In Your Own Words State the Primary Uses the GASB

question 59

Essay

In your own words state the primary uses the GASB believes external users have for financial reports of state and local governments. For contrast, state the uses the FASB believes external users have for the financial reports of not-for-profit organizations.

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Definitions:

Durable Medical Equipment

Medical devices or equipment prescribed by a healthcare provider for patient use, designed for repeated use, typically in the home, such as wheelchairs or walkers.

Medicare Patients

Individuals who are covered under Medicare, a federal health insurance program primarily for people who are 65 or older, as well as for some younger people with disabilities.

CPT

Current Procedural Terminology, a set of medical codes used to describe diagnostics, treatments, and procedures for billing purposes.

ICD-9-CM

An outdated system used in the United States for classifying and coding diagnoses, symptoms, and procedures recorded in conjunction with hospital care, replaced by ICD-10-CM.