As both the FASB and the GASB approved the AICPA Health Care Guide,its requirements constitute Category A GAAP and must be followed by all health care organizations.

Question

Quizplus · Accepted Answer

The statement is incorrect. The AICPA Health Care Guide is not approved by either the FASB or the GASB, and therefore does not constitute Category A GAAP. The guide is considered a best practice resource and its recommendations are not mandatory for all health care organizations to follow.

As Both the FASB and the GASB Approved the AICPA