Financial Statements for Local Governments Discussion
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Financial Statements for Local Governments Discussion
GASB Statement 34 issued in 1999 updated the presentation standards for basic financial statements, their discussion and analysis, for financial and local governments. However, Statement No. 34 addresses a focus based on
business and government-type activities in general. In order to offer a perspective on the financial situation of public colleges and universities, GASB issued Declaration No.35 as an update to the standards of Statement No.34.
Based on this update, state and local governments can issue separate financial statements for universities and public colleges administered by their jurisdiction. “The Board explored incorporating the separately issued financial
statements of public colleges and universities into the reporting model established for other governmental entities in Statement 34.” (GASB, 1999)
One of the reasons stated by the Board is that after the issuance of FASB Declaration 117, the comparability of the financial reports of public and private colleges and universities had decreased. On the other hand, they believe
that public budgets do not affect the same way in most public colleges and universities because these institutions do not adopt detailed annual budgets by fund.
A private university could be either for-profit or non-profit. However, in the private sector these entities are governed by FASB standards. One of the differences that existed between universities under the GASB and FASB
standards was in the classification of Net Assets.
In 2016 an update was issued by the FASB that reduces the classification only by two elements: net assets with donor restrictions and net assets without donor restrictions. This update homogenizes the information a bit with the
GASB standards in which three classifications are required: Unrestricted, Restricted and Net Investment in Capital. (FASB, 2016)
Discussion # 2 ET
GASB Statement No. 15 guides the accounting and financial reporting models used for governmental colleges and universities (GASB, 1991). Governmental colleges and universities follow the AICPA model or governmental
model. According to GASB Statement No. 19, all governmental colleges and universities required to follow the AICPA College model in reporting the Pell grant’s current fund (GASB, 1993).
In addition to that, it requires that if a single fund used to account for risk financing activities, that fund should report as an unrestricted fund (GASB Statement No. 19, 1993). Per Statement No. 10, paragraph 64, a governmental
college or university may use any method it chooses to allocate loss expenditure to the other funds of the institution.
However, if the total amount charges to additional funds exceed claim expenditures, it should be reported as nonmandatory transfers.
The standards for private, not-for-profit colleges and universities have the same as FASB standards from other non-profit-entities. Most of the government colleges and universities exercise the GASB Statement No.34, which
permits to account activities in enterprise funds.
Consequently, since both government and not-for-profit colleges and universities consider for their businesses on a full accrual basis, the differences are likely to be less pronounced as they were when they used different models (Granof, Khumawala, Calabrese, & Smith, para.584).
Discussion # 3 ET
Medical malpractice emerges when a health care professional or provider neglects to provide appropriate treatment, omits to take appropriate action, or gives the poor treatment that causes harm, injury, or death to a patient (Brazier, 2017). Typically, malpractice or negligence involves a medical error like diagnosis, medication dosage, health management, treatment, or aftercare.
However, with the guidance of medical malpractice law, it makes it possible for patients to recover compensation from any harms that are resulting from sub-standard treatment. Per the Medical Malpractice Center, in the United States, there are between 15,000 and 19 000 medical malpractice suits against doctors each year (Brazier, 2017).
Considerately, the standards and regulations for medical malpractice can differ between countries and states. Malpractice claims accounted for based on FASB ASC 954-450-25-2, that the ultimate cost of malpractice claims or similar contingent liabilities, which include costs associated with litigating or settling claims, shall be accrued when the incidents that give rise to the demands occur.
A health care entity should evaluate their exposure to losses arising from claims and recognize them as a liability. The liability shall not present a net of anticipated insurance recoveries. An entity that identified for liabilities should recognize as insurance receivable at the same time consider the liability and subject for valuation of allowance to the uncollectible amount (FASB ASC 954-450- 25-2).
Discussion # 4 SD
Medical malpractice claim is caused by professional negligence. For example, if my patient has a serious medical condition and I fail to diagnose their medical condition will be a leading cause of malpractice lawsuits. Communicating openly with patients about adverse events and seeking reconciliation are important components of medical professionalism that can also promote patient safety (Kachalia, Sands, Van Niel, Dodson, Roche, Novack, Mello, 2018).
Rising insurance premiums is a major concern that health care providers are afraid of because they can lose patients. The malpractice claim should be accounted for as a loss which will be indicated on the income statement. Besides being an inconvenience, the administrative burden placed on providers by the multitude of claims forms used by insurers adds to the overall cost of care (Anderson, Chaulk, & Fowler, 1993).
The claims can have expenses towards court fees and lawyers. A claim is formal litigation that alleges an error or omission on the part of one or more defendants, and demands compensation by money or services to claimants (Phillips, Bartholomew, Dovey, Fryer, Miyoshi, & Green, 2004). A trust fund can help pay malpractice claims.
Financial Statements for Local Governments Discussion
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