FASB Codification

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The healthcare industry is selected for various important reasons. Firstly, I am currently working in the healthcare industry. Further, I have trained and learnt a healthcare course, which implies it is my career line. It would, thus, be interesting to understand the way the FASB Codifications apply to healthcare firms. Secondly, I have always had the interest of founding and operating a healthcare facility in the near future once I am established financially. Once this venture begins, my new firm will be bound by the provisions of the FASB especially when it comes to accountancy. I find this assignment, thus, a great opportunity to learn how the FASB Codification will apply to the firm and the way it will impact my financial performance.

In the past, healthcare facilities used to be largely not-for-profit entities whose main work was to offer health treatment to patients. In fact, most of the healthcare facilities in the country were owned by the Federal Government and later by the State Governments. However, things have immensely changed overtime with the commercialization of healthcare and increased involvement of the private sector. Today, healthcare companies are also engaged in stock trading even offering bonds and shares on the stock exchange markets. Therefore, they are also increasingly becoming answerable to investors and the general public at large. Where there is need for accounting and reporting, FASB Codification comes in handy. This explanation forms part of the reason I chose the healthcare industry.

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