The basic ideology of the initiative is eco-friendly living. The Empire group intends to build a mega residential complex which is spread over 35 acres of land, and house around about households, which are self-sufficient in several ways.
Ethics How Best to Respond to Ethical Challenges in Business by Stathis GouldHead of Professional Accountants in Business and Integrated Reporting, IFAC December 14, Most accountants in business and the public sector, whether working in a small organization or serving as the chief financial officer CFO of an international corporation, face ethical dilemmas during their professional careers.
Ethical dilemmas come in many forms and accountants sometimes need support to address complex and challenging conflicts. The key findings of the CGMA survey include: Corporate leadership appears to be less actively engaged in reviewing and taking responsibility for ethical performance compared to as shown by a significant decline in the number of corporate leaders who held formal responsibility for ethics.
This provides more evidence of a gap between the rhetoric from corporate leadership on ethical issues and actual practice. The majority of management accountants feel it is important to collect and analyze ethical information, but one in five do not believe their organization will do so in the near future.
Business challenge 3—Ethical Dilemmas and Pressures Despite an increase in ethical codes and training, there is greater pressure within organizations to act unethically.
Pressures are most apparent in emerging economies. Business challenge 4—Business Issues Security of information remains the biggest issue of concern across all markets. Bribery has risen from sixth to third in the rankings of issues of concern, reflected by the increase in anti-bribery and corruption legislation.
Examples of the most common ethical dilemmas in the business environment are varied and include: Dealing with pressure to act unethically, particularly from dominant superiors; Balancing confidentiality with blowing the whistle on illegal or improper actions of others; Disclosing information in the public interest; and Wrongful trading in a distressed situation where insolvency might be imminent.
Such ethical dilemmas cover various ethical issues, such as overstating performance and valuation, participating in fraudulent activity, non-disclosure and withholding of information from auditors and other stakeholders, and making a decision without adequate information.
Many IFAC member organizations provide guidance, ethical resolution frameworks, and pathways to help accountants deal with ethical dilemmas. A key question for a professional accountant is whether you would be able to justify your decision to deal with a problem or conflict.
A common aspect to guidance on resolving ethical dilemmas is to help accountants define and apply the fundamental principles in their professional code of ethics. The principles may potentially be threatened by a broad range of circumstances including self-interest, self-review, advocacy, familiarity, and intimidation.
An awareness and understanding of these circumstances will help to establish which fundamental principles are affected by a situation and why. Stathis Gould heads up the development of international services for professional accountants working in business and industry at IFAC.
A key element of his work is developing thought leadership and guidance in support of finance professionals and their roles facilitating sustainable organizational performance. Prior to serving the accountancy profession, Mr. Gould worked in various roles in the private and public sectors in the UK.
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