- Who does this standard apply to?
- Can we issue statements with GAAP departure?
- What is the general impact to my industry?
- When do we need to be in compliance?
- What are the first steps?
- When do we need to get started?
- What are the risks if we don’t comply?
Frequently Asked Questions
The Financial Accounting Standards Board (FASB) has recently issued a new Accounting Standards Update that impacts healthcare entities. Specifically, the standard addresses revenue recognition under U.S. Generally Accepted Accounting Principles (GAAP). The new rules are an attempt to standardize the revenue recognition process across the healthcare industry (and other industries) as well as geographic locations.
The Standard was the result of a multi-year effort to develop uniform worldwide guidelines and produce a converged revenue recognition standard by the FASB and the International Accounting Standards Board (IASB).
BeachFleischman has healthcare industry experts who are available to consult with you and assist your organization with designing a plan to implement the new standard.