Reporting Practices and Ethics

Reporting Practices and Ethics
                      University of Phoenix
            Jamie Klapat
            October 4, 2010
    HCS/405
Health Care Financial Accounting

Reporting Practice and Ethics
A health care facility is a place where care is given to those in need, regulation, stability, and support, a place where people need to experience all different sorts of healthcare help. A health care facility also needs to have stability and regulation in financial supervision. This will to show potency in the company and gives the people more assurance that there are competencies within this organization. Other wise no one would want to visit this certain facility and will not put their trust in them. They have the right to financial regulation; many facilities including the health care world use the Generally Accepted Accounting Principles (GAAP) framework. This (GAAP) has drastically changed over the past 10 years as more companies are moving away from the checks and balances structures toward the GAAP framework. The reason for that is because many feel that there is no use for doing it that way anymore. Generally Accepted Accounting Principles are the frequent group of accounting philosophies, values and actions that companies use to assemble their financial reports and show where and how their money is being controlled. GAAP is a mixture of reliable principles establishes by the policy boards, which is usually traditional ways of documenting and summarizing accounting data. Just like having an accountant. The principles are not written into law; it is a requirement by the United States Securities and Exchange Commission (SEC) that businesses use them in their financial reporting.
General Accepted Accounting Principles (GAAP)
Different reliable bookkeeping and summarizing procedure is relevant within the health care facility. The reason for that is because you need to know exactly... [continues]

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