I have learnt following components from this module. 1) Ethics is the difference between right and wrong.

We should make our decision under the light of the argument which influences us the most. 2) I have learnt different ways of thinking through an ethical question. When making professional decisions we should recognize our personal ethics. This is a more objective approach to mitigate the detrimental impact of our own personal ethics. 3) There are two types of approaches Rule base and Principle base. Rules are more rigid it tells us what we are prohibited to do. Principle base approach is more flexible, we need to think whether or not a principle is being violated or threatened. Principle base approach is more reliable to cover a new situation that has never been thought of. ACCA follows the Principle base approach. 4) I have learnt ACCA s fundamental principles Integrity, Objectivity, Professional competence and due care, Confidentiality and Professional behaviour. Confidentiality and Professional behaviour is also an IFAC, code of ethics. As an ACCA s students and affiliate we must follow these principles. 5) International Ethical Standard Board of Accountants provides a framework; it consists of the following steps to deal with an ethical issue. Identification of a real issue, If any fundamental principle threatened, Significance of the issue, Any safeguards to eliminate or reduce the threat to an acceptable level. From what discussed above I can draw a conclusion that I must follow ACCA s fundamental principles in my professional as well as in personal ethical situation.