Health Care Entities -- AICPA Audit and Accounting Guide

Ensure you have the most current authoritative guidance when auditing in the Health Care industry.

The AICPA Health Care Entities Audit & Accounting Guide is developed by leading experts from industry and public practice. It summarizes new standards, guidance, and practices and delivers “how to” advice for handling audit and accounting issues common to health care entities.

This AICPA Audit & Accounting Guide has been fully conformed to reflect the new standards resulting from the Clarity Project. Fully incorporating the clarified auditing standards into this edition of the guide enables auditors to further their understanding of these recently issued auditing standards, as well as begin updating their audit methodologies, resources, and tools prior to the clarified auditing standards’ effective date. Additionally, this approach gives auditors the opportunity to review and understand the changes made by their third-party audit methodology and resource providers, if applicable. The clarified auditing standards are effective for audits of financial statements for periods ending on or after December 15, 2012 (calendar year 2012 audits).

This guide includes relevant guidance contained in applicable standards and other technical sources. Topics of interest include medical malpractice claims, patient receivables and revenue recognition, the reporting entity and related entities, and financial reporting and accounting for managed care services and continuing care retirement communities. The guide also offers clear and practical guidance on recent developments in areas such as CCRC refundable advance fees, intangibles, and fair value measurement. The governmental chapter reflects the issuance of recently issued GASB statements, including GASB Statement No. 63, Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position. All content is reviewed by industry experts and the appropriate AICPA senior committee(s).

Updates significant to this edition include technical guidance contained in:

• FASB ASU No. 2012-02,  Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment
• FASB ASU No. 2012-01, Health Care Entities (Topic 954): Continuing Care Retirement Communities—Refundable Advance Fees 
• FASB ASU No. 2011-08, Intangibles—Goodwill and Other (Topic 350): Testing Goodwill for Impairment,  
• FASB ASU No. 2011-07, Health Care Entities (Topic 954): Presentation and Disclosure of Patient Service Revenue, Provision for Bad Debts, and the Allowance for Doubtful Accounts for Certain Health Care Entities (a consensus of the FASB Emerging Issues Task Force)
• FASB ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
• FASB ASU No. 2010-28, Intangibles—Goodwill and Other (Topic 350): When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts (a consensus of the FASB Emerging Issues Task Force)  
• GASB Statement No. 65, Items Previously Reported as Assets and Liabilities
• GASB Statement No. 64, Derivative Instruments: Application of Hedge Accounting Termination Provisions—an amendment of GASB Statement No. 53
• GASB Statement No. 63,  Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position
• GASB Statement No. 61, The Financial Reporting Entity: Omnibus an amendment of GASB Statements No. 14 and No. 34
• GASB Statement No. 60,  Accounting and Financial Reporting for Service Concession Arrangements

Note: While auditors should continue to use the previous edition of this guide (2011 edition) until the clarified auditing standards become effective, now is the time to prepare for the clarified standards.

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