Final answer:
The IMA Statement of Ethical Professional Practice's standard of Competence includes continually developing knowledge and skills, compliance with laws and technical standards, providing clear and accurate information, and acknowledging professional limitations.
Step-by-step explanation:
The elements of the Institute of Management Accountants (IMA) Statement of Ethical Professional Practice that relate to the standard of Competence include several specific responsibilities. These responsibilities mandate that management accountants maintain an appropriate level of professional expertise by continually developing their knowledge and skills, perform their duties in accordance with relevant laws, regulations, and technical standards, provide decision support information and recommendations that are accurate, clear, concise, and timely, and recognize and communicate professional limitations or other constraints that would preclude responsible judgment or successful performance of an activity.