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ИД «Финансы и кредит»






International Accounting

The Code of Ethics for Professional Accountants: Modern tendencies and principles

Vol. 24, Iss. 2, FEBRUARY 2021

Received: 18 January 2021

Received in revised form: 22 January 2021

Accepted: 25 January 2021

Available online: 14 February 2021


JEL Classification: M41

Pages: 128–141


Elena N. MAKARENKO Rostov State University of Economics (RSUE), Rostov-оn-Don, Russian Federation


Subject. Choosing the code of ethics for professional accountants' thinking and moral activity appears to become a key to a higher professional status. It is necessary to ensure the commercial comfort as much as possible for professional accountants to demonstrate their knowledge and observe professional principles.
Objectives. I carry out a systemic study into advantages that help accountants respect professional principles of ethics.
Methods. The study relies upon the modeling of economic cases, analyzes and synthesizes the information with reference to accounting and management.
Results. The article discusses the relationship of the thinking and ethical activity of professional accountants as part of their professional activity that makes them observe the code of professional conduct. I add unusual cases of economic threats companies face to the evident relationship of the ethical principles and typical threats that influence the performance of professional accountants. With all the threats and causes combined, professional accountants sometimes have to depart from professional principles of ethics. Having this in mind, I substantiate the possibility of deriving the highest and lowest effects from the moral activity of accountants, which reflects the quality of their thinking activity. To elevate the professional status and reinforce the code of ethics for professional accountants, I prove that the accountant's professional knowledge influences the business image of a respective entity. The article shows that the motivation is important to raise the professional accountants' responsibility as part of their thinking and moral activities.
Conclusions and Relevance. Studying the impact of the relationship between the moral and thinking activity of professional accountants on their performance can be useful to set certain relations between accountants and their employers. If the professional accountant takes his/her best efforts to develop the business and social image of the company, observing the professional code of ethics, while the employer manages to motivate the accountants, they will build the effective business management and mitigate economic risks.

Keywords: professional accountant, code of ethics, ethical principles, motivation


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ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

Journal current issue

Vol. 24, Iss. 2
February 2021