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New York Codes Rules Regulations (Last Updated: March 27,2024) |
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TITLE 10. Department of Health |
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Chapter V. Medical Facilities |
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Subchapter A. Medical Facilities—Minimum Standards |
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Article 8. New York State Annual Hospital Report |
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Part 442. Reporting Principles and Concepts |
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Basic Concepts |
Sec. 442.6. Conservatism
Latest version.
- [ 1150 ] Conservatism is a quality of judgment to be exercised in evaluating the uncertainties and risks present in the hospital entity to assure that reasonable provisions are made for potential losses in the realization of recorded assets and in the settlement of actual and contingent liabilities. However, conservatism is not a justification for deliberate understatement.