Final answer:
Cost accountants guided by the IMA Code of Ethics are expected to make ethical decisions that may involve consulting with colleagues, and are bound to institutional codes of conduct that instill ethical standards and considerate decision-making practices.
Step-by-step explanation:
When faced with an ethical conflict, the IMA (Institute of Management Accountants) Code of Ethics for cost accountants does not explicitly tell individuals to seek guidance from competitors, follow personal beliefs or abandon ethical considerations. Instead, it promotes ethical professional practices and emphasizes that accountants should follow a set of guiding principles which may include consulting with colleagues among other strategies. Ethical dilemmas, as presented in the question, often require individuals to reflect on a variety of factors, including professional obligations, the impacts of their decisions, and potentially wider societal norms. In accordance with these principles, decision-makers might use cognitive skills to make decisions, use heuristics to solve complex problems, or rely on rules of thumb to guide them, always with the intention to act in an ethical manner that also considers the well-being of others.
Professional organizations across various fields, such as the IEEE-CS for software engineers, provide codes of ethics that define the obligations of professionals within that industry. These codes of ethics are tied to broader moral theories and debates about what constitutes ethical behavior. In the context of broader decision-making, humans often consider the interests of themselves and others, indicating a balanced approach to both individual and collective interests.
When considering the most important set of rules for any institution, its code of conduct plays a crucial role in defining the ethical standards and practices for its members, which is fundamental to the functioning of professional organizations and institutions alike.