On Feb. 1, 2018, the AICPA shared the draft revenue recognition implementation guidance for continuing care retirement communities (CCRCs) related to FASB ASC 606 for public comment.

In this webinar, Baker Tilly Partner Mark Ross and Brian Gabriel along with A.V. Powell of  A.V. Powell & Associates provide a walk-through of the recently released ASC 606 draft implementation guidance for CCRCs.

Issue #8-3 - Application of FASB ASC 606 to continuing care retirement community (CCRC) contracts is now exposed for public comment; comment period ends on April 2, 2018.

Issue #8-3 provides three primary options for the recognition of the nonrefundable entrance fees.  Organizations should review the options and determine which one works best for them.

ASC 606 is effective for public entities for years ending after Dec. 15, 2017 and for nonpublic entities for years ending after Dec. 15, 2018.  

There will be more analysis at the AICPA level in the months to come of the new lease standard (ASC 842) and its impact (if any) on revenue recognition for CCRCs.

ASC 606 requires additional disclosures related to revenues, one of which is disaggregation of revenues by level of care, geography, business line, etc. 

 Organizations should start to think about these expanded disclosures requirements now so they have systems in place to produce the necessary information by the effective date for ASC 606.

For more information on this topic, or to learn how Baker Tilly healthcare specialists can help, contact our team.

During this on-demand webinar, Baker Tilly and A.V. Powell & Associates focus on the recently released ASC 606 draft implementation guidance for continuing care retirement communities (CCRCs).

Baker Tilly helps organizations win now, and explore the options for tomorrow, through an orchestrated approach and understanding encompassing all facets of the healthcare ecosystem.

Baker Tilly provides assurance, tax and advisory solutions to healthcare providers, health plans and life sciences companies.

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Helping create the future of senior services. 

Baker Tilly provides advisory, tax and assurance solutions that help our clients create the future in the senior services industry.

Baker Tilly pairs deep industry knowledge with service specialization to deliver high quality accounting and assurance services.

Baker Tilly accounting and assurance services professionals provide clients with enhanced data-driven audits and attest services that are objective and independent.

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Are you ready to implement ASC 842 or GASB 87, one of the new lease accounting standards? With new practical expedients, organizations should re-evaluate their implementation plan. No plan in place? Our lease accounting specialists can help.

ASC 842 and GASB 87 lease accounting standards must be adopted. Baker Tilly understands your organization and operations and is prepared to help.

How does ASC 606 revenue recognition affect your organization?

Baker Tilly accounting and assurance professionals provide organizations with business oriented, technical advice to comply with and improve from ASC 606, revenue recognition.

ASC 606: Implementation guidance for CCRCs

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ASC 606: Implementation guidance for CCRCs

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