IMA Ethics Resources for

Accounting and Finance Professionals

IMA Ethics Resources for Accounting and Finance Professionals

INTRODUCTION
IMA (Institute of Management Accountants) is committed to advocating the highest
standards of ethical business practices, both for our members and the profession at large.
This commitment dates from the organizations founding in 1919. In the early 1980s, IMA took
an even bolder leadership role in the ethics area by developing the organizations first written
code of ethics: Standards of Ethical Conduct of Management Accountants. This code of ethics
was revised in 2005 to better reflect the changing ethical climate. The new code, now called
the IMA Statement of Ethical Professional Practice, binds each IMA member to a commitment
to the highest ethical behavior.
IMA has developed a variety of resources to support our members commitment to these
principles. Following are resources that help members navigate ethical dilemmas and respond
in a manner that upholds their professional standards.

IMA Ethics Resources for Accounting and Finance Professionals

IMA STATEMENT OF
ETHICAL PROFESSIONAL PRACTICE

Standards
A members failure to comply with IMAs

In the wake of global financial scandals and

ethics standards may result in disciplinary

with increasing awareness of the need for

action. The standards cover guidance areas

more direct ethical guidelines, IMA made a

including (1) competence, (2) confidentiality,

bold decision in 2005 to issue new guidance

(3) integrity, and (4) credibility.

related to ethics. The result was the IMA

Statement of Ethical Professional Practice,

Visit the IMA Statement to see the full text,

which emerged after a nearly three-year

including instructions on the Resolution of

effort of research and deliberation by IMAs

Ethical Conflict.

Committee on Ethics, and its intended to

encourage members, other professionals,

IMA COMMITTEE ON ETHICS

and organizations to adopt, promote, and

implement business practices that

The IMA Committee on Ethics encourages

incorporate the highest ethical standards.

organizations and individuals to adopt,

The new Statement is more concise, simpler

promote, and execute business practices

to understand and apply, and more fully

consistent with high ethical standards by

reflects the global scope of management

providing valuable insight in response to our

accounting than the associations original,

changing profession. The Committee

groundbreaking code of ethics.

upholds the Statement and provides subjectmatter expertise to IMA members for

Briefly put, the Statement commands that

resolution of ethical conflicts.

Members of IMA shall behave ethically.

A commitment to ethical professional

IMA ETHICS HELPLINE

practice includes overarching principles that

express our values, and standards that guide

IMA offers an Ethics Helpline service to its

our conduct.

members and other professionals. It provides

free, confidential guidance on ethical issues.

Principles
IMAs overarching ethical principles include:

After a preliminary discussion of the problem

Honesty, Fairness, Objectivity, and

to determine the kind of ethics matter being

Responsibility. Members shall act in

reported, IMAs Committee on Ethics will

accordance with these principles and shall

submit a response to the caller.

encourage others within their organizations

2

to adhere to them.

Confidentiality is maintained at all times. IMA

IMA Ethics Resources for Accounting and Finance Professionals

will not provide a specific resolution but will

instrumental role in developing IMAs

explain how the dilemma relates to the

thought leadership in business ethics.

provisions of the IMA Statement.

The topics discussed in his column range
To access the Helpline in the U.S., please call

from commentary on breaking news to

(800) 245-1383.

analysis of pressing ethical dilemmas

practitioners face.

Individuals outside of the U.S. and Canada

may have to dial another toll-free access

STATEMENTS ON MANAGEMENT

code before dialing the hotline (see IMAs

ACCOUNTING (SMAs)

website for instructions).

IMA periodically issues Statements on
For additional information related to this

Management Accounting (SMAs), which are

resource, visit the Ethics Center on IMAs

leading-edge, practice-based monographs

website.

on critical issues that affect the profession,

including ethics.

MONTHLY COLUMN IN
STRATEGIC FINANCE MAGAZINE

In addition to the IMA Statement, IMA has

authored an SMA titled Values and Ethics:

Each month, a leading educator in the field

From Inception to Practice, which

of ethics, Curtis C. Verschoor, CMA, CPA,

identifies the issues driving the increased

authors a column on the topic of ethics in

attention to ethical conduct and how they

IMAs flagship, award-winning magazine,

impact risk management and internal

Strategic Finance.

controls. This SMA explains the steps

required for organizations to clarify, define,

Verschoor is the Emeritus Ledger & Quill

and develop their values and create their

Research Professor, School of Accountancy

codes of ethical conduct.

and MIS at DePaul University in Chicago. He

also is a Research Scholar in the Center for
Business Ethics at Bentley University in
Waltham, Mass. Verschoor is a founding
member of IMAs Committee on Ethics and
has been recognized by Trust Across
AmericaTrust Across the World as one of
North Americas Top 100 Thought Leaders in
3

Trustworthy Business Behavior for his

IMA Ethics Resources for Accounting and Finance Professionals

CONTINUING EDUCATION

CARL MENCONI CASE WRITING

COMPETITION

As part of the associations ongoing

commitment to ethics, all of IMAs certified

The aim of this annual competition is to

members are required to take at least two

develop and distribute cases that focus on

hours of ethics continuing professional

business ethics with specific application to

education (CPE) annually. To assist members

management accounting and finance issues.

in meeting this requirement, IMA offers many

The cases must utilize the IMA Statement as a

opportunities to earn these credits at various

guidance tool or reference and should be

events, including IMAs Annual Conference &

suitable for undergraduate or graduate

Exposition and events sponsored by IMAs

classroom use and/or for IMA chapter

regional councils or local chapters.

continuing education programs.

The IMA Learning Center also offers an

Organized by IMAs professor-in-residence

educational series devoted exclusively to

and its Committee on Ethics, this program is

ethics issues. The IMA Ethics Series currently

named in memory of Carl Menconi, who held

includes six courses: (1) Embracing Ethics,

leadership positions within IMA for many

(2) Corporate Ethics: From Policy to Practice,

years and also served as Chair of the Ethics

(3) Success Without Compromise, (4) Fraud in

Committee. A practitioner who highly valued

Financial Reporting; (5) A Prescription for

education, Menconi also taught part time at

Prevention, and (6) A Pathway to Excellence.

his alma mater, Northern Illinois University.

New courses are added annually to ensure

members receive the latest in ethical

The winning case of the Carl Menconi Case

education.

Writing Competition is featured in Strategic

Finance magazine, and the case author or
team is recognized at IMAs Annual
Conference & Exposition and awarded a
cash prize.
For more information, please visit IMAs
website.

IMA Ethics Resources for Accounting and Finance Professionals

IFAC MEMBERSHIP

ABOUT IMA

In 2013, IMA was named a member of the

IMA is the association dedicated to

International Federation of Accountants

empowering accountants and financial

(IFAC), one of only two U.S.-based

professionals in business to become trusted

associations to be granted this honor.

business advisors by playing an active role

Inclusion in this organization affirms IMAs

in their organizations business success. With

high standards for management accounting

a network of more than 70,000 professionals

certification, continuing education, and

worldwide, IMA provides a dynamic forum

ethical business practices for its members

for professionals to advance their careers

and the profession as a whole.

through CMA (Certified Management

Accountant) certification, professional

IFAC is an internationally recognized and

education, networking, and advocacy of the

respected organization currently composed

highest ethical and professional standards.

of 179 members and associates in 130

countries and jurisdictions, representing

For more information about IMA,

approximately 2.5 million accountants in

please visit www.imanet.org.

public practice, education, government

service, industry, and commerce. Its
considered the global organization for the
accountancy profession dedicated to serving
the public interest by strengthening the
profession and contributing to the
development of strong international
economies.