Accounting under US generally accepted accounting principles (GAAP) continues to evolve, and in today’s world, where there is a growing demand for greater transparency and heightened regulatory scrutiny, the challenge of determining the proper accounting for transactions has never been greater.
Many publications have discussed the broader implications of US GAAP and International Financial Reporting Standards but, to date, none has addressed the particular accounting issues the medical technology industry faces. The aim of the first edition of this publication is to highlight the industry-specific factors that need to be considered and to provide guidance on the most pertinent accounting solutions for medical technology-related companies under US GAAP.
In reality, every company deals with accounting issues that should reflect the facts and circumstances of its particular situation. The solutions in this publication provide a framework for determining the appropriate accounting answer, but individual fact patterns may give rise to a different answer.