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Download: Accounting for Refundable Advance Fees for CCRCs

BlumShapiro CCRC Accounting WhitepaperIn July, 2012, after considerable review and analysis of the current accounting, and after a number of CCRC
“failures” had occurred, the Financial Accounting Standards Board (FASB) issued a statement (ASU 2012-01)
that changed the accounting rules for refundable advance fees, effective for fiscal years beginning after
December 15, 2012 for many entities.

This paper will discuss the accounting for refundable entrance fees (before and after the change promulgated
by the FASB), and how users of the financial statements might analyze the financial viability of a CCRC. It
might also be used as a guide to assist CCRCs in discussing the accounting changes with interested parties.

In this whitepaper you will learn, what changes in accounting a CCRC needs to make upon adoption of the new accounting rules.