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SFAS No. 116 changes accounting procedures for contributions.

D T Meeting1, E J Giniat, R W Luecke

  • 1Cleveland State University, OH, USA.

Healthcare Financial Management : Journal of the Healthcare Financial Management Association
|April 8, 1995
PubMed
Summary

Statement of Financial Accounting Standards No. 116 (SFAS No. 116) mandates healthcare organizations recognize contributions as revenue upon receipt at fair value. Unconditional pledges must be recorded immediately, regardless of future installment payments.

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Area of Science:

  • Accounting
  • Healthcare Finance

Background:

  • Healthcare organizations traditionally differed in accounting for contributions.
  • Evolving financial reporting standards necessitate updated practices.

Purpose of the Study:

  • To elucidate the impact of SFAS No. 116 on healthcare accounting.
  • To highlight key changes in revenue recognition for contributions.

Main Methods:

  • Analysis of SFAS No. 116 requirements.
  • Review of accounting implications for healthcare entities.

Main Results:

  • SFAS No. 116 mandates immediate revenue recognition for all contributions at fair value.
  • Unconditional pledges are recognized in the period received, irrespective of payment schedule.

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Conclusions:

  • SFAS No. 116 introduces significant changes to healthcare financial reporting.
  • Compliance requires immediate recognition of contributions and pledges, impacting financial statements.