G.A.A.P.
what does G.A.A.P stand for
generally accepted account principles
What is the Gifts principle?
A person gives another person a gift without anything expected in return.
What are the 5 codes of ethics that I discussed?
Confidentiality, Conflicts of interest, general employee contracts, unethical behavior
What is a conflict of interest?
A situation that occurs when one's personal assets, family and friendships can compromise their ability to contribute in a workplace.
what does IFRS stand for
international financial reporting system
Give an example of something that would fall under the entertainment principle.
Any leisure activity.
Which code of ethics was violated in scenario 1?
confidentiality
What can cause a Conflict of Interest?
Relationships, financial assets, personal interests, business affiliations
what does ASPE stand for
accounting standards for private enterprises
Is using your organization’s assets for personal use considered ethical?
No.
Which code of ethics was violated in scenario 4?
unethical behavior
How can relationships cause a conflict of interest?
Relationships can cause releases of confidential information, favoritism, biased decision making
difference between ASPE and IFRS
ASPE is for smaller Canadian businesses, offering simplified accounting treatments, while IFRS is globally applicable and designed for larger, publicly traded companies.
Explain the relationships with customers & supplies principle.
the relationship must be fully transparent, honest, and committed to quality service.
Which code of ethics was violated in scenario 2?
Conflicts of interest
What is an effect of a conflict of interest in a business?
High turnover rates, harm to reputation, affects communication between employees
what is section 1000 for ASPE
Financial Statement Concepts: Provides fundamental concepts for the preparation of financial statements.
Is wilbur silly?
Yes.
Which code of ethics was violated in scenario 3?
General employee contracts
What business principles can conflict of interests potentially break?
All of them