What are the ethical implications of keeping two sets of financial accounting books--one for internal purposes and the other for external?

This is not for homework. Just want to know I'm planning to do the right thing.

Ethical - Think of it this way, ask yourself...

Would you feel comfortable telling your family about what you are doing? What about all the other people you knew? How would you feel if they printed it in the newspaper or it came out in other media? Could you reputation be hurt if it was found out? At the end of the day it comes down to is this something you would feel good about doing deep down do you think it is right?

That kind of framework can be used to answer whether most decisions are ethical or not.

Now legally is a whole different question. You would be breaking quite a few laws in this example.