CONTRACTUAL ALLOWANCE, in healthcare, is the difference between what hospitals bill and what they receive in payment from third party payers, most commonly government programs; also known as contractual adjustment.
FRS 19 is a deferred tax standard. In summary:
A. Deferred tax is provided on timing differences relating to: - accelerated capital allowances and depreciation
- accruals for and payments of pension and other post retirement benefits
- the elimination of unrealized intra group profits
- unrelieved tax losses
- "fair value revaluations" that are taken annually to the profit and loss account
- other short-term timing differences
B. Deferred tax is not provided on timing differences relating to: - other fixed asset revaluations, where there is no intention to sell
- gains that are rolled over
- unremitted overseas earnings, where there is no intention to remit.
The FRS 19 Standard also includes further, detailed measurement and disclosure rules.
NET SALES is gross sales less discounts, allowances, sales returns, freight out, etc.
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