Question 1: Given the increasing integration of our global economy, should we also have global standards for ethics?Question 2: Provide
an example to illustrate the challenges of doing business in a country
whose ethical standards (for better or worse) are very different from
those in your home country.Brooks, Leonard J.,
Dunn, Paul, (2017). Business and Professional Ethics for Directors,
Executives & Accountants; (8th Edition). Boston, MA, Cengage.
Learning.Pick one 1 question and discuss it also response each posted 1 and 2Posted 1Question 1: Given the increasing integration of our global economy, should we also have global standards for ethics?Yes, we should have global standards for
ethics. Most companies conduct business internationally. Enforcing a
global standard of ethics would create an improved business culture. By
all parties, domestic and foreign, understanding and agreeing to conduct
themselves in accordance with those standards, lowers the chance of
miscommunication and conflict. Business transactions can be difficult
for some. This includes negotiations, meet and greets, contracts,
presentations and so much more. A global standard would help make the
process a little less stressful in my opinion. I also like the idea of
synchronized ethics because it eliminates any gray area if
one locations
ethical standards are not as defined as another. Without a mutual
comprehension, businesses are left to frequently adjust to new standards
and act based on their own interpretations. Posted 2Question 1: Given the increasing integration of our global economy, should we also have global standards for ethics?Yes,
we should. In the same way, the integration of our global economy has
driven to a convergence of the accounting principles, we should have
global standards for ethics. Brooks & Dunan (2017) said that desire
for global convergence or harmonization of standards to facilitate
global business and capital flows is providing a driver change beyond
the previously normal, domestically dominated political and corporate
lobbying influences.In
my opinion, at the same pace that local accounting principles of
countries around the world have converged to the International Financial
Reporting Standards (IFRS), we may also converge to global standards
for ethics. According to the IFRS Foundation (2018) more than 144
countries around the world have adopted IFRS. So it does not make sense
to each one of these countries to have their own particular ethics code.
It is much more logical to have a global standard for ethics that can
contemplate USGAAP and also the countries that converge to IFRS.