Reporting Practices and Ethics Essay

The four ele workforcets of fiscal management argon fancyning, controlling, organizing and directing, and finality making. These four elements ordain be defined and explained in this paper. Also show volition be the accepted news report principles and the general monetary veracious standards. Ex amples of ethical standards of need and monetary coverage practices will be explored and notated in this paper as well. All of these points atomic number 18 important in the invoice practice of health handle management to help the judicatures run smoothly and to be financi wholey stable.Four Elements of fiscal ManagementPlanning lets a health c ar organization set goals and claimlines to remove sure their office is a triumph and that all in all accomplishments argon met. Controlling is ensuring that all areas within the healthcare organization are go overing goals and guidelines set and gives the organization the probability to prepare for any issues that may arise. Organizing and directing promises that the health care organization is workings to its potential and allows them to work on a day to day basis and beget any issues that may be looming. Lastly, decision making works off all of the other elements (planning, controlling, organizing and directing) by collecting discipline and making the final decisions on how the financial management will work. oecumenical veritable explanation PrinciplesThe common set of invoice principles, standards and procedures that companies use to compile their financial statements. generally accepted accounting principles are a combination of significant standards (set by policy boards) and simply the normally accepted ways of recording and describe accounting information ( in the main Accepted Accounting Principles , n.d.). Even with GAAP being a set of standards, in that location are calm down companies that will finagle numbers on their financial statements, so their financial statements will create to be scrutinized tremendously.General pecuniary Ethical StandardsEthical standards are compulsive largely by professional accounting and finance organizations and the monetary Accounting Standards Board. Small- byplay owners who plan to perform their own accounting go or hire accountants should be alive(predicate) of accounting principles and general financial ethical standards so they can maintain a positive reputation for their problemes (Morley, n.d.). Competence is superstar of the ethical standards that is key for a financial officer to uphold in an organization. Financial managers should follow the GAAP and cleave up to date with its guidelines. They should similarly uphold satinpod and integrity.Examples of Ethical Standards of ConductEthical standards of stomach is a set of standards that distri providedively order sets for themselves. There is no consistent standards of consider for a business, just they must include, promoting values, trust, good beh avior, fairness, and kindness. They are not easily enforceable and are always open to interpretation. For instance, men and women should be treated equally or treat the longanimous with respect. nightingale berth 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 preceding(prenominal) the minimum 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 personal performance and an spatial relation that conveys Nightingales ethical values, our first responsibility is to the persevering and patients families that we provide our work (Corporate Social Responsibility-Code of Ethics , n.d.). There are numerous points of their code of ethics but they serve a take and that purpose to make sure t heir company is ran efficiently and respectfully.Financial Reporting PracticesA distinguishing mark of high performance organizations is a loaded internal 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 attention chthonian a new law, the Sarbanes-Oxley Act of 2002. humankind companies are now required by law to document controls over financial reporting, in order to fully squall exposures and the effectiveness of current controls. Though galore(postnominal) healthcare organizations are not flat 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).Significa nceThe 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 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 oecumenical Evaluation.School of Accountancy, Auburn University.Morley, M. (n.d.). Accounting Principles and General Financial Ethical Stan dards . Retrievedfrom Small patronage Chronicle http//smallbusiness.chron.com/accounting-principles-general-financial-ethical-standards-36283.html