Health care technical practice aids discuss insurance claims, recoveries

BY KEN TYSIAC

The AICPA Health Care Expert Panel has developed a series of technical practice aids related to the implementation of a 2010 FASB Accounting Standards Update (ASU) on insurance.

Technical Questions and Answers (TPA) 6400.49 to 6400.52 provide nonauthoritative guidance on the implementation of ASU No. 2010-24, Health Care Entities (Topic 954): Presentation of Insurance Claims and Related Insurance Recoveries.

The TPAs discuss:

  • What is meant by “similar contingent liabilities” within the scope of the ASU.
  • The accrual of legal costs associated with contingencies other than medical malpractice liabilities.
  • The presentation of insurance recoveries when the insurer pays claims directly.
  • Insurance recoveries from certain retrospectively rated insurance policies.


Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

SPONSORED REPORT

Click-through nexus: Pushing the boundaries of sales tax compliance

Sales and use tax compliance has been complicated by nexus expansion. In this report, we provide an overview of this issue and include a handy state-by-state summary of click-through nexus or notification requirements.

QUIZ

News quiz: Making allowances for the kids and the economy

Recent news gives CPAs insight into Americans’ attitudes about children and money and gauges outlook on the economy. See how much you know about recent news and reports with this quiz.

CHECKLIST

Auditing risks in culture

Cultural flaws can seriously damage an organization. Here’s how internal auditors can reduce risks by embedding culture audits into existing audit programs.