Reporting Practices and Ethics Paper Essay

Financial focal point is very pivotal in directlys health c ar fiscal procedures. It is one the most most-valuable aspects of the monetary health c be. There are many assessments made- based the fiscal records and the business transactions that occur within the health care institution. It is crucial the monetary records are kept up- to - conflict and they follow specific guidelines. The books kept up- to- date and in order, this go forthing show the amount of money being brought into the organization for profit and the amount of money the organization has lost in profit. unity thing that may ca engross the silver dollar of the organization to be on the brinks is the organization financial anxiety and the correctness of the financial books. This paper is astir(predicate) information that will divvy up financial reporting practices and ethics. It will address four financial watchfulness functions, summaries that accept accounting principles by slackly accepted accounting principles (GAAP). It will likewise give an example from an expression that has considered ethical standards of conduct and financial reporting.The basic four components of financial management are planning, manoeuvreling, organizing and directional and decision making. The preparation is business for financial management to recognize the purposes of the health care organization. The planning timbre is to set directions and allocates resources, the organizing blackguard brings people and material resources together in working condition, the leading step inspires people to best utilize these resources, and the controlling step checks that the right things happen, in the right way, and at the right time (Lombardi, Schermerhorn, & Kramer, 2007,).Controlling is the service of the financial management to ensure that each surgical incision of the organization are going by the procedures that was decided. The financial animal trainer should have the reports available to get the most recent financial reports. The reports will help to select what department needs the most consideration to keep the organization going. Organizing and directing is the responsibility of the financial manager to decide in what way to make use of the ancestrys of the organizations most efficiently.Resources such(prenominal) as assets will help the manager to ensure the goals of the healthcare organizations are accomplished. Directing is an everyday job provided that control and support. The final step in the element in financial management is decision making. Planning, organizing, and controlling is a correspondence with the decision making process. The choices will be by the financial manager based on evaluation, outline and information. Generally accepted accounting principles is a set of financial recommendations employ for financial accounting.The recommendations are for preparing financial statements and for setting standards for organizations accountants. According to Baker (2011), iodin of the requirements of GAAP is that unrestricted fund quietuss be separated from restricted fund balances on the statements, so you see two appropriate line items (restricted and unrestricted) in the fund balance section (p. 108). GAAP are the rules of accounting. Those guidelines are to rank the reporting of financial statements that will include the cash flow statements, in get down statements, and the balance sheet.With the reply of these responsibilities, the Organization of Managing Bookkeepers declared principles of moral conduct for employees of managing bookkeeping and financial management. The principles take account for confidentiality, integrity, and competence. A person must maintain association and the necessity skills is what includes competence. They must unceasingly maintain their professional responsibilities and duties in conformism with related rules, technical standards, and regulations.Confidentiality when one should not disclose con fidential information, such as health records except when given the right authority to do so. Integrity has the responsibility not to engage in activities that would affect prejudgment, favors that will influence their actions and decision making. According to Ethical Standards (n. d),Specialists of managing bookkeeping and monetarist managing partake an commitment to the community, their line of work, the institute they work for and themselves, to uphold the utmost principles of decent manner. Hewlett-Packard accompany CEO, Mark Hurd turn out to be mixed up in the workplace. According to (Healthfield, 2012), Mr. Hurd had failed to disclose a close personal relationship he had with a contractor that constituted a conflict of interest . Mr. Hurd also failed to maintain accurate expense reports, and misused company assets. This is an example that reflect ethical standards of conduct and financial reporting practices. Practicing accuracy end honesty will help continue the capacity to never misuse the financial systems, and abide by the laws laid out by GAAP.Organizations are providing their employees with the necessary training that will equip them as well as adjudge the reporting practices operational but at the time use the kindred procedures and show them new procedures. Fraud and abuse is something everyone know when being ethical. By using the GAAP guidelines, keeping the organizational ethics and policies would be bleak from abuse and put-on. By following the guidelines that comes from the GAAP, they can help prevent fraud and abuse from happening in the health care organization itself.These guidelines are there to help the organization benefit so they will always be ready in case there may come a time when they have to show their financial documents to a ordinal party. Therefore in conclusion, it a major responsibility in financial reporting practices and ethics. Financial managers should implement the four elements of financial management in their reports to block fraud, abuse and the risk of breaking ethics. Managers should know how to plan, control, organize and directing and decision making. They should always incorporate the GAAP rules and regulations in order to avoid unethical rulings.