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Hsc 405 Week 3 Reporting Practices And Ethics

1037 words - 5 pages

Reporting Practices & Ethics.
The health care industry is constantly growing and managing the finances of health care facilities is increasingly becoming a concern. In this day and age, management of finances in health care is very important when it comes to financial planning. Any organization that runs with the absence of proper planning will fail. The accounting records of an organization has to be accurate and kept updated, this is important because they don't want to fall below the guidelines that are supposed to be adhered to. Account records help an organization track the income and expenses and help them to know what the stand of the company is financially. This helps the ...view middle of the document...

GAAP-based income is measured so that the information provided on financial statements is useful to those making economic decisions about a company, such as potential investors and creditors."
The following points are the main principles that ensure financial records are free of inconsistencies, fair, and accurate.
Non Compensation: Every financial records or statements must be present, both negative and positive. A negative record cannot be compensated by a positive one, both must be shown because the records need to be made available to potential investors so they know what they are getting into when they see the records of when the company is doing well and when they are not.
Consistency: An organization must keep their techniques and accounting methods the same to keep records accurate and eliminate inconsistencies. These methods and techniques must stay the same way for a certain fiscal year.
Sincerity: Accountants must ensure that they provide honest and accurate records to their clients on the stability of their personal or company's finances without beating around the bush or trying to sugar coat it. This will enable the person(s) concerned to come up with other means or strategies to help them manage their finances properly.
Regularity: Account records and financial statements have to be updated in a timely manner and it is also imperative that tax returns and information are provided within the given time.

Ethical standards must be followed by accounting and financial managers because this is what regulates the type of business they run, who they provide services to and the usage of their skills. "Ethical standards are determined largely by professional accounting and finance organizations and the Financial Accounting Standards Board. Small-business owners who plan to perform their own accounting services or hire accountants should be aware of accounting principles and general financial ethical standards so they can maintain a positive reputation for their businesses." ("Accounting Principles & General Financial Ethical Standards", 2014).
Financial and Accounting managers are responsible for the following to adhere to ethical standards guidelines.
Competence: Appropriate level of professional competence and also regularly developing their knowledge and skills must be maintained by accounting and financial managers....

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