Hcs 405 Financial Reporting Practices And Ethics Research Paper
Reporting Practices and Ethics
Deanna L. Thomas
HCS 405
March 8, 2015
David Albalat
Reporting Practices and Ethics
The four elements of financial management are planning, controlling, organizing and directing, and decision making. These four elements will be defined and explained in this paper. Also emphasized will be the accepted accounting principles and the general financial ethical 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 health care management to help the organizations run smoothly and to be financially stable.
Four Elements of Financial Management
Planning lets …show more content…
GAAP are a combination 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 of standards, there are still companies that will finagle numbers on their financial statements, so their financial statements will have to be scrutinized …show more content…
It is controls on financial reporting that are receiving a great deal of attention 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 suit 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).
Significance
The 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
Deanna L. Thomas
HCS 405
March 8, 2015
David Albalat
Reporting Practices and Ethics
The four elements of financial management are planning, controlling, organizing and directing, and decision making. These four elements will be defined and explained in this paper. Also emphasized will be the accepted accounting principles and the general financial ethical 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 health care management to help the organizations run smoothly and to be financially stable.
Four Elements of Financial Management
Planning lets …show more content…
GAAP are a combination 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 of standards, there are still companies that will finagle numbers on their financial statements, so their financial statements will have to be scrutinized …show more content…
It is controls on financial reporting that are receiving a great deal of attention 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 suit 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).
Significance
The 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