As a finance manager, part of your job is to prepare the Notes and MD&A portion of the annual report. Your supervisor has asked you to omit certain matters that would have a profound impact on the financial accounts of the organization. You wonder if he/she is testing your loyalty to the supervisor or testing the responsibilities as a professional manager.

Describe how you would respond to this situation. In your response, describe leadership characteristics of the managerial accounting profession. State the standards/principles you must follow according to IMA.

In explaining to the supervisor how disclosure notes are an integral part of the information provided in the financial statements, describe why the notes are a critical process in understanding the financial statements and in evaluating the company's performance and financial health.