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While various existing codes have some differences, most share common elements including the principles of – truthfulness, accuracy, objectivity, impartiality, fairness and public accountability – as these apply to the acquisition of newsworthy information and its subsequent dissemination to the public. 

Bill Kovach and Tom Rosenstiel propose several guidelines for journalists in their book The Elements of Journalism. Their view is that journalism’s first loyalty is to the citizenry and that journalists are thus obliged to tell the truth and must serve as an independent monitor of powerful individuals and institutions within society. In this view, the essence of journalism is to provide citizens with reliable information through the discipline of verification.

Some journalistic Codes of Ethics, notably the European ones, also include a concern with discriminatory references in news based on race, religion, sexual orientation, and physical or mental disabilities. The Parliamentary Assembly of the Council of Europe approved in 1993 Resolution 1003 on the Ethics of Journalism which recommends journalists to respect the presumption of innocence, in particular in cases that are still sub judice. 

Because of the pressure on journalists to report news promptly and before their competitors, factual errors occur more frequently than in writing produced and edited under less time pressure. Thus a typical issue of a major daily newspaper may contain several corrections of articles published the previous day. Perhaps the most famous journalistic mistake caused by time pressure was the Dewey Defeats Truman edition of the Chicago Daily Tribune, based on early election returns that failed to anticipate the actual result of the 1948 US presidential election.

There are over 242 codes of ethics in journalism that vary across various regions of the world. The codes of ethics are created through an interaction of different groups of people such as the public and journalists themselves. Most of the codes of ethics serve as a representation of the economic and political beliefs of the society where the code was written. Despite the fact that there are a variety of codes of ethics, some of the core elements present in all codes are: remaining objective, providing the truth, and being honest. 

Journalism does not have a universal code of conduct; individuals are not legally obliged to follow a certain set of rules like a doctor or a lawyer does. There have been discussions for creating a universal code of conduct in journalism. One suggestion centers on having three claims for credibility, justifiable consequence, and the claim of humanity. Within the claim of credibility, journalists are expected to provide the public with reliable and trustworthy information, and allowing the public to question the nature of the information and its acquisition. 

The second claim of justifiable consequences centers on weighing the benefits and detriments of a potentially harmful story and acting accordingly. An example of justifiable consequence is exposing a professional with dubious practices; on the other hand, acting within justifiable consequence means writing compassionately about a family in mourning.