Official release of a requirement or guideline created by the Secretary of Health and Human Services (HHS) to meet a specific law. When a final rule is officially released, entities may begin to use the rule. After a period of implementation, then a compliance deadline is mandated.

Individual financial account that has service fees, payments, adjustments, and balances posted. Also called account, financial record , ledger , ledger card , or patient account ledger .

Designated organization in the private sector for establishing standards of financial accounting and reporting that govern the preparation of financial reports. Founded in 1973, FASB is part of a structure that is independent of all other business and professional organizations. Before the present structure was created, financial accounting and reporting standards were established first by the Committee on Accounting Procedure of the American Institute of Certified Public Accountants (1936-1959) and then by the Accounting Principles Board, also a part of the AICPA (1959-1973). Pronouncements of those predecessor bodies remain in force unless amended or superseded by the FASB. The Board is officially recognized as authoritative by the Securities and Exchange Commission (Financial Reporting Release No. 1, Section 101 and reaffirmed in its April 2003 Policy Statement) and the American Institute of Certified Public Accountants (Rule 203, Rules of Professional Conduct, as amended May 1973 and May 1979). Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information.
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An independent body, funded by accounting firms, that sets standards that must be followed when preparing financial statements and reports.