Reporting Practices and Ethics Paper
Financial management is an important part of today’s health care plans. Several decisions in the financial department are done on a daily basis so that all the accounting records and the business transaction are made according to the organization fiscal objectives even if they are done like the accounting principles.
Generally accepted accounting principles (GAAP) are regarded as the set of guidelines for accounting purposes in the general field of accounting standards. Following these accounting guidelines the GAAP includes several things like conventions, standards and the rules that are different in the organizations that the accountant must follow. A copy summarization of all the transactions and in doing work like preparing all the financial documents. The third party involved in these reports must rely on stated information to be exempted from all inconsistency or bias without and conflict of interest. These could also ensure that, the generally accounting principles serve as precise guidelines, a group of objectives and verified conventions that were set up over time to standardize how financial statements must be prepared or presented. Every organization that deals with all kinds of financial data should act in accordance to the GAAP standards to make sure outside creditors can see their financial statements without any difficulty or doubt.
With every kind of group composed there will always be a committee or a certain number of employees that will work together to practice the ethics set up by the corporation. There would always be differences among the corporation and sometimes behavior would be based on the ethics set in place by the corporation or organization. Most corporations focus on the corporation’s surroundings, human and social rights and direct responsibility when trying to study all the emotions that the ethic committees form within the corporation. All GAAP standards are...