Final answer:
To determine whether a particular action is professionally ethical or not, it is necessary to know the ethical obligations outlined in the Institute of Management Accountants Statement of Ethical Professional Practice.
Step-by-step explanation:
To determine whether a particular action is professionally ethical or not, using the Institute of Management Accountants Statement of Ethical Professional Practice, it is necessary to know the ethical obligations outlined in the statement. The Institute's statement provides guidelines for management accountants on issues such as competence, confidentiality, integrity, and objectivity. By understanding and following these ethical obligations, professionals can assess whether their actions align with the professional standards and principles set by the Institute. For example, if a management accountant is faced with a situation that involves potential conflicts of interest, knowing the ethical obligations related to this issue can help them make an informed, ethical decision.