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Accounting Ethics Paper

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Accounting Ethics Paper
Tamira is in a professional dilemma that anyone in her position would find difficulty in knowing how to respond to her boss’s request to have up-to-date financial statements to share with the bank. She knows that there is not enough time to have the financial statements ready by when the president of the company needs them, so she follows the principle of conservatism and estimates the totals at a low level so the statements won’t look worse than they actually are. Tamira does not mention when handing in the statements that many of the numbers are estimates. There are several other ways Tamira could have went about this situation. For example she could have been honest with her boss and told him that she would not be able to have the necessary information, and because of this would have to estimate the totals. This would make her boss aware of what is going on so he then could proceed as he felt was right. Tamira also could have requested more time from her boss so that she could have found all of the actual totals and handed in completely accurate financial statements. Another route Tamira could have went is to study past year’s financial statements and make estimates based off of them and the patterns from the past. However, regardless of the decision she makes, I think she should have been honest with the president of the company and explained to him the circumstances that she would not be able to have the totals for the financial statements in the time that he would need them. So then he good have given his input and they both could have proceeded from there.
If I were in the same situation as her I would have been straightforward with the president of the company and explained to him that I would not be able to find the exact totals and would be forced to estimate using the principle of conservatism with the lowest totals. So the president would be able to present the financial statements as not definite, and possibly the bank and company could have worked
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