Ethical Accounting Practices

Today, we live in a World that men compete at the highest level for luxurious living. Thus, we see that there are men who chose to be expedient vs moral in their dealings. Naturally, the physical assets become desirous and interrupts men’s ability to consider morality within their dealings Today, the question arises, whether or not companies should be allowed to choose which the accounting procedure most benefits their company, while at cost to outside parties. Not only should companies not use such practices, it is highly immoral. We will discuss these essences of these practices; how they affect the economy as well as the innocent parties in involved. The accounting practices in which companies chose have a huge impact on their overall …show more content…
I understand, however, in the competitive world we live in we are tempted to deceive others for our benefits. However, numbers are not viewed respectively, though they may be altered, they remain the same. We need to know the facts about how well a company is doing. It is not right for a company to use practices that solely benefit them. The truth will come out and not only ruin the company but leave its marks on those innocently involved. That would leave only those at the top to benefit. To me, this is no different than stealing candy from a baby. Being able to deceive and earn money not rightly yours is an enormous problem we have with the …show more content…
If a company is doing well or even in a downfall, why risk the whole companies wellbeing. The company will not be able to recover from. As well as, if a company is choosing whatever accounting practices they want, who is going to regulate that standard? We auditors who audit the standards we have now. They should actually be as universal as possible and equal. Person, nor business, regardless of revenues should be given one-hundred equal chances to compete. If we allow companies to choose what they want to follow, who has more revenue’s will be able to use that money to gain an upper hand in accounting.
What are waiting for to change and implement a higher standard of morals within accounting practice and businesses. We should be active in this pursuit rather than reactive. Other companies had made similar mistakes in the past. The results were astonishing, who knows when we will have our next Enron or WorldCom. To protect our economy now and future economy, we need to act now. In conclusion, we need to have universal accounting practices that are enforced by law. They need to benefit the innocent parties as well as the companies. This is a topic that needs to be farther evaluated to find the median to where the laws fall. As we continue our lives, not only in accounting or business but our actual lives, we need to place higher