Financial reporting standards for all government owned and operated hospitals are established by the GASB.

Question

Quizplus · Accepted Answer

Public hospitals owned and operated by governments follow GASB standards as well as the AICPA Audit and Accounting Guide Health Care Organizations. Public hospitals are usually considered legally separate special purpose governments engaged in business-type activities, although some may be accounted for as enterprise funds of a primary government. Some others may be accounted for as a part of a health service function in governmental funds and governmental activities at the government-wide level.

Financial Reporting Standards for All Government Owned and Operated Hospitals