January 04, 2011 12:21:42 pm
Healthcare Bad Debt Exposure Draft Retracted
Based on concerns voiced by a constituent, the Financial Accounting Standards Board (FASB) is going to reissue an exposure document on guidance related to how healthcare organizations present and disclose bad debts, this according to a summary of the board’s decisions.
Emerging Issues Task Force Issue 09-H, Presentation and Disclosure of Net Patient Service Revenue, Provision for Bad Debts, was the guidance which was ratified by the FASB on Dec. 1.
The constituent’s complaint pointed out that the guidance may have a broader impact than initially considered and that it is unclear on how organizations should report bad debts related to non-core business activities, such as selling medical devices or renting real property.
Read more about this guidance and some of it’s shortcomings at the Healthcare Financial Management Association’s web site.
Tags: Accounting Standards, Healthcare
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