A resident of a continuing-care retirement community pays an advance fee in return for future services and
Question:
A resident of a continuing-care retirement community pays an advance fee in return for future services and the use of facilities. Such services include continuing- care retirement community housing-related services (for example, meals, laundry, housekeeping, and social services) and health care. These services usually are provided to the resident for the remainder of his or her life or until the contract is terminated. Additional periodic fees are not paid, regardless of how long a resident lives or whether the resident requires more services than anticipated. How should the retirement community recognize revenue? Cite the Codification to support your answer.
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A Continuing Care Retirement Community CCRC is an agerestricted community that offers independentliving units assistedliving units as well as skilledn...View the full answer
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