The four elements of fiscal direction are be aftering. commanding. forming and directing. and determination devising. These four elements will be defined and explained in this paper. Besides emphasized will be the recognized accounting rules and the general fiscal ethical criterions. Examples of ethical criterions of behavior and fiscal coverage patterns will be explored and notated in this paper every bit good. All of these points are of import in the accounting pattern of wellness attention direction to assist the organisations run swimmingly and to be financially stable.

Four Elementss of Financial Management

Planing lets a wellness attention organisation set ends and guidelines to do certain their office is a success and that all achievements are met. Controlling is guaranting that all countries within the health care organisation are following ends and guidelines set and gives the organisation the chance to fix for any issues that may originate. Forming and directing ensures that the wellness attention organisation is working to its possible and allows them to work on a twenty-four hours to twenty-four hours footing and repair any issues that may be looming. Last. determination doing plants off all of the other elements ( be aftering. commanding. forming and directing ) by roll uping information and doing the concluding determinations on how the fiscal direction will work.

General Accepted Accounting Principles

“The common set of accounting rules. criterions and processs that companies use to roll up their fiscal statements. GAAP are a combination of important criterions ( set by policy boards ) and merely the normally recognized ways of recording and describing accounting information” ( By and large Accepted Accounting Principles. n. d. ) . Even with GAAP being a set of criterions. there are still companies that will wangle Numberss on their fiscal statements. so their fiscal statements will hold to be scrutinized enormously.

General Financial Ethical Standards

“Ethical criterions are determined mostly by professional accounting and finance organisations and the Financial Accounting Standards Board. Small-business proprietors who plan to execute their ain accounting services or hire comptrollers should be cognizant of accounting rules and general fiscal ethical criterions so they can keep a positive repute for their businesses” ( Morley. n. d. ) . Competence is one of the ethical criterions that is cardinal for a fiscal officer to continue in an organisation. Fiscal directors should follow the GAAP and remain up to day of the month with its guidelines. They should besides continue honestness and unity.

Examples of Ethical Standards of Behavior

Ethical criterions of behavior is a set of criterions that each company sets for themselves. There is no consistent criterions of behavior for a concern. but they must include. advancing values. trust. good behaviour. equity. and kindness. They are non easy enforceable and are ever unfastened to reading. For illustration. work forces and adult females should be treated every bit or handle the patient with regard. Nightingale Home Healthcare codification of moralss are direct and descriptive. Some of their ethical criterions of behavior are listed as: “all concern behavior should be good above the minimal criterions required by the jurisprudence. each employee is responsible for the effects of his or her actions. each employee must be the defender of Nightingale’s moralss. leaders at Nightingale have excess duty of puting an illustration by their personal public presentation and an attitude that conveys Nightingales ethical values. our first duty is to the patient and patient’s households that we provide our services” ( Corporate Social Responsibility-Code of Ethics. n. d. ) . There are legion points of their codification of moralss but they serve a intent and that purpose to do certain their company is ran expeditiously and respectfully.

Fiscal Reporting Practices

“A separating feature of high public presentation organisations is a strong internal control structure-controls that guarantee patient attention. conformity with ordinances. internal efficiencies. and fiscal coverage. It is controls on fiscal coverage that are having a great trade of attending under a new jurisprudence. the Sarbanes-Oxley Act of 2002. Public companies are now required by jurisprudence to document controls over fiscal coverage. in order to to the full address exposures and the effectivity of current controls. Though many health care organisations are non straight affected by the jurisprudence. regulative bureaus could follow suit and necessitate similar conformity. In fact. several provinces have introduced measures that require non-profit-making organisations to adhere to parts of the act. This article provides a usher for organisations wanting to remain in front of the curve” ( Godwin & A ; Mueller. 2005 ) .

Significance

The significance of these illustrations are that there are moralss that need to be followed within any organisation but in a health care organisation it is highly of import because you handle patients and to guarantee the comfort of these patients. a codification of moralss need to be enforced for the organisation. It is besides of import to guarantee that fiscal coverage is done. so all fundss stay up to day of the month on a legal mode. It helps to demo gross. liability. and disbursals and helps command the concern efficaciously.

Mentions

Corporate Social Responsibility-Code of Ethics. ( n. d. ) . Retrieved from Nightingale Home

Healthcare: hypertext transfer protocol: //www. homecareforyou. com/about/code. hypertext markup language

By and large Accepted Accounting Principles. ( n. d. ) . Retrieved from Investopedia:

hypertext transfer protocol: //www. investopedia. com/terms/g/gaap. asp

Godwin. N. . & A ; Mueller. J. ( 2005 ) . Fiancial Coverage Practices: A Comprehensive Evaluation.

School of Accountancy. Auburn University.

Morley. M. ( n. d. ) . Accounting Principles and General Financial Ethical Standards. Retrieved

from Small Business Chronicle: hypertext transfer protocol: //smallbusiness. chron. com/accounting-principles-

general-financial-ethical-standards-36283. hypertext markup language