IMA Statement of Ethical Professional Practice, and the Statement on Standards for Tax Services.
The primary focus of the IMA is on management accounting and financial accounting issues. IMA sets high ethical standards for accountants who serve the company. As a result, IMA serves businesses that help manager to make decision by working within the company. The primary focus of AICPA Code of Professional Conduct is on accounting profession that serves investors or creditors. The AICPA Code of Professional Conduct sets standards about responsibilities, the public interest, integrity, objective and independence and due care for the accountant. The AICPA Code of Professional Conduct maintains high ethical standards for the accountant to assist investors with decision making. It serves company’s owner, investor and creditors instead of company’s business.
Both AICPA and IMA discuss the importance of integrity. Accountant helps company to make a good business decision and helps investors to make a good investment. It is very important for accountant sharing all the information without hiding any negative information. Besides, the accountant has to be