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In: Accounting

Which of these ethical theories: egoism, Utilitarianism, Kant and Deontology, First Formula of the Categorical imperative,...

Which of these ethical theories: egoism, Utilitarianism, Kant and Deontology, First Formula of the Categorical imperative, Second formula of the categorical imperative, or virtue ethics, would be most applicable in addressing accounting ethical dilemmas, why?

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Expert Solution

Accounting ethical dilemmas involve balancing the interests of the users of financial statements and the management of the company. Accountants and professionals in the field of accounting have a professional obligation to ensure that the financial statements present a true and fair view of the operations of a company. Management may, at times, pressurize the accountants to use aggressive accounting policies or creative accounting policies to manage its earnings. Accountants, however, have to ensure that principles of integrity, objectivity and due care is not compromised with.

Given this background the ethical theory that would be most applicable in addressing accounting dilemma is “Kant and Deontology”. As per this theory the rightness and wrongness of actions depend on whether the duty of accountants is being fulfilled or not. It is a categorical imperative for accountants and professional in the field of accounting to present accounting and financial information in a manner that is fair and true and that is free from any distortions and artificial manipulation. This is the maxim and the rule and principle on which accountants have to act and function while fulfilling their professional obligations and duties.


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