What are the relevant factors in this situation and how you should handle this, and what you would recommend to the Controller?

You
are the accountant for the Best Outdoor Living company which manufactures various
outdoor furniture. The furniture is sold by specialty stores and through
internet outlets. You are responsible for reviewing costs and creating
standards costs based on the information you have reviewed. One of your former colleagues has recently
started a company to collect and sell data on industry benchmarks. You are
offered the chance to receive benchmarks from other outdoor furniture companies
for free if you will provide the standard and actual costs for the last three
years of your company. As creation of the standards is a tedious process, you
feel this data would be helpful in your job.

1. Review the IMA’s ethical guidelines, under
Reading Preparation and identify the conflict with the guidelines.
2. What are the relevant factors in this
situation and how you should handle this, and what you would recommend to the
Controller?

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