Question
Superannuation and Life Insurance Skills (Capstone project)

FP3B-1SN3-2 Capstone project

Project Cover Sheet

This document includes:

· student identification

· project instructiQuestion
“Ethics in Management Accounting versus Financial Accounting” Please respond to the following:

Go to the AICPA Website to read the current AICPA code of professional conduct, located at .aicpa.org/Research/Standards/CodeofConduct/Pages/default.aspx”>http://www.aicpa.org/Research/Standards/CodeofConduct/Pages/default.aspx. Next, assess the effectiveness of the current Institute of Management Accountants (IMA) code of professional conduct in promoting ethical behavior and providing guidance for the dilemmas managerial accountants are confronted with today. In your assessment, compare the IMA code of conduct to the AICPA code of professional conduct and its effectiveness.
Assess the aspects of your job that are most likely to be challenged ethically and suggest the approach(es) you will take in order to handle these situations.
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· project submission instructions

· project result, result summary and feedback

· project checklist

· Case study

· Project sections (including fact finder templates, cash flow templates

and managed funds calculations)

Case study — Ted and Eliza Hardgraves Background You work for the financial planning company, B and N Pty Ltd, which is a licensed securities dealer and a registered life insurance broker. Your company specialises in investment, insurance and retirement planning advice but does not provide stockbroking, real estate evaluations and advice, income tax preparation, superannuation fund accounting, superannuation fund administration or the preparation of legal documents such as Wills or trusts. Ted Hardgraves is a successful senior geologist with an international mining company. He has been working for the same company for the last seven years and due to his success has recently received a significant promotion and pay rise. He believes there is potential for further improvement in his salary as well as growth prospects within the company. His wife, Eliza Hardgraves works part-time as a paralegal with the same company she worked for prior to having their children, Harriett and Bill. She has a good relationship with the owners of the firm and does not see any change in her current employment situation for the time being. Both Ted and Eliza are in good health and are non-smokers. They have private health cover for the family. Ted and Eliza have approached you for financial advice. They advise you that they are confused in regard to their financial situation. This has come about due to conflicting information they have read, which states that although they will be living longer, nearly half of all 40-year-olds will die over the next forty years. Also, their children have asked questions about the insurance plan advertisements they have seen on television which has raised concerns as to whether they have adequate insurance cover. Further, they want to make sure their children will be adequately provided for if something were to happen to them. They also believe they should have surplus income following Ted’s recent promotions and pay rises. They would like to…………………………………………

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