Preview

REPORTING PRACTICES AND ETHICS PAPER

Good Essays
Open Document
Open Document
723 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
REPORTING PRACTICES AND ETHICS PAPER
Reporting practices and ethics paper
VOLINA CALDWELL
HCS/ 405 9/9/13 University of phoenix Darlene Tomlinson

Abstract
Introduction
Ethical standards in financial reporting are essential. Tools are set in place to ensure that this takes place. Administrative agencies have been established to strive and create a more standardize and ethical standard within a financial practice.

Reporting practices and ethics paper

The United States Securities and Exchange Commission, Financial accounting, Standard board. The Securities and Exchange Commission was established in 1934. This guarantee that the market would be protected. The elements of financial management are planning, controlling, organizing, directing and decision making rolls that the financial manager takes in order to ensure the success of the business. Planning objectives are laid out by the health care organization and they are identified. During this process it clears a path for all to follow. Controlling is part of where the financial manager must manage the resource organization. The process of this is organizing and directing when looking at the four elements of financial management. Decision making occurs during this process. During this process something has to be continually executed along with other elements of the financial management. The four elements of financial management are very important and it serves a purpose. There are also elements that need to be considered vital skills are necessary to keep a healthcare organizations running smoothly. Accepting accounting principles and general financial ethical standards. This process measures cost and performance
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Good Essays

    Reporting Practices and Ethics Paper
    • 833 Words
    • 4 Pages

    Reporting Practices and Ethics Paper

    The four elements of financial management are; planning, controlling, organizing and directing and decision making. Planning is the identifying of the objectives of the organization and revealing the steps required to accomplish the goals that the organization has set forth to conquer. Controlling is making sure that each area and individual of the organization is following the plans that have been established to the very letter. The manager often uses feedback from reports to see where the organization may need attention and to see what area needs attention in order to be affective. Ensuring that each member of the team is doing their part to make sure that the organization is successful. Organizing and directing is deciding how to use the resources of the organization to most effectively carry out the plans that have been arranged and show each member of the organization how to do so effectively. The manager or team leader would get involved on a day to day basis working hands on with the other members to make sure that the organization is running…

    • 833 Words
    • 4 Pages
    Good Essays
    Read More
  • Better Essays

    Ethics and Compliance
    • 1462 Words
    • 6 Pages

    Ethics and Compliance

    In this paper we will as a team: Assess the role of ethics and compliance in your organization’s financial environment. Describe procedures your organization has in place to ensure ethical behavior. Explain how financial markets work in the United States. Identify processes the organization uses to comply with SEC regulations. Evaluate your organization’s financial performance during the past 2 years, using financial ratios. Calculate the ratios for each year: Current, Debt, Return on equity Discuss the trend for each ratio and what it tells you about the organization’s financial health.…

    • 1462 Words
    • 6 Pages
    Better Essays
    Read More
  • Good Essays

    Reporting Practices and Ethics Paper
    • 978 Words
    • 4 Pages

    Reporting Practices and Ethics Paper

    Most healthcare organizations operate on the accrual accounting basis. With this type of accounting; revenue is recorded when it is earned-not when payment is received; and expenses are recorded when they are incurred-not when they are paid.…

    • 978 Words
    • 4 Pages
    Good Essays
    Read More
  • Powerful Essays

    Hcs/405 Week 2 Individual Assignment
    • 1103 Words
    • 5 Pages

    Hcs/405 Week 2 Individual Assignment

    Financial management in simple terms is a management of finances for an organization. The goal of financial management is to achieve financial objectives, and can be broken down into four phases. The four elements of financial management are: planning, controlling, organizing and directing, and decision making (Baker & Baker, 2009). In the planning phase financials managers need to pinpoint the organizations objectives and the necessary steps to achieve those (Baker & Baker, 2009). In the controlling phase it is all about ensuring that each department is following the guidelines set forth in the planning stage. This can be accomplished by comparing quarterly reports to see if the departmental goals are being followed. When in the organizing and directing phase it is important for managers to use the organizations resources and to work on a daily basis to make sure the organization is running smooth and according to plan. In the last phase decision making in fact coincides with all the other three phases (Baker & Baker, 2009). Decisions will always need to be put into action during all four phases of financial management.…

    • 1103 Words
    • 5 Pages
    Powerful Essays
    Read More
  • Good Essays

    Hcs 405 Reporting Practices and Ethics
    • 729 Words
    • 3 Pages

    Hcs 405 Reporting Practices and Ethics

    Within financial management there are four fundamental elements to consider: planning, organizing, controlling, and decision-making. Planning includes a step-by-step process that influences decisions in revenue and organizational goals. Organizational management must intercede between personnel and the induction of financial planning. A financial manager is accountable for decisions made during the planning process. All information assembled and forecasted will aid in informed decisions and positive outcomes (Baker & Baker, 2011).…

    • 729 Words
    • 3 Pages
    Good Essays
    Read More
  • Better Essays

    Reporting Practices and Ethics Paper
    • 962 Words
    • 4 Pages

    Reporting Practices and Ethics Paper

    There are several elements that are involved in financial management. However, there are four key elements that will be discussed throughout this paper. Those elements consist of planning, organizing/directing, controlling, and decision making. Planning requires management to set realistic objectives and devise a plan or course of action to achieve those objectives. It requires managers to be aware of their organizations current financial status as well as their future financial status in order to make sound decisions.…

    • 962 Words
    • 4 Pages
    Better Essays
    Read More
  • Good Essays

    Reporting Practices and Ethics Paper
    • 821 Words
    • 4 Pages

    Reporting Practices and Ethics Paper

    The third element is organizing and directing, deciding what resources are most effective and how to use those resources. The purpose is to run the organization smoothly, effectively and that comes with daily supervision of all the elements described so far. The last element of financial management is decision making. Managers make choices among the available information and alternatives given in the reports, logs, tracking made. All his or her decisions rely on this information; this is why it…

    • 821 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    Financial and Ethical Reportinng
    • 759 Words
    • 4 Pages

    Financial and Ethical Reportinng

    It is very important to understand the four elements of financial management, which includes, “(a) Planning (b) Controlling (c) Organizing and directing, and (d) Decision making” (Health care Finance, p. 5. 2011) Planning is the financial manager’s responsibility to meet the organization’s goals and objectives. The purpose of controlling is to make sure the plans are carried out and this is achieved through feedback. Organizing is basically when the financial manager uses the resources available to accomplish the facility’s goals. Through directing, the manager will work daily with the staff and able to achieve the ultimate goal. Decision-making is when the financial manager is capable of making informed decisions through evaluating and analyzing with the resources available. If the financial manager of a health care facility comprehends and applies these elements along with an ethical judgment, the organization will be successful.…

    • 759 Words
    • 4 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    HCS 405: Reporting Practices And Ethics
    • 859 Words
    • 4 Pages

    HCS 405: Reporting Practices And Ethics

    Financial Management is a fundamental part of successful healthcare financial planning. Financial decisions are a necessary part of day to day operations of any size or type of health care facility. These decisions are made in accordance with the facilities fiscal objectives and accounting practices. It is important that the individuals making these decisions follow proper reporting and ethical practices since these decisions affect the future of the entire facility. In order to make finical decisions it is important to understand generally accepted accounting principles, corporate compliance, ethics, fraud and abuse.…

    • 859 Words
    • 4 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Communication Case
    • 817 Words
    • 4 Pages

    Communication Case

    Handbook of the Code of Ethics for Professional Accountants. (2013). New York: International Federation of Accountants.…

    • 817 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    Hcs 405
    • 1128 Words
    • 5 Pages

    Hcs 405

    Financial management is a vital component to organizational success in health care. Financial management is defined as the planning, directing, monitoring, organizing, and controlling of financial resources within an organization (Business dictionary, 2011). There are four elements or components of financial management. The four components of financial management include planning, controlling, organizing/directing, and decision making (Baker & Baker, 2011). The first element of financial management is planning. Financial planning occurs when one identifies the steps that need to be taken for an organization to reach its objectives or goals. The second element of financial management is control. This includes controlling each area of an organization, making sure there is a plan in place, and making sure that plan is being followed by staff of the organization. The third element of financial planning is organizing and directing. When organizing, one should decide how to use resources most effectively for the financial gain of the organization. Directing allows an individual know everything is running smoothly and effectively. The last element…

    • 1128 Words
    • 5 Pages
    Good Essays
    Read More
  • Better Essays

    Financial Reporting Practices And Ethics Paper Hcs 405
    • 1070 Words
    • 5 Pages

    Financial Reporting Practices And Ethics Paper Hcs 405

    Management needs to have a plan or purpose in motion and gather the necessary information which will make the health care organization successful. Controlling is when the healthcare organization is adhering to the plans that are developed by management. Organizing and directing a plan which the health care organization needs to follow and maintain certain steps, resources and stayed focused on the end result, which is success. The proper decision making choices are through education. The financial team is accountable for making sure the appropriate reports are up-to-date, and they are accountable for reporting the funds with principles set forth by the code of ethics and mission statements of the health care organization. Every organization must be willing to release the financial reports which are deemed to be correct. If a health care organization provides incorrect information, this can be immoral and cause financial difficulties to the…

    • 1070 Words
    • 5 Pages
    Better Essays
    Read More
  • Good Essays

    Ethical Considerations in Financial Management
    • 515 Words
    • 3 Pages

    Ethical Considerations in Financial Management

    In this article, the ethical considerations that are involved for financial decision-making are that the American Institute of Certified Public Accountants (AICPA) follows a professional ethics code of conduct. This code requires that all accountants use these codes in their business operations to guide them in the use of professional and ethical behavior. Also required by the AICPA is that all accountants are willing to make a pledge or commitment to use honorable behavior in their practices, even if this is at the expense of any personal benefits (Think+Up, 2011).…

    • 515 Words
    • 3 Pages
    Good Essays
    Read More
  • Powerful Essays

    Rsm220-Week 01 Slides
    • 2259 Words
    • 10 Pages

    Rsm220-Week 01 Slides

    Role of Financial Reporting • Financial statements and financial reporting • Accounting and capital allocation •Stakeholders Objective of Financial Reporting •Management bias •Users’ needs Standard Setting • Need to develop standards • Parties involved in standard setting • Standard setting in a political environment GAAP • GAAP hierarchy •Professional judgement • Role of ethics Challenges Facing Financial Reporting • Globalization of companies and capital markets • Impact of technology • Changing nature of the economy • Increased requirement for accountability…

    • 2259 Words
    • 10 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Sddsd
    • 6109 Words
    • 25 Pages

    Sddsd

    This paper outlines the rationale for the regulatory arrangements put in place for setting international standards for auditing and assurance, ethics and accounting education; arrangements in which responsibility is shared between the public sector and the private sector. While the previous IFAC policy position paper on regulation of the accounting profession1 addressed regulatory issues at the national level, the focus of this paper is on standard setting arrangements at the international level. The paper describes the manner in which the current arrangements, a combination of public and private sector roles ,2 provide a standard setting structure and process that operate and are seen to operate in the public interest, in a context in which there are needs for legitimacy, independence, transparency, performance (encompassing technical competence, responsiveness and efficiency) and accountability. It seeks to recognize and address the need for balance in these areas, given that there may be trade-offs that need to be made. It also recognizes the need for the standard setting structures and processes, and the resultant standards, to create the right incentives for effective implementation of the spirit as well as the letter of the standards.…

    • 6109 Words
    • 25 Pages
    Powerful Essays
    Read More

Related Topics