Question

Three accountants started talking about hospitals. One said he was treated at a not-for-profit hospital, another said she was treated at a county hospital, and the third said he had just returned from the hospital run by the U.S. Veterans Administration. They wondered why three different bodies established accounting standards for hospitals. Give reasons for and against the existence of three accounting standards-setting bodies.

Answer 1

And what do you think?

http://www.accountingcoach.com/nonprofit-accounting/explanation

http://www.gasb.org/jsp/GASB/Page/GASBLandingPage&cid=1176160042327

http://www.va.gov/finance/docs/va-financialpolicyvolumeichapter01.pdf

Different laws apply in each instance.