Principles-Based Accounting Ethics

. Do you agree with the authors that a code of ethics should do more than establish minimum acceptable standards? Why or why not?An effective code establishes the expectations from management and clients or employees in the same manner. Code also sets the ways in which it can be enforced and also providing the consequences of non compliance. Following are some of the reasons why code of ethics does more than minimum acceptable standards:-1 .It helps to maintain discipline by establishing limits or benchmarks which are commonly known as organisational standards.2. Codes certainly teach minimum standards and help a community to understand the values and aspirations which can be derived out of them.3. Codes inspire employees and community members towards moral excellence.4. Codes help in quick resolving of different queries that commonly arise in any organisations.5. Codes help to protect those who do the right thing.Following are some of the reasons why code of ethics does not do more than minimum acceptable standards:-Codes make people to get out of the habit of making decisions by themselves. They cannot take decisions themselves and therefore depend on external authority.Codes do