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The Financial Accounting Standards Board is the primary source of generally accepted accounting principles (GAAP) for all health care organizations. Do you agree with this statement? Why or why not?
2. Discuss the conceptual framework of accounting for federal agencies and compare it to the conceptual framework established by the GASB for state and local governments. Review the financial statements of a federal department/agency and include a specific example of reporting that would differ from that of a state and local government and note the difference(s).
Expert Answer
The financial accounting standards board is the primary source of generally accepted accounting principles for all health care organizations. I agree with the statement. Because, Generally Accepted Accounting Practices is are a set of standards, conventions and rules that accountants utilize to compile financial statements, in order to offer a certain level of consistency across organizations.
