Reporting Practices and Ethics Essay

The four elements of financial management ar planning, controlling, organizing and directing, and purpose making. These four elements will be defined and explained in this paper. Also emphasized will be the evaluate story principles and the general financial good standards. Examples of ethical standards of conduct and financial reporting practices will be explored and notated in this paper as well. All of these points are important in the accounting practice of wellness care management to help the transcriptions run smoothly and to be financially stable.Four Elements of Financial guidancePlanning lets a health care arrangement set goals and guidelines to make sure their office is a success and that all accomplishments are met. Controlling is ensuring that all areas within the healthcare organization are by-line goals and guidelines set and gives the organization the opportunity to prepare for some(prenominal) issues that may arise. Organizing and directing ensures that the health care organization is working to its potential and allows them to work on a day to day basis and fix any issues that may be looming. Lastly, decision making works off all of the other elements (planning, controlling, organizing and directing) by store information and making the final decisions on how the financial management will work.General Accepted account PrinciplesThe common set of accounting principles, standards and procedures that companies use to compile their financial statements. GAAP are a faction of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information (Generally Accepted Accounting Principles , n.d.). Even with GAAP being a set ofstandards, there are still companies that will finagle numbers on their financial statements, so their financial statements will withstand to be scrutinized tremendously.General Financial Ethical StandardsEthical standards are determined largely by skipp er accounting and finance organizations and the Financial Accounting Standards Board. puny-business owners who plan to perform their own accounting services or hire accountants should be aware of accounting principles and general financial ethical standards so they can oblige a positive reputation for their businesses (Morley, n.d.). Competence is one of the ethical standards that is key for a financial officeholder to affect in an organization. Financial managers should follow the GAAP and check up to date with its guidelines. They should also uphold honesty and integrity.Examples of Ethical Standards of ConductEthical standards of conduct is a set of standards that each company sets for themselves. on that point is no consistent standards of conduct for a business, but they must include, promoting values, trust, good behavior, fairness, and kindness. They are not soft enforceable and are always open to interpretation. For example, men and women should be accomplished equall y or treat the patient with respect. nightingale Home Healthcare code of morals are direct and descriptive. Some of their ethical standards of conduct are listed as all business conduct should be well above the tokenish standards required by the jurisprudence, each employee is responsible for the consequences of his or her actions, each employee must be the guardian of Nightingales ethics, leaders at Nightingale have extra responsibility of setting an example by their personal performance and an attitude that conveys Nightingales ethical values, our first responsibility is to the patient and patients families that we pop the question our services (Corporate favorable Responsibility-Code of Ethics , n.d.). There are numerous points of their code of ethics but they help oneself a purpose and that purpose to make sure their company is ran efficiently and respectfully.Financial Reporting PracticesA distinguishing characteristic of high performance organizations is a strong interna l control structure-controls that ensure patient care, conformation with regulations, internal efficiencies, and financial reporting. It is controls on financial reporting that are receiving a great deal of tending under a new law, the Sarbanes-Oxley Act of 2002. Public companies are now required by law to document controls over financial reporting, in order to fully address exposures and the effectiveness of current controls. though many healthcare organizations are not directly affected by the law, regulatory agencies could follow cause and require similar compliance. In fact, several states have introduced bills that require nonprofit organizations to adhere to portions of the act. This article provides a guide for organizations desiring to stay ahead of the curve (Godwin & Mueller, 2005).SignificanceThe significance of these examples are that there are ethics that need to be followed within any organization but in a healthcare organization it is extremely important because you handle patients and to ensure the comfort of these patients, a code of ethics need to be enforced for the organization. It is also important to ensure that financial reporting is done, so all finances stay up to date on a legal manner. It helps to show revenue, liability, and expenses and helps control the business effectively.ReferencesCorporate Social Responsibility-Code of Ethics . (n.d.). Retrieved from Nightingale HomeHealthcare http//www.homecareforyou.com/about/code.htmlGenerally Accepted Accounting Principles . (n.d.). Retrieved from Investopedia http//www.investopedia.com/terms/g/gaap.aspGodwin, N., & Mueller, J. (2005). Fiancial Reporting Practices A Comprehensive Evaluation.School of Accountancy, Auburn University.Morley, M. (n.d.). Accounting Principles and General Financial Ethical Standards . Retrievedfrom Small Business Chronicle http//smallbusiness.chron.com/accounting-principles-general-financial-ethical-standards-36283.html