Good Essay About Ab113-01-Unit8-Discussion-Name

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Discussion-Name

As per the Section 300 of CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS as drafted by the International Federation of Accountants (IFAC) Professional accountants either individually or jointly might have the responsibility of drafting and reporting of the company’s Financial and other information. Also, they might have the responsibility for the valuation provision of the financial management services and advise proficiently on other matters of the business.
The term ‘Professional Accountant’ as defined in the IFAC code of Ethics includes entity’s staff, manager, partner, director, partner, volunteer or any other person providing services to the employing organization. A Professional Accountant is obliged to follow professional responsibilities pertaining to ethics, whether there are any legal relationships with the employing entity. This Code does not attempt to obstruct a Professional Accountant from completely complying with the assigned responsibilities by the entity. However it take into account the situations where conflicts may arise with duty to properly comply with Fundamental Principles i.e. being Integral, being objective, maintaining professional competence, maintain confidentiality and maintaining professional behavior.
Generally a Professional Accountant, holds a position on senior level within an entity. The greater the position on senior level, the more will be the chances and power of influencing procedures, practices and approaches. Therefore in general business environment the Code sets the expectation of promoting an Ethical culture from a Professional Accountant in an employing entity which consequently stresses the significance that senior level management places on maintaining Ethical behavior.
Talking about the given case Mr. Kim Jenkins should not accept the incorrect accounting treatment of Goodwill impairment by a lower amount. Therefore complying with the Ethical standards as drafted by IFAC, Mr. Kim Jenkins should make the adjustment for Goodwill impairment of the entire amount of $9,000,000.