Sophie, the CFO of Slalom Ski Supplies, is offered a watch by her company's vendor. Which AICPA ethics interpretation should she apply to determine whether to accept the watch?

A. "Conceptual Framework for Independence" interpretation
B. "Conceptual Framework for Members in Business" interpretation
C. "Noncompliance with Laws and Regulations" interpretation (NOCLAR)
D. "Gift and Entertainment" interpretation

Sophie should apply the AICPA "Gift and Entertainment" interpretation to decide whether to accept the watch. This interpretation guides members in understanding when it's appropriate to receive gifts or entertainment without compromising professional judgment or creating conflicts of interest.

Explanation:

In this situation, Sophie, the CFO of Slalom Ski Supplies, should consult the AICPA (American Institute of Certified Public Accountants) ethical interpretation referred to as "Gift and Entertainment" interpretation. This interpretation provides guidance on when it is appropriate for a member (in this case, Sophie) to accept a gift or entertainment offering from a person or entity that the member has a professional relationship with, such as a vendor, client, or employer. Members must ensure that accepting a gift does not compromise their professional judgment or create a conflict of interest. In general, acceptance may depend on factors like the value of the gift, the nature of the relationship, and the circumstances under which it is offered.

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