Health care entities may be private not-for-profit, governmental, or for-profit. All, however, are subject to the AICPA Health Care Guide, which is accepted by both FASB and GASB as being Category B GAAP.

Question

Quizplus · Accepted Answer

The Health Care Guide applies equally to private not-for-profit governmentally owned and investor-owned health care organizations. The AICPA Health Care Guide provides certain additional accounting and reporting requirements beyond those required by the FASB and the GASB standards. As both the FASB and the GASB approved the Health Care Guide, its requirements constitute Category B GAAP and must be followed by all health care organizations.

Health Care Entities May Be Private Not-For-Profit, Governmental, or For-Profit