About the Expert Panel
The Health Care Expert Panel serves the needs of AICPA members on financial and business reporting and audit and attest matters. The expert panel protects the public interest by bringing together knowledgeable parties in the health care industry to deliberate and come to agreement on key health care issues.
Learn more about the Health Care Expert Panel at the AICPA Insights blog. The article titled "What Is the AICPA’s Health Care Expert Panel and What Do They Do?" presents a comprehensive look at who the Expert Panel is and the way they operate.
Expert Panel Projects
FASB Accounting Standards Update 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, Replaces the Not-for-Profit Reporting Model That Has Existed for 20 Years
After more than three years of debate, comment, and revision, FASB ASU No. 2016-14 was released in August 2016. The ASU will change the way all not-for-profits (NFPs) classify net assets and prepare financial statements. To view the standard in its entirety, visit the FASB's website here.
Adoption of FASB ASU No. 2016-14 will result in significant changes to financial reporting and disclosures for NFPs. FASB believes the update will improve NFP financial statements and provide more useful information to donors, grantors, creditors, and other financial statement users. The standard is effective for annual financial statements issued for fiscal years beginning after December 15, 2017 and for interim periods within fiscal years beginning after December 15, 2018.
Firms, NFPs, and their boards of directors will soon see some changes to NFP financial statements as a result of recent FASB ASU No. 2016-14. This ASU was presented to simplify the net asset classification requirements and improve the information presented in financial statements and notes about an NFP’s liquidity, financial performance and cash flows. More information, including supplemental health care disclosure examples, is available in the Exploring FASB’s Not-for-Profit Financial Reporting Standard: ASU 2016-14 Toolkit
NFPs with conduit bonds are often subject to the accelerated effective dates and expanded disclosure requirements required of public entities under certain FASB standards. This article discusses recent Technical Questions and Answers (TQAs) that clarify certain terms related to the definition of public business entity, as not all conduit bonds fit the characteristics that subject NFPs to these requirements.
ASB Issues SAS No. 133 on Exempt Offering Documents
The Auditing Standards Board issued SAS No. 133, Auditor Involvement with Exempt Offering Documents (AICPA, Professional Standards, AU-C sec. 945), to address the auditor’s responsibilities with respect to all exempt offerings of securities undertaken pursuant to federal and state securities laws, and similar laws governing franchise offerings. AU-C section 925, Filings With the U.S. Securities and Exchange Commission Under the Securities Act of 1933 (AICPA, Professional Standards), addresses other offerings. Prior to the issuance of SAS No. 133, the AICPA provided best practices specific to issuances of municipal securities in industry-specific auditing guidance appearing in the AICPA Audit and Accounting Guides, State and Local Governments and Health Care Entities. SAS No. 133 amends AU-C section 560, Subsequent Events and Subsequently Discovered Facts (AICPA, Professional Standards), and AU-C section 925, and becomes effective for exempt offering documents with which the auditor is involved that are initially distributed, circulated, or submitted on or after June 15, 2018.
Technical Questions and Answers
Developed by the AICPA Health Care Expert Panel, the following Technical Questions and Answers (TQA) have been issued to provide nonauthoritative guidance regarding 1) how a health care entity should account for costs incurred in connection with the implementation of ICD-10, and 2) potential issues raised in connection with the implementation of Accounting Standards Update No. 2010-24, Presentation of Insurance Claims and Related Insurance Recoveries (a consensus of the FASB Emerging Issues Task Force):
- 6400.48 - Accounting for Costs Incurred During Implementation of ICD-10
- 6400.49 - Presentation of Claims Liability and Insurance Recoveries—Contingencies Similar to Malpractice
- 6400.50 - Accrual of Legal Costs Associated With Contingencies Other Than Malpractice
- 6400.51 - Presentation of Insurance Recoveries When Insurer Pays Claims Directly
- 6400.52 - Insurance Recoveries From Certain Retrospectively Rated Insurance Policies
Consult AICPA Technical Questions and Answers for the full text of all technical staff questions and answers issued by the AICPA.
The AICPA Health Care Expert Panel, in conjunction with the Investment Companies Expert Panel, has submitted a comment letter to FASB regarding the Exposure Draft of the Proposed Accounting Standards Update - Revenue from Contracts with Customers.
Members of the Expert Panel
Kimberly K. McKay (Chair), BKD, LLP
Nicole Blythe, Grant Thornton LLP
Brian P. Conner, Moss Adams
Staci Dickerson, Sharp HealthCare
Martha Garner, PricewaterhouseCoopers LLP
John P. Gaspich, Jr. Penn State Health
Renee Gravalin, Eide Bailly LLP
Farlen Halikman, Moore Stephens Lovelace
John A. Hawryluk, KPMG LLP
William C. “Chuck” Heimerdinger, Ernst & Young LLP
Norman C. Mosrie, DHG Healthcare
Mark J. Ross, Baker Tilly Virchow Krause LLP
Denis M. Smith, Intermountain Healthcare
Karen Van Compernolle, Deloitte
Learn more about the Expert Panel members by reading their biographies.