Generally accepted accounting principles (GAAP)

Generally accepted accounting principles (GAAP) means broad rules adopted by the accounting profession as guides in measuring, recording, and reporting the financial affairs and activities of a business to its owners, creditors and other interested parties.

Source

42 CFR § 422.350

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Scoping language

Basis and scope. This subpart is based on sections 1851 and 1855 of the Act which, in part,
(1) Authorize provider sponsored organizations, (PSOs), to contract as a MA plan;
(2) Require that a PSO meet certain qualifying requirements; and
(3) Provide for waiver of State licensure for PSOs under specified conditions.

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