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A Universal Code of Ethics for Professional Accountants: Religious Restrictions
Marcela Espinosa-Pike, Itsaso Barrainkua
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DOI:10.17265/1537-1514/2014.03.003
Marcela Espinosa-Pike, Ph.D., Senior Lecturer, Faculty of Economics and Business, University of the Basque Country UPV/EHU.
Itsaso Barrainkua, Ph.D. Candidate, Faculty of Economics and Business, University of the Basque Country UPV/EHU.
The International Federation of Accountants (IFAC) has emerged as a worldwide organization to help bring about international convergence with regard to professional standards, including standards governing ethics. The IFAC has issued a Code of Ethics for Professional Accountants for use by accountants members of the IFAC around the world. This study extends prior research about the variables that could block the possibility of adopting the universal single code of ethics proposed by the IFAC. In particular, this study analyses the influence of the dominant religious affiliation of the country to which the accounting organization belongs on the decision to adopt the IFAC Code. Data about 165 accounting bodies, members of IFAC, from 125 countries has been obtained from the IFAC Member Body Compliance Program. The results of our study show that to date, not all the accounting organizations members of the IFAC have adopted the Code. Further, results reveal that religion is a significant factor in the decision to adopt IFAC Code of Ethics. In particular, the study demonstrates that the national accounting organizations belonging to countries where the predominant religion is Christianity are more prone to adopt the IFAC Code of Ethics as their own. This paper contributes to the knowledge of the current state of ethical harmonization for the accounting profession. Moreover, an understanding of the religious restrictions provides guidelines to the international accounting organizations for an effective implementation of the ethical standards worldwide.
accounting profession, code of ethics, religion, International Federation of Accountants (IFAC)
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