Jack Jones is a junior management accountant at HJK Ltd. Jack is given the task of compiling a cost-benefit analysis report on whether the company should purchase an expensive new machine from CVB Ltd, where his cousin is the new sales manager. Jack did not tell anyone in HJK Ltd about his cousin's new job. In preparing his report, Jack overstates the qualitative benefits and understates the costs associated with this new machine, to help his cousin, make his first sale as the new sales manager.

What are the fundamental principles of the International Federation of Accountants' (IFAC) Code of Ethics? How has Jack deviated from this Code?

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