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  • Asc 954

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    chaitrasuhas
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    This document discusses how continuing care retirement communities are required to calculate future costs of providing services to clients under long-term contractual agreements. They must annually estimate future facility and service expenses to determine if there is any potential liability that needs to be recognized on their financial statements. Continuing care facilities may report losses if the estimated future costs of caring for clients exceed the amount being paid under existing contracts.

    Original Description:

    Accounting Standards

    Original Title

    ASC 954

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    This document discusses how continuing care retirement communities are required to calculate future costs of providing services to clients under long-term contractual agreements. They must annually estimate future facility and service expenses to determine if there is any potential liability that needs to be recognized on their financial statements. Continuing care facilities may report losses if the estimated future costs of caring for clients exceed the amount being paid under existing contracts.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    57 views1 page

    Asc 954

    Uploaded by

    chaitrasuhas
    This document discusses how continuing care retirement communities are required to calculate future costs of providing services to clients under long-term contractual agreements. They must annually estimate future facility and service expenses to determine if there is any potential liability that needs to be recognized on their financial statements. Continuing care facilities may report losses if the estimated future costs of caring for clients exceed the amount being paid under existing contracts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    ASC 954-440-25-2:

    This references how a continuing care facility may attain losses when calculating
    their cost to its clients. It discusses the requirements of a continuing health care
    retirement community to recognize future cost to provide services to contractual
    clients. These care facilities are required to show annual their future facility and
    service cost. They do this to see if there will be any liability that needs to be
    recognized.

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