The ethical dilemma is a situation that involves two choices or options both of which will have a negative impact based on the societal and personal guidelines and mainly is involved when one encounters a decision that conflicts based on the outcome of each. In this case, if one makes one of the two choices presented to him or her, the result of any of them usually transgresses the other. According to Martin, the effects of an ethical dilemma are reached through the detrimental process that individuals usually undergo (177). This is not different in any way in the case of the field of accounting. Ethical theories are useful in the development of a resolution based on the following reasons.
Deontology Theory and its importance
This theory possesses many positive aspects though on another dimension it contains flaws. It states that individuals must adhere to their obligations as well as duties when they are engaged in the decision-making process. This, therefore, means that upholding one's duty is the most ethically correct act (Hull, 2). This theory is important in that it enables individuals to uphold dignity and accountability in that if one is entitled to making a certain decision and makes a wrong decision, then it is their mandate to carry the cross irrespective of whether the decision made favored them or not.
Rights and its importance
Ethical theories based on rights require that the rights that have been laid down by the society should be protected and given a high level of priority during the decision-making process. Therefore, an individual who makes decisions will only be considered correct if they examine the rights of the affected. This is important in that one does not realize resolutions that favor themselves and forget the rights of the others. In fact, this theory advocates for equity of all regarding rights and individuals cannot violate the rights of others in the course of their decisions. For instance, once an individual borrows money in the form of a loan, the amount cannot be snatched from him simply because it was lent to him by the accountant. He remains the custodian of the amount till the agreed period expires and neither the accountant nor the financial institution from which the money was borrowed can take away the right of the individual owning the money.
Utilitarianism and its importance
The utilitarian theories are purely grounded on one's ability to view the consequences before making the decision or taking an action. It requires the decision maker to pick the option that benefits a majority of the people. This is important in that one who observes the rule cannot collude with another individual to pick on a choice that favors both of them and affects the others who are part of that decision (Adams, 98). For instance, an accountant who respects the rule cannot allow himself to steal money from the institution which has been brought up by the savings of many individuals. He instead will act in a capacity that aims at protecting the property rather than taking it away. Moreover, this theory compels individuals to safeguard what belongs not only to them but also to others for the mutual benefit of all the parties involved.
In conclusion, these theories appear to be more beneficial than harmful. They seem to promote more equality, keenness, and respect for human dignity in the realization of resolutions. Therefore, a closer look at them and the subscription to their requirements can see an accounting institution move to greater heights that never were before.
Works cited
Adams, J.S, Tashchian, A. and Shore. Codes of Ethics as Signals for Ethical Behavior. Journal of Business Ethics, T.H.2001. Print
Hull, R. The Varieties of Ethical Theories, Buffalo Psychiatric Center, 1979. Print.
Martin, Cohen. 101 Ethical Dilemmas: Routledge 2 Park Square, Milton Park, Abingdon, 2007. Print
