Pershing Yoakley & Associates, P.C. is pleased to present the August 2010 Audit & Accounting Update. This publication is designed to provide direct access to current audit and accounting information that is most relevant to you.
Recently Completed Projects
The FASB released four Accounting Standards Updates (ASU’s) in the month of August 2010. To view any of the Accounting Standards Updates listed below, please click here.
ASU 2010-21 – Accounting for Technical Amendments to Various SEC Rules and Schedules Amendments to SEC Paragraphs Pursuant to Release No. 33-9026: Technical Amendments to Rules, Forms, Schedules and Codification of Financial Reporting Policies (SEC Update)
ASU 2010-22 – Accounting for Various Topics – Technical Corrections to SEC Paragraphs (SEC Update)
ASU 2010-23 – Health Care Entities (Topic 954): Measuring Charity Care for Disclosure – a consensus of the FASB Emerging Issues Task Force
This ASU requires that cost be used as the measurement basis for charity care disclosure, and that cost be identified as either direct or indirect. This ASU also requires disclosure of the method used to determine these costs. This ASU is effective for fiscal years beginning after December 15, 2010.
ASU 2010-24 – Health Care Entities (Topic 954): Presentation of Insurance Claims and Related Insurance Recoveries – a consensus of the FASB Emerging Issues Task Force
This ASU requires that a health care entity report insurance recoveries and the related claim liability on a gross basis. The amount of the claim liability should be determined without consideration of any insurance recovery. This ASU is effective for fiscal years beginning after December 15, 2010. A cumulative-effect adjustment should be recognized in the period of adoption if a difference exists between liabilities and insurance receivables as a result of applying this ASU.
Exposure Drafts in the News
The FASB released four proposed ASU’s in the month of August 2010.
Proposed ASU – Plan Accounting – Defined Contribution Pension Plans (Topic 962): Reporting Loans to Participants by Defined Contribution Pension Plans – a consensus of the FASB Emerging Issues Task Force
Proposed ASU – Health Care Entities (Topic 954): Accounting for Legal Costs Associated with Medical Malpractice and Similar Claims – a consensus of the FASB Emerging Issues Task Force
Proposed ASU – Other Expenses (Topic 720): Fees Paid to the Federal Government by Pharmaceutical Manufacturers – a consensus of the FASB Emerging Issues Task Force
Proposed ASU – Leases (Topic 840)
To view any of these proposed ASU’s, please click here.