Reporting Practices and Ethics Paper - 813 Words

Reporting Practices and Ethics Paper Reporting Practices and Ethics Paper Financial management of health care organizations can be a complex challenge for health care managers, from the basic elements of financial management to the heavy burdens of ethical compliance and accuracy. In this paper the subject to discuss is financial reporting practices and ethical standards in health care, how health care reform is changing and making these organizations more accountable, and summaries of generally acceptable accounting principles and general financial ethical standards. Financial Management â€Å"There are four recognized elements of financial management: (1) planning, (2) controlling, (3) organizing and directing, and (4)†¦show more content†¦(Federal Accounting Standards Advisory Board, 2011) This gives the guidelines for consistent reporting of transactions. Recent changes in our health care reform laws are changing the manner in which health care organizations are reporting finances. â€Å"Overall, health care-related items are going to become reportable within one or more financial categories. And that means companies will need to have controls and policies in place around that health care data. Whether companies store it in a human resources application or in a financials package, they need to consolidate that information and put the controls in place to ensure its integrity†. (Capobianco, 2010) Financial reporting is already a well documented in most organizations, however these new reform laws are making the reporting not only a priority but also a necessity and accuracy a must. â€Å"It may be cheaper to pay the fines; however, that may n ot be the best business position to take†. (Capobianco, 2010) General Financial Ethical Standards A simple definition of financial ethical standards is the accuracy of books and records, disclosures of reports and filings, and safeguarding personal and confidential information in compliance with regulations and laws. InShow MoreRelatedReporting Practices and Ethics Paper852 Words   |  4 PagesReporting Practices and Ethics Paper According to G. (2012), is that â€Å"the great thing about working in accounting is that everybody counts†. Accounting is vital in all organization for it is the root of a business. 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