Hcs/405 Week 2

Reporting Practices and Ethics Stacy Mangrella HCS/405 October 24, 2011 Yvette Stewart Reporting Practices and Ethics Financial management is a thoroughgoing part to successful healthc be pecuniary planning. Financial decisions be a necessary part of the day to day trading operations of any type or sized health mission facility. These decisions are made in accordance with the facilities fiscal objectives and history practices. It is important that the individuals making these decisions follow proper reporting and honourable practices since these decisions affect the future of the entire facility. In order to bemuse financial decisions it is important to understand broadly accepted chronicle principles, corporate compliance, ethics, fraud and abuse. Generally accepted method of accounting principles are guidelines, objectives and conventions that have been set up over time to rate how financial statements are prepared and presented (FASAB, 2010). The GAAP includes standards, conventions and the rules in which the facilities accounting department follow when summarizing reports and preparing financial statements (Baker & Baker, 2011).

Third parties that use these financial reports must then rely on the information to be free from all prejudice and discrepancy without debate. If the information is mistaken then the GAAP standards were not followed and the facility is not in compliance, therefore behaving un honourablely (All Business, 2011). Facilities have a moral and ethical obligation to comply with GAAP in an effort to stop outside auditors from having difficulties when examining the facilities financial reports. Currently healthcare facilities private, public, for-profit and not-for-profit use the generally accepted accounting practices to report their financial information. However, compliance is really difficult because accounts and reporting requirements change frequently. PricewaterhouseCoopers International Limited (2010-2011) states that... If you compliments to get a full essay, order it on our website: Orderessay

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