MDC Professional Accountants It Time for Principles Based Accounting Ethics Discussion

Read “It’s Time for Principles-Based Accounting Ethics”. In 4-5 pages (12-pt type, double-spaced) answer the following questions:

1. Do you agree with the authors that a code of ethics should do more than establish minimum acceptable standards? Why or why not?
2. Describe the five cardinal virtues of professional accountants that the article’s authors discuss.
3. We’ve talked about rules-based versus principles-based accounting standards. Should we have rules-based ethics standards? Why or why not? Should they tell you exactly what to do in specific ethical situations?
4. Read the AICPA Code of Professional Conduct (Links to an external site.) (pdf version) and summarize any TWO of the below contents of Part I of the Code of Conduct.
   • Introduction
   • 1.100 Integrity and Objectivity
   • 1.200 Independence
   • 1.300 General Standards
   • 1.310 Compliance with Standards
   • 1.320 Accounting Principles
   • 1.400 Acts Discreditable