You work as an accountant at a large ânot-for-profit- business orientedâ hospital. You report directly to the Chief Accounting Officer. The hospitalâs Chief Compliance Officer just informed the accounting team that a surgeon left behind an instrument in a patientâs body in the course of a surgery.
You work as an accountant at a large ânot-for-profit- business orientedâ hospital. You report directly to the
Chief Accounting Officer. The hospitalâs Chief Compliance Officer just informed the accounting team that a surgeon left behind an instrument in a patientâs body in the course of a surgery. The hospitalâs legal counsel informed the accounting team that the hospital is certain to be sued. The Hospitalâs Board of Directors is very concerned on how this event might affect the hospitalâs financial statements. The Chief Accounting Officer has requested that you write a brief and concise memo (around 250 words) that will be presented to the board on how this incident could affect the financials.
You recall from your student days that contingencies are discussed in Statement of Financial Accounting Standards # 5. See link http://www.fasb.org/pdf/fas5.pdf
Please present your memo in this discussion forum.
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