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IMA Standards

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IMA Standards

Category: Coursework

Subcategory: Accounting

Level: College

Pages: 1

Words: 275

Student’s Name:
According to the suggestions made by the assistant controller to solve the financial crisis of the company, there existed some inconsistency in some strategies when relating to the IMA standard. The inconsistent strategies included the recording of the sales of $120,000 of software that is still in the public warehouse and also the delay of the closing of the year-end date to elapse into some of the January dates. These strategies will violate the competency as required by the IMA standards (“IMA Statement of Ethical Professional Practice” 1). For instance, there will be lack of consistency, accuracy, and timeliness of the information recorded. And also the issue of honesty would have been violated by the company. Similarly, the integrity of the organization, as well as that of the employees of the company, would have been violated in relation to the standards of the IMA. The credibility of the information that will be disclosed to the stakeholders will not abide by the principles of the IMA standards (“IMA Statement of Ethical Professional Practice” 1).
These inconsistencies in the company might interfere with the earnings of the stakeholders since in one way or the other there might be a decrease in profit earned in the organization’s yearly sales. Similarly, the inconsistencies might reduce the number of shareholders of the company since they might lose trust from the management of the organization thereby withdrawing t…

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