Facing An Ethical Dilemma - Free Essay Example

Sample details Pages: 5 Words: 1411 Downloads: 1 Date added: 2019/05/08 Category Society Essay Level High school Tags: Ethical Dilemma Essay Did you like this example? Introduction Decision making is a common thing in life but upon facing an ethical dilemma we often find it difficult. However, we need to have a decision- making (DM) model that can act as a guideline in choosing a course of action and ultimately arriving at a solution. Having a dependable DM model is essential in acquiring a solution that helps us stick to our values and principles in regard to how we handle situations. Don’t waste time! Our writers will create an original "Facing An Ethical Dilemma" essay for you Create order The case that I have chosen to work on in this paper from the book Beyond Integrity is Case 6.3: Starbucks and Fair Coffee on pages 260-261. I will use my model to resolve the case and compare it with Dr. Buccis model in assessing the effectiveness of my model. Classical decision-making A number of classical decisionâ€Å"making model entail the outcome of an action justifying the means, however, the virtue theory is of the view that morality of a decision surpasses the duty to do what is right (Rae Wong, 2012). In this case, virtues are paramount in defining ones course of action that is coined in the ethics of character. In regard to case 6.3 that have chosen to work on, I will analyze it thoroughly and resolve it based on my model. In Case 6.3: Starbucks and Fair Trade Coffee, the overlying issue is the sale of Fair Trade Coffee in enhancing social responsibility. Given that Starbucks is a leading company and believed to be socially responsible it attracts demands to include fair trade coffee in its sales. From a social responsibility point of view, the calls to promote free trade coffee makes a lot of sense in promoting fair prices for suppliers and growers of coffee in poor countries. Also, the call for free trade coffee is hinged on the fact that it enhances sustainable and environment-friendly farming practices. However, the implementation of the call for free trade coffee presents a set of new challenges. Going on with the move may force customers to pay more for the free trade coffee by the retailers passing on the costs of the free trade coffee to the customers. If a retailer chooses to absorb the high costs that could otherwise lead to high prices, such a move will reduce the retailers profits. The stakeholders likely to be affected by the issue at hand are customers, suppliers and growers of coffee in Latin America, and the general public. For instance, if less free trade coffee is sold, poor farmers will continue to suffer in terms of low pays, however, if the call is implemented, the customers will have to pay higher prices against their readiness and willingness. The issue came about by the activist organizations mounting pressure on Starbucks to sell Fair Trade Coffee, following fair trade initiative of promoting fair prices for coffee growers and suppliers from poor countries. In this case, farmers, especially from poor countries, have a right to fair prices, but sustaining those prices is equally a challenge. Moving on with a Free Trade Coffee presents a financial challenge, where Starbucks may have to compromise its financial status through reduced profits. Altogether, striking a balance in implementing the call for Free Trade Coffee presents an ethical dilemma that may prove somehow difficult to arrive at a solution. In resolving the above ethical dilemma, my moral reasoning will be based on the virtue theory in regard to my actions being defined by my virtues (Rae Wong, 2012). Using the emotivism model I may advise Starbucks to have a considerable increase in the sale of Free Trade Coffee because my emotions towards Starbucks exploiting poor farmers would inform my morality decision. In my conviction, I think what I feel for the poor farmers is justifiable, even if in reality it may not be fully feasible. From a virtue model point of view, I may interrogate my feelings further and see the wise thing to do in resolving the ethical dilemma. I think the wise thing, in this case, is to consider outcomes of both choices and my responsibility in making a wise decision. By virtue of justice may tell me to champion for an increment of Free Trade Coffee to enhance fair prices for the poor coffee farmers, whereas, on the other hand, the virtue of justice may restrain me from advocating for more Free Trad e Coffee because customers will be charged highly. It is important to understand it is always not possible to make a decision that may please everyone but is important to make one that promotes ones virtues (Beach Connely, 2005). In this regard, I will advise Starbuck to increase the sale of Free Trade Coffee in order to enhance fair prices for the poor coffee farmers, although this may call for a small sacrifice on the part of their profits and look a little bit unjust to the customers in terms of higher prices. Dr. Buccis Model for Ethical Decision-Making (ETHIC2) The ETHIC2 model by Dr. Bucci will give me a wider perspective of the situation and possible ways of resolving it. The underpinnings of my ethical point of view are fair prices for the poor farmers and also what can be perceived as just profits for Starbucks to guarantee the increased sale of Free Trade Coffee. I believe God created us equally, and in fairness, we must not treat others unfairly in a manner seemingly exploitative, with the business supposed to reveal the glory of God by doing what is right. In the book of Colossians 3: 17, the Bible says, And whatever you do, in word or deed, do everything in the name of the Lord Jesus, giving than ks to God the Father through him. The scripture forms the foundation of my theology of business, in which business should do everything that praises God, and being fair and just, in this case, is a way of proclaiming the glory of the Lord. The principles upon which I will make choices are consideration of impact, nonmaleficence, and fairness. The standards of behavior that will guide my on-going decisions are respect of opposite opinions, and exercising compromise when necessary. In prioritizing my values, I will start with unselfishness, integrity and followed by balance. Unselfishness, in this case, entails being considerate of others needs, integrity involves doing what is just and fair, and balance on their end is enhancing equality of involved parties. The order is developed by analyzing the situation at hand in light of the principles I have chosen to guide me in making a choice. The issue at hand is: Is it ethical to expand the sale of Free Trade Coffee at the expense of increased prices for customers and reduced profits for Starbucks? The consideration of outcomes will be critical in resolving the issue. The possible consequences of emphasizing the increase in Free Trade Coffee to enhance fairness for the poor farmers will come at a disadvantage of the customers as well as Starbucks. My value of fairness will stand out in the laid out consequences by ensuring that it does not harm others. I advocate for balance as I try to push for fairness in that the action of seeking fairness for the poor fairness may result in unfair pricing for the customers. It is important to analyze different solutions and has an understanding of the resultant outcomes and their consequences (Rae Wong, 2012). In this case, I will advise Starbucks to increase the Free Trade Coffee sales to a considerable point that balances the interests of the poor farmers, the customers, and Starbucks. The company should not be overwhelmed by the push to increase the sale of Free Trade Coffee to a point of it losing its competitive advantage and ultimately losing profits, but it should strike a balance on how it pursues its decision for fairness to all involved parties. Conclusively, my model was helpful in analyzing the issue in the case and laying out the related facts such as the stakeholders affected. However, I realized that my model was inadequate in helping me think deeply compared to Dr. Buccis model. I think my values were aligned with guiding my decision. However, I realized I did not clearly defend my values in my model compared to how I did when using Dr. Buccis model. References Beach, L. Connolly, T. (2005). Psychology of Decision Making: People in Organizations, 2nd Edition. NY: SAGE Publications, Inc. Rae, Scott B. and Wong, Kenman L. (2012). Beyond Integrity, 3rd edition. Grand Rapids, MI: Zondervan.

The Story of Bakelite, the First Synthetic Plastic

Plastics are so prevalent throughout the world that we rarely give them a second thought. This heat-resistant, non-conductive, easily-molded material holds the food we eat, the liquids we drink, the toys we play with, the computers we work with, and many of the objects we buy. It’s everywhere, as prevalent as wood and metal.   Where did it come from?   Leo Baekeland and Plastic The first commercially-used synthetic plastic was Bakelite. It was invented by a successful scientist named Leo Hendrik Baekeland. Born in Ghent, Belgium, in 1863, Baekeland immigrated to the United States in 1889. His first major invention was Velox, a photographic printing paper that could be developed under artificial light. Baekeland sold the rights to Velox to George Eastman and Kodak for one million dollars in 1899.   He then started his own laboratory in Yonkers, New York, where he invented Bakelite in 1907.  Made by combining phenol, a common disinfectant, with formaldehyde, Bakelite was originally conceived of as  a synthetic substitute for the shellac used in electronic insulation. However, the strength and moldability of the substance, combined with the low cost of producing the material, made it ideal for manufacturing. In 1909, Bakelite was introduced to the general public at a chemical conference. Interest in the plastic was immediate. Bakelite was used to manufacture everything from telephone handsets and costume jewelry to bases and sockets for lights bulbs to automobile engine parts and washing machine components.   Bakelite Corp Fittingly, when Baekeland founded the Bakelite Corp, the company adopted a logo that incorporated the sign for infinity and a tag line that read The Material of a Thousand Uses. That was an understatement.   Over time, Baekeland obtained about 400 patents relating to his creation. By 1930, his company occupied a 128-acre plant in New Jersey. The material fell out of favor, however, because of adaptive issues. Bakelite was fairly brittle in its pure form. To make it more malleable and durable, it was strengthened with additives. Unfortunately, the additives dulled the hue colorized Bakelite.  When other plastics that followed were found to hold their color better, Bakelite was abandoned.   Baekeland, the man who ushered in the age of plastic, died at the age of 80 in Beacon, NY in 1944.

I’m proud to be Scottish Free Essays

Why am I proud to be Scottish? There are many different things that make me proud to be Scottish like the pride of watching the National Football Team perform at Hampden, singing the national anthem, being proud of Glasgow being chosen to host the Commonwealth Games. All of these types of things and many more contribute, not just to me but to millions over Scotland, to people being proud of their Scottish heritage and nationality. I feel very patriotic now but when I was younger I never thought I’d ever feel so passionate and ready to speak out and defend my country as I do today. We will write a custom essay sample on I’m proud to be Scottish or any similar topic only for you Order Now When people ask where I come from, I do not hesitate in telling them that I’m from Scotland as I never get embarrassed at all when confronted with those types of questions. This is the type of person I like to be and this is very evident. Why do I feel like this? Why do I all of a sudden feel proud of my nation? It all started one day my friend and I went to a Scotland v Czech Republic game in 2011 at Hampden for the first time. Before the game I never knew a thing about this â€Å"national pride† that everyone was so fond of. But approaching Hampden and seeing all of these thousands and thousands of fellow Scotland fans swarming around the stadium was what flipped the activation switch; from that moment on I was hooked. It made me feel part of something, like to be involved in something as big as this. Once in the stadium and the teams emerged the feeling of â€Å"I am Scottish† kept growing inside of me. The smell of ‘Hampden pies’, which I was later informed by a beer bellied old man to be a very deer scotch pie, that typical encounter is the sort of thing you would get only in our Scotland. The key overwhelming factor which locked in my first thoughts was when the national anthem rang out around the ground; it gave me goose bumps as I stood in unison with 52 thousand other proud Scots. The game finished 2-2 with a complete joke of a last minute goal by the opposition which virtually ended our hopes of qualification. I knew that I was changing into this type of passionate individual I could just tell it as every bad decision from that ‘referee’, or clown as we like to call him, actually was called everyone including me and my friend roared at the pitch to make sure that the ref knew that he was wrong. Now do not think that I am a football casual or a little thug who shouts abuse at people because I‘m angry because I definitely am not, what I just said may give that impression but that is just an example of what being passionate about your country can do to you. The final whistle went and even though fans booed, and people said things you couldn’t imagine about the manager and the referee, I still felt proud and that I had accomplished something of unlocking a deadlocked passion inside of me. This was one big occasion of why I started to become proud of being Scottish. Now there is a lot to be proud of about being from Scotland. Not just the things that go on or the beautiful scenery, but also the people. A lot of famous figureheads of the World are actually Scottish: Former UK Prime Minister Gordon Brown, Andy Murray the tennis player, Kenny Dalglish, Sir Alex Ferguson, Paul Di Resta, Sir Jackie Stewart and finally the greatest British Olympian Sir Chris Hoy, and much more. This proves that it is not unheard of to be proud of being Scottish. As with these legends and idols being representatives, if you will, of how good Scotland can be. Recently The Scot Andy Murray and World Number 3 won his first ever Grand Slam trophy, which would make anyone including myself proud to be Scottish and to be able to say you come from the same country as the US Open Champion or Sir Alex Ferguson is just a great feeling. Therefore this also contributes to me personally being very proud of my nation. Now one of the reasons that I did not think about until recently is the political side of Scotland, of how we are sort of separate from the UK government in some parts with devolved powers when up here we have the SNP Government etc. With Scotland having a separate government, it gives us sort of an edge of England as we get lots of things they don’t which is actually pretty good because us Scots always love to get one up on them! We get free prescriptions whereas in England they have to pay to receive the exact same stuff we get for free, Scots get University tuition for free but again in England they do not they have to pay thousands and thousands of pounds for their extended education, which from my point of view is fantastic as I plan to go to University when I leave school so I can get it for free. Finally the elderly get free healthcare in our great nation and once again down there they have to pay massive sums of money for it. This is a very positive aspect of being Scottish and makes you very proud over the rest of the UK to have all those facilities at your disposal whenever you may need them. Also with an upcoming referendum on whether Scotland should be independent from the rest of the UK, it gives you a sense of pride to know that you’ll have the chance to vote on your country’s future and take part in such a big event and possibly have the final say in Scotland’s history with which way you vote. However, being Scottish does have its downfalls believe me. Starting with the football element of NEVER having a lucky chance unfortunately and just not having the ability to make that last step towards a major tournament which does fill you with embarrassment at times. Another downfall is the weather; I can guarantee that I speak for near enough everyone in Scotland when I say, the weather is completely dreadful. We all hate Scottish weather when all we get is rain; wind and just depressing weather 363 days of the year and those occasional two days of either snow or cold son. This therefore is a big factor of Scottish people not being proud of this country with the dyer weather. Finally the stereotypes. I bet you were all waiting for me to bring this up, Scots are constantly stereotyped to be ginger haired, irn-bru addicted, kilt wearing people when that is completely out of context and so far from the actual truth. These are some of the reasons as to why some people are not proud to be Scottish but there are many more proud moments than there is moments of non-proudness for us Scots. In reflection, I am very proud to be Scottish and have no reason whatsoever not to be proud. With many people on my side I think it is fair to say that most people love Scotland even with its downfalls but that’s just what makes Scotland what it is and we would not change it for the world, well maybe the weather. I feel more patriotic about my country even more now than before. Meaning probably more people have this view aswell. How to cite I’m proud to be Scottish, Papers

Code Of Ethics For Professional Accountants â€Myassignmenthelp.Com

Question: Discuss About The Code Of Ethics For Professional Accountants? Answer: Introducation In slater and Gordon, the capital marketing expectation was met by using a different revenue recognition strategy that they had developed overtime. The use of work in progress will influence revenue recognition principles of the company. (Easton et al., n.d.) The financial situation of the companies, at least that of a good part of those that are registered in the Stock Exchange of Australia , continues being positive and contrasts, in the majority of the cases, with the behavior that they are registering their actions in the last year. The explanation for this dilemma, agreed analysts agree, is that the market has overreacted to the current external and internal situation, and that although aspects such as devaluation of the dollar, falling service prices, weak economic growth and reform tributary are passing bill on several companies of the country, the figures of their balance sheets are still in positive territory(Gibson, 2013). Slater and Gordon share price fell so badly by 50% in late 2015 There is real stability in that market If this is the case, the exchange rate swings will continue, also helped by international uncertainty: weakness of the economy, normalization of monetary policy in the Country States, lower flows of foreign capital and outflow of resources from the country. The main indicator of the Stock Exchange (ASX) and which reflects the behavior of the 20 services with the largest market capitalization shows a drop of 19.77 percent in these nine months of 2015(Robinson et al., n.d.). Undoubtedly, not all companies devaluation, the fall in the price of a company and the slowdown of the economy hits them equally. As the analysts themselves say, there are actions and sectors more defensive and resilient than others, which allows them to be in the middle of the 'downpour' without 'getting wet' so much. Phenomena such as devaluation, which already marks 28 percent so far in 2015, impact companies via costs (debts and imports), but favor others because a large p art of their income comes from abroad (sales and profit from subsidiaries). How revenue is recognized under IAS 18, revenue and the new accounting standards There is no deadline. The issuance of Financial Reporting Standard (NIF) D-1, Income from contracts with customers, by the Australian Council of Financial Information Standards foreseen in October 2015 its adoption as of January 1, 2018 and now not only are missing a few months, but its implementation requires very important changes that must be implemented since 2017 and in some cases undoubtedly underestimated (Savage et al., 2013) The NIF D-1 represents a very relevant change in Australian accounting standards, which lacked a proper guide to revenue recognition. In the absence of the specific standard, International Accounting Standard (IAS) 18 was applied, which was somewhat vague in nature and allowed a wide variety of accounting practices, often inconsistent among entities within the same industry. Along with this diversity, factors such as improved comparability and transparency led to the replacement of IAS 18 itself and the other international income recognition standards un der IFRS 15, Revenue from ordinary activities from contracts with customers, issued in 2014 and also effective from 2018(Bhimani, 2006). The basic principle that MFRS D-1 proposes is to recognize the revenue from services and services transferred to customers in exchange for the consideration to which an entity expects to be entitled to exchange such services and services. As simple and logical as all this can sound, it does have extremely complex implications. It should begin by saying that issuing an invoice or sales ticket does not necessarily mean that an entity has the right to recognize an income in the income statement. And that is the accounting practice of many companies in Australia today. Accounting treatment for revenue recognition in work in progress accounting Simple to evaluate the work in progress is that the employer writes on each invoice (and any other expense) to which work corresponds. So, while the work is not finished, all those expenses are work in progress and when it is completed and invoice leaves to form part of the stock account. I do not know if you can think of another way to value that work in progress that can The works in progress, pending to be invoiced, are valued in the same way as they are. the invoices. And of course, it should be done by those who normally execute them and invoice them (Savage et al., 2013Therefore, it is a data that must be contributed by whoever is carrying out the execution of the works. The invoices that come to the accountant, with information by work, is something else. It is executed and invoiced. It only serves the analytical accounting of executed and billed works, work by job, and if you receive this information properly. So, what is the problem really in this case. Analytical accountabi lity in the face of billing, or valuation of inventory pending invoice for executed work a) - If it is the first, the company must inform in the invoices to which it corresponds. b) - If it is the second, an information must also be given to the accountant, for part of the company, of the work executed and pending invoicing. Work by work, that is to say, fudge by fudge. Logically, if due to the importance of it, it is worthwhile to carry out this registration. Since the subsequent adjustments would have to be carried out with respect to the invoices that were being received, since a part or all, would already be counted as inventories with the corresponding registration as income. I repeat, is it worth it to works of little relevance (usually chaps, as reported) and by a builder of Slater and Gordon. It is two different issues that are being contemplated in this case. Let it be defined who counts what it really wants to accomplish. Work by job, or customer by customer, that would be the real problem. And the measurement, therefore, corresponds to the company. And not only at the end of the year (as possibly would be this case), if not, month by month. And finally, in cases of builders or businesses, the most usual, if any, is to limit themselves to the value of the existences as services (materials other than works), collected and not executed, forgetting us of the executed work pending invoicing. Why does one want to lend this value? It requires unnecessary regular adjustment adjustments that do not take it anywhere. You can do that, which certainly is, but this operation is aimed at other types of companies where it is worthwhile. They are jobs, because I do not break down (Savage et al., 2013).I only have repairs. Where do we want to go? It is not worth even placing normal services (only materials), assuming that a customer of this type, still had them at the end of the year. Come man, it is "shabby loans" that are buying as the executions, And services as a work executed pending billing, better not talk about it . It is better that we forget the subject. if not, to point it to the constructor (borrow), to see what he thinks(M, 2016). Review OF the annual financial reports of Slater and Gordon The net profit in 2014 as shown in the consolidated statement of profit or loss and other income was $68.208 million. This is profit after tax including the work in progress in two years of revenue accounting. In 2015, the statement of consolidated statement of profit or loss increases to $ 83.804 million after tax. In 2016, there was a significant drop in revenue for Slater and Gordon and is recorded as $ 49.4 million for the year ending 2016. This is due to changes in revenue recognition principles and can be explained as; Current IFRSs leave more scope for professional judgment and to some extent can be said to be more flexible when designing and implementing revenue recognition policies and practices. IFRS 15 is much more restrictive and contains more specific rules and examples than IAS 18, IAS 11 or its Interpretations, so that the application of the new requirements may lead to significant changes in the income profile and, in in some cases, in the recognition of associated costs. In addition to the major impacts of changes in the conceptual model, it should not be ruled out that entities may be affected in more detailed matters, since they are now reflected in the standard transactions and practices that previously had no guidance nor comments (Savage et al., 2013).Among the multiple impacts expected by some companies, it will have to estimate variable balances, allocate revenues under different rules and recognize those revenues on a transfer basis of control, which could be different from the current recording time. However, impacts will go beyond operations, as different companies may face the need to implement new systems, processes and controls and even how to do business. The new standard requires processes that identify the components of each transaction, as well as controls to ensure its proper registration. Such controls may require changes in the company's systems and therefore for IMEF it is important to disseminate the new standard and emphasize that companies should evaluate their effects, new needs for controls and systems and whether these changes may or may not be implemented before to start 2018 (Savage et al., 2013). One more worrying aspect is that the accounting standard requires companies to use one of two forms of financial information transition: The first option is the full retrospective method, which requires that the effect of the accounting change be disclosed in the 2017 financial statements, while in the limited retrospective method, the effec t of the change is in the financial statements for 2018. In the first case, all such changes in the methodology of registration, identification of the components of the transaction, systems, etc., should already exist and be operational from 2017. As can be seen, the implications that this new normativity entails are diverse and therefore it is transcendental to know the detail of it. At we will continue analyzing the subject and contributing to the subject (Savage et al., 2013) IFRS 15 establishes the new revenue recognition model derived from client contracts. This standard presents all applicable requirements in an integrated manner and will replace current income recognition standards, IAS 18 Income from ordinary activities and IAS 11 contracts, as well as other IFRIC related interpretations. IFRS 15- Revenue Adoption The complexity of the application of IFRS 15 and the data required for the new breakdowns, which are very detailed, may require the creation of new systems and processes, or the modification of existing ones. The impact of IFRS 15 will not therefore be restricted to a mere accounting question and presentation of financial information. The magnitude of the changes can be large in many cases.In this scenario, it must be borne in mind that it is necessary to prepare the market and train and inform analysts about the impact of the new Standard, and that it will have to consider other impacts in a broader sense, such as changes in key indicators the company's performance and other key metrics, impact on loan covenants, impact on employee compensation plans and the likelihood of compliance, impact on the payment of taxes, etc. Long-Range Implications Recognition, measurement and disclosure of revenues will be affected by the new standard. The changes impact all companies that sign contracts with their customers to offer products or services, and apply to revenue earned from all contracts with customers, regardless of the transaction or industry. Entities will need to reevaluate their sources of income to understand the magnitude of the changes (EY,2015) Recognition principle and five-step model The new framework, which focuses on contract performance obligations and the assignment of a price to those obligations, introduces a completely new five step approach to revenue recognition: This new methodology can lead to changes at the time of recognition of income. Companies will need to use professional judgment when determining the terms of the contract, including the implicit terms of the contract. It will be necessary to disclose more information in the financial statements, the notes should include qualitative and quantitative in formation on the company's contracts(EY,2015). More than a mere accounting change Revenue is embedded in most business day-to-day business processes, so a change in revenue recognition methodology has wide-ranging impacts. This is not a mere accounting change. This is a compliance problem with potentially significant business consequences; including price transparency, impact on financial statements, key performance indicators, taxes, etc. The complexity of the implementation of IFRS 15 will depend on several factors. In particular, the existence of varied, complex and long-term contracts with clients is likely to require the management of software to facilitate the necessary change in the time required (EY, 2015) Adoption of Revenue Standard- IFRS 15 Explain The fundamental principle of the model is the fulfillment of the obligations of performance before the clients. IFRS 15 structures this fundamental principle through 5 steps that are developed in a very extensive and detailed way in the standard and its Illustrative Examples. In this publication you will find a description of the most relevant aspects of the standard, and some practical comments. Before starting your reading, and to frame the context of the new model, reflections on its key impacts, which can be grouped into two broad categories: Those related to changes in the temporary imputation of income over time, which can generate substantial changes in the system of recognition of income(Savage et al., 2013. Current IFRSs leave more scope for professional judgment and to some extent can be said to be more flexible when designing and implementing revenue recognition policies and practices. IFRS 15 is much more restrictive and contains more specific rules and examples than IAS 18, IAS 11 or its Interpretations, so that the application of the new requirements may lead to significant changes in the income profile and, in in some cases, in the recognition of associated costs. In addition to the major impacts of changes in the conceptual model, it should not be ruled out that entities may be affected in more detailed matters, since they are now reflected in the standard transactions and practices that previously had no guidance nor comments. As a consequence of this greater regulation regarding the recognition of income, IFRS 15 accumulates, in some of its parts, a great academic and doctrinal content, reason why its reading and understanding can become complex APES 110 Professional Code of conduct in accounting In ethical work for accounting, professionalism should be kept and maintained as it is required under APES 110. Manipulation of accounts to suit a company is punishable under the accounting professionalism act. For slater and Gordon, the company, revenue recognition in work in progress accounting is not bad but revenue is recognized before it is earned which is wrong in accounting principles(Savage et al., 2013). The comparison of the payments resulting from the agreement offered by the debtor with the estimated dividend of a bankruptcy, considering for this the corresponding times and the estimation of the hypothetical process of good accounting. The ethical code of conduct in professional accountants is such that they try to reduce fraud and unethical behaviours that may cloud the accounting department. Mostly, code of ethics are used to ensure that people do not defraud a company and as it is they are allowed to use the principles in accounting to set out the best possible way in having good ethical values. The comparison of the payments resulting from the agreement offered by the debtor with the estimated dividend of a bankruptcy, considering for this the corresponding times and the estimation of the hypothetical process of good financial accounting.The new framework, which focuses on contract performance obligations and the assignment of a price to those obligations should also have ethical standards.However, impacts will go beyond accounting, as different companies may face the need to implement new systems, processes and controls and even how to do business. References APES 110 Code of Ethics for Professional management, available at Savage, A., Douglas, C., and Barra, R. (2013). Accounting for the Public Interest: A Revenue Recognition Dilemma. Issues in Accounting Education, Vol. 28, No. 3, pp. 691-703. (2015).The new revenue standard affects more than just revenue, available at Fyfe, M. (2016). The Undoing of Slater and Gordon, the Age, 24 June IAS 18 Revenue and IFRS 15, both are available at www.ifrs.org (alternatively, AASB118 Revenue and AASB 15 Revenue from contracts with customers, available for download atwww.aasb.gov.au) Slater and Gordon annual reports, available at operations . https://www.apesb.org.au/uploads/standards/apesb_standards/standard1.pdf https://www.ey.com https://www.slatergordon.com.au/investors/reports-and-presentations IASB Framework, available at www.ifrs.or