The managing director, Elisa Izuki, would like you and your team of MCS consultants to develop an appreciation for ethical accounting standards and the need for objectivity in your analysis. With that in mind, she invites all the consultants working on the Choice Hotels project to an offsite company retreat. During the retreat, a considerable amount of time is devoted to a discussion of topics related to accounting ethics.
Assuming you and your colleagues are attending the retreat, go to the Accounting Ethics Discussion, and complete the following tasks:
Discuss why integrity, honesty, and transparency are essential in financial reporting. Give credit to any sources or real-world examples you use to support your statements.
GAAP are the general rules, regulations, and guidelines that accountants in the United States follow to ensure their practices are legal and ethical. Explain to your colleagues why GAAP is so useful. Give credit to any sources or real-world examples you use to support your statements.
Later in the week, after you are back in your office, you have a follow-up discussion with your MCS colleagues in an effort to summarize the key lessons you have learned from your discussion on ethics in finance and accounting at the past weekend’s retreat. Respond to your colleagues’ original discussion posts and give credit to any sources you use to support your statements.
