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 ( firstname.lastname@example.org ) is a JofA senior editor.