Ethics and Corporate Social Responsibility Essay - 1

Ethics and Corporate Social Responsibility - Essay Example The case of Levi Strauss shows that corporate social responsibility and ethics help the company to create positive social image and maintain moral and ethical environment which appeals to customers, porters and the society in general. Levi Strauss is a leading apparel manufacturer operating on the market since 1853. Levi Strauss establishes a strict code of ethics which is a statement of corporate values and priorities, system guide for employees and management team. A Code of Ethics is very important in manufacturing industry because it is closely connected with quality of goods, moral and honest decisions (Sajhau 2000). The code of ethics accepted by Levi Strauss consists of two main parts: the Business Partners Terms of Engagement determining relations with partners and potential subcontractors, and Country Assessment Guidelines stipulating the selection of supplier countries. Taking into account the main articles of the Code, it is possible to say that ethics becomes a crucial part guarding and controlling decision-making process in Levi Strauss (Sajhau 2000). This Code shows that ethical principles applied by the company are concerned with truth and justice and include aspects which society expects, e.g. soc ial responsibilities and corporate behavior. Following Frederick (2002) to deal with areas that may be considered technically legal but, in the eyes of American Management, improper or unethical, companies must develop and disseminate explicit policies that are rigidly and expeditiously enforced if broken. They fall into this category, as do areas such as proprietary information, product misrepresentation, disparagement, premature disclosures, acquiring or divulging confidential information, certain gifts and entertainment, and conflicts of interest. Levi Strauss pays a special attention to its public image and the company's reputation (Kolk & Tulder, 2001). Application of Ethical Theories Virtue Ethics According to McIntyre, virtue ethics is based on the idea that a business should follow human virtue principles to behave morally. The case of Levi Strauss shows that the comapny values are core beliefs about what is intrinsically desirable. They undelines the choices made in work decisions just as they underlie the choices made in one's private life. They give rise to ideals that are called ethics or morals. In simple terms it basically mandates employees to treat customers and partners as they themselves would like to be treated: tell the truth, treat others fairly, etc. "We will favor business partners who share our commitment to contribute to improving community conditions" (Levi Strauss & Co n.d.). Following Gillian, virtue ethics ensures stable position of business and its compliance with moral norms and principles. Ethical inquiry requires the decision maker to consider facts in light of important values. The conclusions reached are often stated as judgments, such as "he is a good person"; "bribery is wrong, even though it may be profitable"; "caring about others is the essence of virtue". Levi Strauss follows these guidelines and develop its code of ethics and partnership according to these simple rules and principles. Because many people perceive right and wrong from different angles, the objective of Levi Strauss in the area of ethical and moral standards is to establish what 'is right' (Zablow, 2006). Deontological

Generally Accepted Accounting Principles (GAAP) Assignment

Generally Accepted Accounting Principles (GAAP) - Assignment Example The Generally Accepted Accounting Principles (GAAP), are used by the accountants to record and report accounting information. The set of principles have been developed over the year by the accounting profession and the Securities and Exchange Commission (SEC). The laws that give the SEC that authority to establish, reporting and disclosure requirement, include the two laws which are: The Securities Act of 1933 and the Securities Exchange Act of 1934. There are certain assumptions upon which the current set of principles operates (Cliff, 2013). These assumptions and the principles are normally considered to be GAAP and some of them are as discussed below: This assumes that each financial entity is to be maintained separately for each economic entity. The economic entities include social organizations which are together with schools, churches, districts, governments and businesses among others. This goes that, there are certain economic events that affect companies and are not easily quantified in monetary terms such as introducing a new product or hiring a new CEO. These then do not, most of the times, appear on the company’s records. Therefore, accounting records are required to be made through the use of a stable currency, for instance, the US uses dollars. This principle requires that, a full disclosure should be made on the financial statements of a company’s finances or assets pending lawsuit, incomplete transactions of a company, or any other important financial information about the company. In this case, footnotes should be used to supplement financial statements in order to convey such kind of information. This requires that, artificial time should be used to record and report the results of the activities of a business. This artificial time normally leads to questions on when certain transactions should be recorded. The accountants then use the GAAP to record and report the established accounting period of transaction. This principle