| Objectivity is another core accounting principle. | | | | important to make a distinction about information |
| Objectivity refers to unbiased reporting of | | | | that can be made public and the one that should |
| clients’ financial information. Even though at times | | | | remain private, for example – academic |
| accountants may be pressured by clients, objectivity | | | | performance of students. In order to ensure equality |
| is essential in correct reporting of financial data for | | | | of opportunities and students’ right for privacy, |
| stakeholder decisions. As an educational institution can | | | | the decision whether to reveal certain information or |
| be regarded as that of a profit organization, it is | | | | not should be left to a student. |
| important for students to remain unbiased in making | | | | To sum up, the four IMA standards, competence, |
| own opinions about the educational processes. Aside | | | | integrity, objectivity, and confidentiality are the base |
| from this, when deciding on professional qualities of | | | | not only for accounting practice, but they are the |
| tutors and evaluating the peer work working in | | | | backbone of every democratic institution. Even |
| groups, it is important not to mix own feelings, | | | | though there is a difference in consequences realizing |
| attitudes, and prejudice with professional qualities and | | | | from inability to follow the principles in academic and |
| work requirements attributed to an individual. Only | | | | professional spheres, it is only due to nature of the |
| when doing so, a student can expect similar behavior | | | | industry itself. In accounting practice IMA standards |
| in return, which establishes the basic conditions for | | | | must be followed because of possible administrative |
| operations of an educational institution. | | | | penalties, whereas in educational institution they |
| In accounting, confidentiality of client’s or | | | | remain to be a matter of ethics without fear being |
| employer’s affairs can be overridden only when | | | | employed as a stimulator. Nevertheless, the four |
| legal, ethical, or professional requirements call for | | | | principles should be applied, as they both ensure good |
| disclosure of information. In academic community, the | | | | performance of an educational institution and have a |
| issue is less complex, as it cannot be penalized legally | | | | positive impact on students’ individuality, skills, |
| except for, perhaps, by poor reputation. Still, it is | | | | and professional qualities. |