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Journal entry — AICPA issues audit and accounting guide for health care entities

Published on: Oct 26, 2011

The AICPA recently issued the first comprehensive revision since 1996 of its Audit and Accounting Guide Health Care Entities. The revised guide contains nonauthoritative guidance to help in the preparation and audits of financial statements of health care entities. It includes a number of enhancements to the original guide, such as expanded discussions on (1) the financial accounting and reporting for managed care services and continuing care retirement communities, (2) other topics related to the health care industry (e.g., medical malpractice claims, patient receivables and revenue recognition, and the reporting entity and related entities), and (3) updates reflecting changes to audit and accounting guidance. It also contains the following five new chapters:

  • Chapter 3: Unique Financial Statement Considerations for Not-for-Profit Health Care Entities.
  • Chapter 5: Derivatives.
  • Chapter 7: Municipal Bond Financing.
  • Chapter 11: Contributions Received and Made.
  • Chapter 15: Unique Considerations of State and Local Governmental Health Care Entities.

The revised guide is available for purchase on the AICPA’s Web site.

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