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The processes of all organizations are operated by human resource, thus valuation of this resource is very necessary and information concerning the valuation should be given to the management, investors and others through financial statements. Human resource accounting is fundamentally an information system that tells management what changes are happening over time to the human resources of the business. In the early 1990s, industries were familiar with the value and importance of human assets. When service sector started to contribute to a country’s economy, the importance of human assets got prominence (Kamal Gosh Ray, 2010). Human Resource Accounting (HRA) is concerns with accounting for the organization’s management and employees as human capital that provides future profit. In the HRA approach, expenditures connected to human resources are reported as assets on the balance sheet as contrasting to the traditional accounting approach which treats costs associated to a organization’s human resources as operating expense on the income statement that reduce profit. HRA suggests that in adding up to the measures themselves, the process of measurement has significance in decision-making concerning organizations. Though the origins and early development of HRA occurred typically in the United States, interest and contributions to development in the field have been evident in a number of other countries (Porwal L .S, 2007). Human resources accounting can be defined as a process of accounting which quantifies, identifies and measures human resources to help management to cope up with the changes in its quality and quantum so that equilibrium could be achieved in between the needed resources and the provided human resources. Briefly, human resource accounting is the art of recording, valuing, and presenting systematically the value of human resources in the books of account of the company. This definition brings out the following significant characteristic features of human resource accounting such as valuation of human resources, recording the valuation in the books of account and exposé of the information in the financial statements of the business (Baker & McKenzie 2010).

Application of Human Resources Accounting at Haydom Lutheran Hospital