Although a great interest in business ethics has been shown recently in the literature and an increasing number of firms all over the world have adopted a Code of ethics, episodes of misconduct do not appear to be a bating. To overcome the gap between ethical principles and practice, this paper has suggested some basic stages that can help the integration of values into corporate budgeting. In addition to the laudable initiatives to promote an ethical corporate culture, the need for effective integration is essential, since the values are likely to be ignored in business activities unless they are made visible in a concrete plan of action. For this purpose, this paper suggests an approach that needs two general requirements: first, the managers’ ability to identify values concerning people who have a direct or indirect relationship with the firm; second, the task of making a detailed account of the values in Activity-Based Budgeting. More specifically, this paper proposes that budgeting should consider at least five stages.