Reporting Practices and Ethics Essay

The four elements of financial management be planning, controlling, organizing and directing, and decision making. These four elements ordain 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 take over and financial reporting practices will be explored and notated in this paper as well. All of these points atomic number 18 important in the accounting practice of health keeping management to help the giving medications run smoothly and to be financially stable.Four Elements of Financial ManagementPlanning lets a health cargon organization primed(p) goals and guidelines to make sure their absentice is a triumph and that all accomplishments are met. Controlling is ensuring that all areas within the healthcare organization are come outing goals and guidelines set and gives the organization the opportunity to prepare for either issues that may arise. O rganizing and directing ensures that the health care organization is working to its emf and allows them to work on a day to day basis and constitute any issues that may be looming. Lastly, decision making works off all of the other elements (planning, controlling, organizing and directing) by collecting randomness and making the final examination decisions on how the financial management will work. frequent Accepted story PrinciplesThe common set of accounting principles, standards and procedures that companies use to compile their financial statements. generally accepted accounting principles are a combination of authoritative standards (set by policy boards) and only when 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 relieve oneself to b e scrutinized tremendously.General Financial Ethical StandardsEthical standards are determined largely by professional accounting and finance organizations and the Financial Accounting Standards Board. Small-business owners who plan to bring to pass their own accounting services or hire accountants should be sensible of accounting principles and general financial ethical standards so they can check a positive reputation for their businesses (Morley, n.d.). Competence is one of the ethical standards that is primaeval for a financial officer to uphold in an organization. Financial managers should follow the GAAP and extend up to date with its guidelines. They should also uphold truth and integrity.Examples of Ethical Standards of ConductEthical standards of conduct is a set of standards that all(prenominal) company sets for themselves. There is no consistent standards of conduct for a business, still they must include, promoting values, trust, good behavior, fairness, and kin dness. They are not easily enforceable and are always open to interpretation. For example, men and women should be treated equally or treat the patient role with respect. nightingale Home Healthcare code of moral philosophy are direct and descriptive. Some of their ethical standards of conduct are listed as all business conduct should be well above the token(prenominal) standards required by the law, 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 personalised performance and an attitude that conveys Nightingales ethical values, our first responsibility is to the patient and patients families that we provide our services (Corporate Social Responsibility-Code of moral philosophy , n.d.). There are numerous points of their code of ethics nevertheless they serve a subroutine and that purpose to make sure their company is ran efficiently and respectfully.Financial reportage PracticesA distinguishing characteristic of high performance organizations is a strong interior control structure-controls that ensure patient care,compliance with regulations, internal efficiencies, and financial reporting. It is controls on financial reporting that are receiving a great deal of attending under a new law, the Sarbanes-Oxley Act of 2002. Public companies are this instant required by law to document controls over financial reporting, in order to fully address exposures and the effectiveness of current controls. Though many a(prenominal) healthcare organizations are not directly affected by the law, regulative 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).SignificanceThe si gnificance 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 travelling bag 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 Standa rds . Retrievedfrom Small Business bill http//smallbusiness.chron.com/accounting-principles-general-financial-ethical-standards-36283.html