Accounting Principles: United HealthCare

Basic financial statements are valuable documents in the management of health care organizations. Financial statements are helpful in the management of health care organizations and determination of their credit worthiness. Investors and other stakeholders also find the statements highly beneficial in determining the appropriateness for investment in the health care organization. Accepted accounting principles are conventions set to regulate formalized systems of accounting; especially applied in America. Set by the financial accounting and standards board, accepted accounting principles guide the preparation of basic financial statements in all organizations (Riahi-Belkaoui, 2004). The basic financial statements include the balance sheet, cash flow statement, statement of changes in the organization's assets and statements of operations. Health care organizations must adhere to generally accepted accounting principles that are relevant to their operations. Different accepted accounting principles are applicable to the management of health care organizations and preparation of financial documents. Since most health care organizations must conform to the auditing standards by CPA, they must use the various accepted accounting principles.

The IOSCO plan does not cover accounting standards.(66) These standards are important for providing financial statements in a scheme that are prepared in the similar manner as those by issuers from other countries. The development of international accounting standards is the subject of a distinct project by IOSCO, and many accounting professionals who are concomitant with that undertaking are hopeful that a satisfactory solution is within reach.(67) Supposing, however, that an agreement is possible on a core set of financial standards and that they too are embraced by securities regulators as compulsory for foreign issuers, the road to commonality has at least two other impediments.

Legitimacy in accounting practices is ensured by the check and balance of having independent auditors from registered public accountant firms reviewing financial practices. The report features eleven sections and these sections pertain to accounting overview, independence of auditors to reduce interest conflicts, corporate responsibility, financial disclosures, tax returns, criminal fraud and various elements of white collar criminal activity (107th Congress

The Northeast Health Council, INC was established in 1993 to meet the primary healthcare needs of the residents of the Northeast through a not-for-profit community-responsible approach.

In May 2008, the AICPA’s Governing Council designated the International Accounting Standards Board (IASB) as the body authorized to establish international financial accounting and reporting principles under rule 202 and 203 of the AICPA Code of Professional Conduct. Below is an illustrative Independent Auditor’s Report on financial statements issued in conformity with IFRS.

‘There has been a worldwide demand from regulators, investors, businesses, and auditing firms for a single set of high-quality, globally-accepted accounting standards. The American Institute of CPA’s (AICPA) believes U.S. adoption of a single set of high-quality, globally accepted accounting standards will benefit U.S. financial markets and public companies by enabling preparation of transparent and comparable financial reports throughout the world” (aicpa.org).

Is an International Accounting Association the Global Advantage .... (2016). Retrieved on October 2, 2016, from https://www.ifac.org/global-knowledge-gateway/practice-management/discussion/international-accounting-association-global.

The American Institute of Certified Public Accountants currently has over 386, 00 members since founded in 1887, under the name American Association of Public Accountants. The AICPA is integral to rule making and standard setting in the CPA profession, as well as serves as an advocate before legislative bodies and public interests groups("American Institute of Certified Public Accountants", 2010). In 1934 the New York stock exchange and the AICPA jointly published the Audits of Corporate Accounts of 1934, but a few short years later in 1938, the SEC voted to forgo this prerogative and allow the private sector to regulate its accounting practice—a policy that the commission has maintained to date. The AICPA's Committee on Accounting Procedure (CAP) assumed the financial accounting standard-setting role in 1939. The AICPA shifted this responsibility to its Accounting Principles Board (APB), equipped with its own research staff, in 1959.

Regulatory compliance is very important to prevent the unethical behaviors and violations of the law. Therefore, as my opinion, I agree with the statement which is the regulatory compliance is a successful culture in any organization for five reasons; The reasons are quality improvement, Increase efficiency, trust and brand loyalty, risk management, and Competitive variation (Sherbet, 2014).

An own account with the organization’s transfer agent, as Well Fargo Shareowner Service, or else you are the owner on an athematic stock certificate, you will be considered a “registered shareholder. If you have United Health Group stock account, known within your name with a brokerage firm, such as other agent like trustee then you are a beneficial shareholder.” Even if you have shares in the organization’s such as an Employee Stock Purchase Plan or 401 (K) you are a “plan partaker” as opposed to a shareholder. It is vital for workers to memorandum that some United Health Group shareholders may be both “beneficial and “registered” (Shareholder Supplies,” n.d.),

Cost accounting in healthcare has more important than ever before, however it is usually treated as being too complex, costly or requires numerous means for organizations in healthcare. Adding to the issue more vital programs to include electronic medical records, charting and billing systems have been the main target and cause for budget strains for several years. The healthcare industry is currently experiencing a symbolic change and concern from all the parties involved with a goal to lessen the cost of healthcare. These healthcare organizations that do not have a cost accounting system should make it a priority to develop one. “The driving force behind the development of cost accounting systems in health care organizations has been the

Generally accepted accounting principles allows the accounting profession to follow a recognized organization of objectives, to provide a structure for solving problems, to improve the understanding of financial statement and confidence in financial reporting, and to develop contrast among companies financial statements that can be generally accepted and universally practiced, “generally accepted” means that a reliable accounting organization has developed a standard of reporting that has been accepted because of the universal application (pg. 6, Kieso, Weygandt, & Warfield, 2007). There are four organizations that are evolved in the

Section 5 predicts the eventual outcomes if the FASB and International Accounting Standards Board (IASB) continue in their apparent resolve to fundamentally change the nature of accounting and financial reporting. Finally section 6 provides a summary and my conclusions.

The business environment appears to get smaller with each passing day. Therefore, accountants face troubles in remaining protected from the progressions that occur around the world (Diaconu and Coman 2006). Globalization hint at the regularly changing procedure of incorporation and connection among governments, individuals and organizations. The key three things that declare incorporate globalization venture, worldwide exchange and data innovation (Diaconu and Coman 2006). Globalization moves the world to another level and places it to more at the leading edge statures reliably. Outstandingly, globalization procedure have both negative and constructive effects on accounting (Godfrey and Chalmers 2007). This is unmistakable as in,

There is no answer to this requirement as it asks the student to register to use the Codification.