42 CFR 460.204 - Financial recordkeeping and reporting requirements.
(1) Prepared using an accrual basis of accounting; and
(2) Verifiable by qualified auditors.
(b)Accrual accounting. A PACE organization must maintain an accrual accounting recordkeeping system that does the following:
(1) Accurately documents all financial transactions.
(2) Provides an audit trail to source documents.
(3) Generates financial statements.
(c)Accepted reporting practices. Except as specified under Medicare principles of reimbursement, as defined in part 413 of this chapter, a PACE organization must follow standardized definitions, accounting, statistical, and reporting practices that are widely accepted in the health care industry.
(1) Any aspect of services furnished.
(2) Reconciliation of participants' benefit liabilities.