OCE - Genetic Engineering REVISED

8/6/2019 OCE - Genetic Engineering REVISED

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Genetic engineering

Genetic modification/manipulation

Direct human manipulation of an organisms gene using

modern DNA technology

Introduction of foreign DNA or synthetic genes in theorganism of interest


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Genetic engineering

Has fewlimits;

except ourimagination,and ourmoral orethical code

Has thepotential to

alter life onEarth

Has thepower to

change whowe are

Example:Goat with

spider genesthat creates"silk" in itsmilk.


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History of Genetics: Genetic Engineering Timeline, Nov 12, 2009

1976

Genentech, the first genetic engineering company wasfounded

1978

Genentech announced the production of geneticallyengineered human insulin1982

After approval from the Food and Drug Administration, the

first genetically engineered drug hits the market


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FRAMEWORK

Genetic Engineering

Accounting forBiological Assets

Accounting forPatents

AccountingLegislations/

Regulations

Stakeholder TheorySix Pillars of Character

Transparency Issues

ACCOUNTINGFRAMEWORKS

ETHICALFRAMEWORKS

RESEARCHREQUIREMENT

PROS AND CONS OFGENETIC ENGINEERING

EFFECTS INACCOUNTING

TRANSACTIONS ANDFINANCIAL REPORTING


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Accounting Frameworks


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Accounting Frameworks

PAS 41 Biological Assets

ee for new Accouting stan arfor re orting

ee for legislations an

regulations

Patent Law for GeneticEngineering


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Ethical Frameworks


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Corporations have some fiduciary duties toother constituencies(Velasquez,2006)

Business

Investors

Shareholdrs

Employees

CommunityCustomers

Suppliers

Envmt.

Stakeholder Theory


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Six Pillars of Character

Trustworthiness

Honesty: Truth aboutgenetically made products.

Integrity: Honoring theircommitment to give goodservice.

Reliability: Products work as

intended. Loyalty: Loyalty to consumers,community, and employeesfirst before the company.


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Six Pillars of Character

Respect: Respect to things that cannot betouched or manipulated. Responsibility:Being accountable to the end results of their

product. Being responsible to serve thecustomers of their needs.

Fairness: Leave some resources (natural) forcommunity use.

Caring: Being sensitive to what consumersthink about the products.

Citizenship: Adhering to business appliedlaws.


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Disclosure

Disclosure about

Safety of their product(certifications)

Processes done in theirproducts

The implications to the

community and theenvironment

Issues faced by theproducts (litigations)


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PROS

Improve nutritional value and rateof growth of crops

Better flavor of food

an slow down process of foodspoilage; greater shelf life

Increase seeds endurance to harshsoil and climatic conditions

an increase medicinal value


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PROS

Human genetic engineering can beused to manipulate certain traits ina individual

Can enhance positive traits

Can be used to obtain cure forcertain dreaded diseases


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CONS

Can hamper the nutritional value of foodwhile enhancing their taste and appearance.

Gene therapy in human beings can manifestcertain side effects

Can promote the diversity in human beingsItis a process of manipulating the nature

The speed with which science and technology

are advancing is far greater than the speedwith which societies can absorb the changesthey bring about.


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CONS

Risk of genetically altering bacteria so thatthey have a greater capacity to causedisease or resist treatmentRisk of the

possibility that certain infections, treatablewith present-day antibiotics, would bemade resistant to that therapy

Fragments of foreign DNA introduced into

bacteria may include other genes whichhas not yet been identified


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Major Ethical Concerns

InformedConsentTruthTelling

ResourceAllocation

Confidentiality

Sanctity of Life


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OCE - Genetic Engineering REVISED

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