'Reporting Practices and Ethics Paper Essay\r'

'Financial solicitude is very all-important(a) in today’s health assistance monetary procedures. It is one the some important aspects of the monetary health c are. There are many assessments made- establish the pecuniary records and the business transactions that occur at bottom the health care shaping. It is crucial the monetary records are kept up- to - appointee and they follow specific guidelines. The books kept up- to- date and in order, this provide show the amount of silver being brought into the organization for profit and the amount of capital the organization has lost in profit.\r\nOne subject that may cause the satin flower of the organization to be on the brinks is the organization financial management and the correctness of the financial books. This paper is about information that allow send financial reportage practices and morals. It give address four financial management functions, summaries that accept be principles by generally accepted accountancy principles (GAAP). It volition also give an extype Ale from an article that has reflected honourable standards of make out and financial reporting.\r\nThe basic four components of financial management are planning, imperative, organizing and directing and decision making. The cookery is accountability for financial management to recognize the purposes of the health care organization. The planning gradation is to â€Å"set directions and allocates resources, the organizing step brings people and material resources together in works condition, the leading step inspires people to best utilise these resources, and the controlling step checks that the proper(a) things happen, in the right style, and at the right time” (Lombardi, Schermerhorn, & Kramer, 2007,).\r\nControlling is the process of the financial management to delay that each department of the organization are sack by the procedures that was decided. The financial manager should have the reports procurable to study the most recent financial reports. The reports forget help to select what department needs the most consideration to keep the organization going. Organizing and directing is the responsibility of the financial manager to decide in what way to make use of the funds of the organizations most efficiently.\r\nResources much(prenominal) as assets will help the manager to tick the goals of the healthcare organizations are accomplished. Directing is an everyday pipeline provided that control and support. The final step in the grammatical constituent in financial management is decision making. Planning, organizing, and controlling is a correspondence with the decision making process. The choices will be by the financial manager ground on evaluation, analysis and information. Generally accepted accounting principles is a set of financial recommendations used for financial accounting.\r\nThe recommendations are for preparing financial statements and for sett ing standards for organizations accountants. According to bread maker (2011), â€Å" One of the requirements of GAAP is that unrestricted fund balances be separated from restricted fund balances on the statements, so you see two appropriate line items (restricted and unrestricted) in the fund balance section” (p. 108). GAAP are the rules of accounting. Those guidelines are to arrange the reporting of financial statements that will include the cash flow statements, in do statements, and the balance sheet.\r\nWith the reaction of these responsibilities, the Organization of Managing Bookkeepers declared principles of moral conduct for employees of managing bookkeeping and financial management. The principles take account for confidentiality, integrity, and competence. A individual essential maintain knowledge and the necessary skills is what includes competence. They must incessantly maintain their professional responsibilities and duties in amity with related rules, techni cal standards, and regulations.\r\nConfidentiality when one should not recrudesce confidential information, such as health records still when given the right authority to do so. rectitude has the responsibility not to engage in activities that would refer prejudgment, favors that will influence their actions and decision making. According to” honourable Standards” (n. d),â€Å"Specialists of managing bookkeeping and monetarist managing partake an commitment to the community, their line of work, the work they work for and themselves, to uphold the utmost principles of decent manner. Hewlett-Packard political party CEO, Mark Hurd turn out to be complicated up in the workplace. According to (Healthfield, 2012), â€Å"Mr. Hurd had failed to disclose a close personal relationship he had with a contractor that constituted a conflict of worry” . ”Mr. Hurd also â€Å"failed to maintain accurate expense reports, and employ company assets. ” This is an example that reflect ethical standards of conduct and financial reporting practices. Practicing accuracy end honesty will help continue the capacity to neer misuse the financial systems, and abide by the laws dictated out by GAAP.\r\nOrganizations are providing their employees with the necessary learning that will equip them as well as sustain the reporting practices operational but at the time use the similar procedures and show them smart procedures. Fraud and pervert is something everyone know when being ethical. By using the GAAP guidelines, keeping the organizational ethics and policies would be free from abuse and fraud. By spare-time activity the guidelines that comes from the GAAP, they can help prevent fraud and abuse from happening in the health care organization itself.\r\nThese guidelines are there to help the organization hit so they will always be make in case there may come a time when they have to show their financial documents to a third party. Therefore in conclusion, it a major responsibility in financial reporting practices and ethics. Financial managers should implement the four elements of financial management in their reports to obviate fraud, abuse and the risk of break of serve ethics. Managers should know how to plan, control, organize and directing and decision making. They should always incorporate the GAAP rules and regulations in order to avoid unethical rulings.\r\n'