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

Why cybercriminals are targeting CPAs

This free report expands on the most commonly found scams, why education and specialized IT knowledge help to lessen security vulnerabilities, and why every firm should plan carefully for how it would respond to a breach.

PODCAST

How tax reform — and Excel — are changing the CPA Exam

Mike Decker, the vice president of examinations at the AICPA, discusses changes being made to the exam as a result of tax reform — and about how Excel will now be available for use on the test.