Private health care organizations follow _____ standards while governmentally owned health care organizations follow _____ standards.

Question

Quizplus · Accepted Answer

Private not-for-profit health care organizations follow FASB standards, including those specifically applicable to not-for-profits. Private for-profit health care organizations follow FASB standards excluding those written specifically for-not-for profits. If a health care organization is owned or controlled by a government, it is typically considered a special-purpose entity engaged only in business-type activities and would use proprietary fund accounting and follow GASB.

Private Health Care Organizations Follow _____ Standards While Governmentally Owned