FASB issues two new ASUs
31 Aug 2010
The FASB has released two new Accounting Standards Updates (ASUs):
- Accounting Standards Update No. 2010-23 – Health Care Entities (Topic 954): Measuring Charity Care for Disclosure (a consensus of the FASB Emerging Issues Task Force) (link to FASB website). The ASU notes that IFRS does not provide any specific guidance on the disclosure of charity care. The amendments in this update are effective for fiscal years beginning after 15 December 2010.
- Accounting Standards Update No. 2010-24 – Health Care Entities (Topic 954): Presentation of Insurance Claims and Related Insurance Recoveries (a consensus of the FASB Emerging Issues Task Force) (link to FASB website) The ASU notes that IFRS does not permit offsetting of assets and liabilities in the circumstances described in the update. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after 15 December 2010.
The updates result from the July meeting of FASB's Emerging Issues Task Force. More information about the decisions reached at the EITF meeting can be found in the EITF Snapshot (PDF 130k).