Reporting Practices and Ethnics Paper
Health care organization dealing with financial management has a duty to involve finance reporting practices with ethical standards to reflect the health care environment. Those consisting of policy makers, physicians, patients even just the society can be affected within the standards directly in the health care field. There are elements of financial management which is crucial to the health care organization. One element is Generally Accepted Accounting Principles (GAAP), which is a set of accounting principles, standards and procedures that companies may use to incorporate their financial statements. The GAAP are said to advise companies in order for the investors can keep a certain level of consistency within the financial statements used when analyzing a company for an investment purpose. GAAP must involve things such as a balance sheet, the recognition of revenue as well as share measurements. All companies are to use generally accepted accounting principles rules when reporting financial information. There are four elements of financial management, which consist of planning, controlling, organization and directing, and decision making. All four elements have their own distinctive role where financial manager must use to ensure success of the company. Planning is used to determine the short term and long term objective of the organization, also to create plans for meeting any objective. A major goal for any financial planner manager would be to ensure the thought process of those involved in the strategic planning in order to ensure the understanding and support in every participant’s role in following through with the plan. Controlling is another element for the financial manager’s job which consists of maintaining each area of the organization while implementing that they take action to show that results equal intent. Controlling is put in...
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