Financial Reporting Practices and Ethical Standards Paper
Ebony Washington
HCS - 405
05/02/2011
Donna Pearson

Financial Reporting Practices and Ethical Standards Paper

Financial reporting is a process that been under a great deal of problems. It is one of the most important functions that an organization has to pay close attention to; it requires a higher code of ethical behavior. Ethical standards are a set principal that promotes values such as trust, good behavior fairness, and kindness in an organization. Financial management involves ethical standards as well reporting practices in health care. Organizations have to report financial data fairly and factually. Not reporting financial planning can cost the organization money that will affect the investor’s patients, and employees. In my article I will discuss the four elements of financial management, explain the generally acceptable accounting principals and general financial ethical standards. I will also give examples form the articles read that reflects ethical standards of conduct and financial reporting practices. The four elements of financial management are: controlling, planning, organizing and directing, and decision making. The four elements are based on the purpose of each task. Planning is the systematic process of making ethical decisions about the goals the organization will pursue. The manger has to ensure that enough funding is available at the right time to meet the needs of the business. Controlling is where the financial manager makes sure that each area of the organization is following the plans that are established. Organizing and directing, when organizing the financial manager decides how to use the resource of the organization to most effectively carry out the plans that are established. When directing, the manager works on a day-to-day basis to keep the results of