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generally accepted accounting principles relating to health care. - Essay Example

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Generally Accepted Accounting Principles Relating to Health Care The Concept of GAAP Generally Accepted Accounting Principles (GAAP) are fundamentally regarded as a standard framework and guiding principles of financial reporting, as well as accounting process…

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generally accepted accounting principles relating to health care.

The standards relating to GAAP have been recognized to be executed by different organizations while compiling their respective financial reports. In general, GAAP is a broadly used accounting procedure of reporting and recording financial information. The accounting standards that have been outlined within the GAAP are “generally accepted” by the Governmental Accounting Standards Board (GASB). The mission of GASB is to build and develop the financial reporting standards at the level of local governments and state units (Taylor, 2008). Purpose of GAAP The main purpose of GAAP is to represent the financial report that can significantly reflect the financial position of a particular organization. GAAP provides effective support to the organizations in terms of enhancing their capability within the framework of long-term financial decision making process that eventually enables the organizations to accomplish their predetermined financial objectives. Moreover, the other imperative purpose of GAAP is to enhance the performance of the business organizations through properly maintaining their financial records (Office of Financial Management, 2012). From the perspective of healthcare industry, GAAP performs a major role through delivering transparent financial statements that encompasse all the financial activities of the healthcare organizations. ...
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