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CT Society of CPA's
716 Brook Street
Rocky Hill, CT
This seminar is devoted to updating you on the ever changing world of Healthcare Accoutning and Tax.
ASU 2010-24 Healthcare Entities Presentation of Insurance Claims and Related Insurance
Christopher Jackson, Assurance Services Partner, Marcum LLP
This session will summarize the key provisions of ASU 2010-24 which clarifies that a healthcare entity should not net insurance recoveries against related claim liabilities. We will begin with a brief overview of the loss recognition criteria of ASC 450, Contingencies (formerly FAS 5). We will then analyze the initial adoption of ASU 2010-24, review the financial statement presentation and related disclosures, and discuss the common pitfalls related to the adoption of this standard. We will review the AICPA Health Care Expert Panel's Technical Questions and Answers that have recently been issued to address potential issues raised in connection with the implementation of ASU 2010-24 including: The presentation of claims liability and insurance recoveries for other contingencies; The accrual of legal costs associated with contingencies other than malpractice; The presentation of insurance recoveries when an insurer pays claims directly; and Insurance recoveries from retrospectively rated insurance policies.