HCAD 640 Importance of Fair and Accurate Financial Reporting
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
HCAD 640 Importance of Fair and Accurate Financial Reporting
Peer 1: Accurate and well-organized financial statements can help a business run more efficiently and effectively. Financial reporting provides a level of insight that assists businesses in remaining compliant while streamlining their income or expenditure-focused initiatives across the board. According to Calzon (2022) research, leveraging information to construct more proficient marketing reports and make more informed decisions can increase marketing productivity by 15 to 20%, amounting to up to $200 billion calculated on the basis of annual global marketing spend of $1 trillion per year.
It is critical to keep accurate records in order to understand the financial status of any business. Having solid, comprehensive accounting reports on hand when needed is a good step toward ensuring a company’s current financial state (Treece, 2021). Taxes are likely the most critical reason for financial statement analysis. Most businesses would probably use management dashboards instead of financial reports if financial reports were not legally required. Because the best accounting software generates a plethora of reports, it is critical to understand which ones should be used and paid close attention to. According to Calzon (2022) research, the majority of respondents recognized financial reporting’s “insufficient level of detail” as the main issue. Close management software can help businesses generate financial reports more quickly and accurately by speeding up the financial close process (Azih, 2022). The trend toward greater financial reporting transparency will only continue and it is important that data is accurate to implement accounting standards. Accepting that changes are unavoidable and putting in place the appropriate tools and processes are critical to staying ahead of them.
Reference
Azih, G. (2022, February 28). 4 ways to improve financial reporting quality and processes. LeaseQuery. https://leasequery.com/blog/improve-financial-reporting-quality-processes/
Calzon, B. (2022, February 11). What is financial reporting and analysis? learn its importance. BI Blog | Data Visualization & Analytics Blog | Datapine. https://www.datapine.com/blog/financial-reporting-and-analysis/
Treece, D. D. (2021, December 1). What are accounting reports? Business News Daily. https://www.businessnewsdaily.com/16092-what-are-accounting-reports.html
Peer 2: There are probably many reasons for healthcare industries to have fair and accurate financial reporting, but I am going to focus on two: it tells organizations if they are meeting their financial goals and how much money is coming in and out of the organization and lastly if financial reporting is not managed correctly the probability of going to jail is imminent.
Rosario (2021) states whether or not a practice or organization is for sale or not it is still very important that they know and meet their financial goals and know how much money is coming and going.
Also, accurate and timely financial reporting helps to understand how well the organization is doing and points out new opportunities to make better decisions for the future. (“What is Financial Reporting”, 2022).
In my research I came across the article about two Chief Financial Officers that cooked the books (made fraudulent entries on the financial statements in their company) all because they were greedy. (McCann, 2017). In the article they both gave their own personal account of what happen to a group of CFOs in the hopes they would not make the same mistakes they did. One of the statements Beam said was “greed is a recipe for fraudulent behavior, and that is what lead him to adjust accounting estimates which eventually caused him to spend 3 months in jail and have a felony record. (McCann, 2017). Smith was the other CFO that cooked the books, he explained in greater detail of how it was done, he was also the Whistleblower, spent 27 months in jail and has a felony record. (McCann, 2017).
In conclusion, if you are an accountant or financial leader or lead of a healthcare organization keep and prepare accurate and timely financial statements for your organizations. Be transparent and ethical in dealing with your organization’s money. I am positive if we could speak with Beam and Smith today, they would both say that having that status and money was not worth it in the end.
References
McCann, D. (2017, March 27). Two CFOs Tell a Tale of Fraud at HealthSouth.
https://www.cfo.com/accounting-tax/2017/03/two-cfos-tell-tale-fraud-healthsouth/
Rosario, C. (2021, February 19). How Important is Financial & Clinical Reporting for Healthcare? https://www.adsc.com/blog/how-important-is-financial-and-clinical-reporting-for-healthcare
What is Financial Reporting? (2022) https://planful.com/blog/what-is-financial-reporting/
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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