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Healthcare not-for-profits: FASB exposure draft highlights flexibility in financial statement presentation.

Brian Conner

    Healthcare Financial Management : Journal of the Healthcare Financial Management Association
    |May 18, 2016
    PubMed
    Summary

    A revised Financial Accounting Standards Board (FASB) standard introduces significant changes for not-for-profit healthcare financial statements. Organizations can still utilize footnote disclosures for additional transparency beyond Generally Accepted Accounting Principles (GAAP).

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    Area of Science:

    • Accounting Standards
    • Healthcare Finance
    • Financial Reporting

    Background:

    • The Financial Accounting Standards Board (FASB) has issued a new accounting standard impacting not-for-profit healthcare organizations.
    • Existing standards allow considerable flexibility in financial statement disclosures for healthcare entities.

    Purpose of the Study:

    • To highlight potential significant changes in financial reporting for not-for-profit healthcare organizations under the new FASB standard.
    • To discuss the implications of enhanced disclosure flexibility within Generally Accepted Accounting Principles (GAAP) footnotes.

    Main Methods:

    • Analysis of the revised FASB accounting standard.
    • Review of current disclosure practices in not-for-profit healthcare financial statements.

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    Main Results:

    • The new standard introduces substantial modifications to the statement of operations, changes in net assets, statement of cash flows, and financial statement footnotes.
    • Healthcare organizations possess significant latitude in expanding disclosures beyond minimum GAAP requirements.

    Conclusions:

    • Not-for-profit healthcare organizations must adapt to the revised FASB standard's reporting requirements.
    • Expanded footnote disclosures remain a viable strategy for enhancing transparency in financial reporting, even with auditor preferences for auditable information.