Original discussion was done on Banking (Lehman Brothers)
Identifying the issue or problem
For example, a situation where an accountant in finance is in a position of enhancing the reported company’s operational results by designing an arrangement of sale-leaseback where assets of the company will be on sale, there will be a recording of gains, all the appropriate pronouncements of accounting are adhered to, and the company will still use its assets. The transaction intention was not to rid off the assets of the company that is unwanted. Still, it was to avoid breaches in agreements of debt-covenant or circumvent the requirements in regulatory.
Does the above action violate the user’s rights of statements in finances to fair representation of information about their finances? Does the above step have the maximization of the stakeholder’s welfare? In the approach, the agents have adopted the schizophrenia moral, which highlights that a better professional in that sense of being an accountant who is effective economically becomes separated from being a professional who is good in that sense of being an ethical accountant (Boyle, 2014).
Virtue ethics, these are theories that are normative ethics that emphasizes the virtues of character, mind, and honesty sense (Schindler, 2018). It includes the way of acquiring virtues, the application of attributes in various life situations, and if they have their basis in a nature that is human for universal.
Articulating briefly the characteristics of the economic system that serves as the setting
Virtues theory has the following characteristics: justice, we are required to offer fair and equal treatment to all human beings. Fidelity: it requires people to treat those people who are close to them with special care. Self-care: it requires us to take care of ourselves, mentally, affectively, spiritually, and physically. Prudence: a person who is prudent needs to consider fidelity, justice, and self-care (Pryor, 2013).
Laws violated by the business.
The most important strength of ethics that are virtue is overcoming this schizophrenia moral. Ethics is no more a list that is merely on behaviour constraints. In the case of the financial accountant who maximized the profits of the firm, we find out that if she were virtuous enough, she would not have decided to maximize the benefits of the firm against the ethics code constraints. Maximization of the firm profits does not lie under her docket, so this was not her obligation. The managers of the company are not supposed to bestow too much power on financial accountants to an extent they can maximize the profits of the firm.
Boyle, M. (2014). Schizophrenia: A Scientific Delusion? London, England: Routledge.
Pryor, A. (2013). The Prudent Investor’s Guide to Owning Gold. eBookIt.com.
Schindler, S. (2018). Theoretical Virtues in Science: Uncovering Reality through Theory.
Need responses for the following:
Monsanto is an agrochemical company founded in 1901, and probably best known for its weed killer named Round-Up. Residential weed control and overgrowth management is only a portion of Monsanto’s business, they also work in the commercial sector with farmers and their crops. Monsanto has approached farmers offering to sell genetically modified (GM) foods. These “foods are produced from organisms that have had specific changes introduced into their DNA” by “methods of genetic engineering” (Fieser, J., 2016. Chapter 9.6). The value proposition of these crops is that they are easy to grow in any soil and will require very little if any, pesticides. Federal departments have stepped up to protect the consumption of safe foods. The United States Department of Agriculture claims to have an extensive approval process including safety and consumption tests (Bratspies, R., 2013). In 2018 the Food and Drug Administration also started a biotechnology consultation program that would promote a safe food supply by a legal means (FDA, 2018). To make consumers aware of their food the United States Department is requiring all GM foods to be labeled by 2020 (Harmon, A., 2018).
The long-term effects of agriculture and the environment that are manipulated by genome or chemical are unknown. With evidence of superweeds and inconclusive data produced from GM seeds, we would be concerned with environmental impacts (Gilber, N., 2013). If GM foods are found more sustainable and are proven to have no negative effects compared to unmodified foods, then we should consider their potential. For the sake of the greatest happiness, a happy planet and a well-fed population, studies with more conclusive results should be produced. If found unsustainable and unhealthy, it should be the consumers choice by bad faith even when standard practices are followed (Mill, J.S., 2015). In utilitarianism, we consider the greatest happiness for the greatest good even in consequence of a smaller group. Considering Monsanto versus the population, the population is of the greatest numbers and outweighs Monsanto. The results of conclusive tests will be the utility that decides the balance of the greater good. If GM crops are proven to be destructive to the environment, then the choice of living on a dying planet is obvious. Many departments have become involved in and are active in the protection of safe food and regulating genetically modified foods. Monsanto needs to provide conclusive results from studies that are public and be recreated.
BP’s Macondo well disaster was the worst oil spills in US history. Many factors contributed to the oil spill, but BP described the defective cement work as one of the major contributors to the accident in an internal investigation and named Halliburton, the Macondo cement contractor, as the responsible party. Halliburton was contracted by BP to cement the well. It blew out “April 20, killing 11 workers and eventually releasing more than 4 million barrels of oil into the water” (Broder, 2010). In a press release in October 2010, Halliburton argued that the disaster’s responsibility lies with BP, who failed to perform a critical cement test (US Deepwater Horizon explosion & oil spill lawsuits, 2012). The laws that are relevant in Halliburton’s case fall under the general maritime law. General maritime law was established by a court ruling on the rights of seafarers before the Jones Act. This is also known as the Admiralty Statute, which is used to deal with all offshore issues, accidents, and crimes. U.S. District Judge Carl Barbier attributed 67% of the fault to BP, 30% to Transocean, which owned the Deepwater Horizon drilling rig, and 3% to Halliburton, the cement contractor (Rayman, 2014).
Furthermore, Barbier said, “BP’s conduct was reckless; Transocean’s conduct was negligent; Halliburton’s conduct was negligent” (Rayman, 2014). Hundreds of cases against the companies involved had been brought by early December 2010, and this number is likely to rise further. Furthermore, it would be essential to analyze specific features of this environmental issue from the perspective of Utilitarianism and develop a high-quality policy that would be able to address this problem.
The use of fossil fuels can be considered a morally unjustified process. It contributes to the development of environmental issues, health issues, and the extinction of animals. Utilitarianism is based on the idea to promote a course of actions that contribute to positive results in the form of happiness and pleasure and reject any actions that can lead to harm or unhappiness (Lindsey & Dahlman, 2019). Supporters of this philosophical direction take into consideration the fact that action or policy that produces the largest amount of good should be prioritized over actions or policy that results in negative consequences. Such theorists and social reformers as Jeremy Bentham and John Stuart Mill took appropriate measures to popularize this philosophical direction at the beginning of the nineteenth century; however, this philosophical direction is still considered to be relevant in modern society.
Each of your replies should be at least 200 words and informed by the required course material and the revision doesn’t have to be a specific word count
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