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Computerized Adaptive Testing System of Functional Assessment of Stroke

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Published on: January 7, 2019

FASB's ASU 2011-7 changes financial statement reporting requirements.

Alan Reinstein¹, Natalie Tatiana Churyk

¹School of Business Administration, Wayne State University, Detroit, USA. a.reinstein@wayne.edu

Healthcare Financial Management : Journal of the Healthcare Financial Management Association

|March 1, 2012

Summary

Financial Accounting Standards Board

Area of Science:

Healthcare Financial Management
Accounting Standards
Financial Reporting

Background:

Healthcare entities' financial reporting practices are evolving.
Previous accounting standards allowed flexibility in reporting bad-debt expenses.
International Financial Reporting Standards (IFRS) differ in their treatment of these items.

Purpose of the Study:

To explain the implications of FASB's ASU 2011-07 for healthcare entities.
To highlight the required changes in financial statement presentation.
To differentiate the new US GAAP requirements from IFRS.

Main Methods:

Analysis of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2011-07.
Review of current healthcare financial reporting practices.

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Computerized Adaptive Testing System of Functional Assessment of Stroke

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Comparison of US Generally Accepted Accounting Principles (GAAP) with IFRS.

Main Results:

Healthcare entities must reclassify bad-debt expenses from operating expenses.
Bad-debt provisions will now be reported as a deduction from patient service revenue.
This change impacts the reporting of patient revenues, net accounts receivables, and related expenses.

Conclusions:

The new FASB standard mandates a significant change in how healthcare entities report key financial data.
Compliance with ASU 2011-07 is specific to US GAAP and not required under IFRS.
Understanding these changes is crucial for accurate financial statement analysis in the healthcare sector.