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A&A – Accounting & Auditing Two distinct yet related financial processes. Accounting is the process of developing and maintaining financial records and producing reports. Auditing is the independent and objective process of examining financial records for accuracy. There also are security audits, tax audits, etc.
AADB – Accounting & Auditing Director Bulletin Bulletins issued as by BKD administration office’s A&A (accounting and auditing) department (contact Doug Bennett, A&A director) to alert office A&A directors about issues concerning independence; critical A&A or practice updates; GASB or FASB technical bulletins; and other important matters.
AAG – Audit and Accounting Guides These materials provide CPAs authoritative guidance about accounting and auditing of entities in specialized industries or other specialized areas.
AAHSA – American Association of Homes and Services for the Aging A national membership organization for not-for-profit organizations serving members in the continuum of aging services: adult day services, home health, community services, senior housing, assisted living residences, continuing care retirement communities and nursing homes.
AAM – 1. Accounting & Auditing Memo Communications issued to all BKD personnel as timely alerts about new technical practices, training updates and other important news.
– 2. Association for Accounting Marketing Organization for marketing professionals in accounting firms. See: www.accountingmarketing.org.
ABV – Accredited in Business Valuation One of many designations for those who specialize in performing business valuations, ABV accreditation from the American Institute of Certified Public Accountants allows credential holders to brand or position themselves as CPAs who are premier valuation service providers. ABV certification provides evidence of the competence of the business appraiser. ABVs are considered valuation authorities and often work closely with tax and audit professionals.
ACFE – Association of Certified Public Fraud Examiners The ACFE is a global, 37,000-member organization whose members are dedicated to fighting fraud and to educating antifraud professionals. See: www.acfe.com
ACH – Automated Clearing House This nationwide mechanism processes electronically originated batches of credit and debit transfers. ACH credit transfers include direct deposit of payroll, Social Security benefits and tax refunds, as well as payments to contractors and vendors. ACH debit transfers include direct debits of consumer and business accounts for the payment of mortgages, bills and tax obligations. The ACH network converts check payments into ACH debit transfers. By providing the appropriate disclosures, businesses can use account information on checks to initiate ACH debit transfers and reduce payment processing costs.
AcSEC – Accounting Standards Executive Committee An AICPA committee that determines AICPA technical policies about financial accounting and reporting standards. As a senior technical committee, it is authorized to make public statements without clearance from the AICPA Council or AICPA Board of Directors on matters related to its area of practice.
ADL – Activities of daily living
Administration – BKD’s administrative headquarters in Springfield, Missouri
ADR – Alternative Dispute Resolution The process of resolving conflicts and issues effectively via alternative methods, ADR can make use of arbitration, facilitation, cooperative problem-solving, mediation, peer review, etc. The dispute resolution plan in use at BKD is a specific process used to resolve significant differences of opinion personnel may have about employment decisions or actions taken. Copies of the plan may be obtained from your office’s PIC.
AHA – American Hospital Association A national membership organization representing and serving all types of hospitals, health care networks, their patients and communities.
AHCA – American Health Care Association A nonprofit federation of affiliated state health organizations representing more than 10,000 nonprofit and for-profit assisted living , nursing facility, developmentally-disabled and subacute care providers that care for more than 1.5 million elderly and disabled individuals nationally.
AHIMA – American Health Information Management Association AHIMA has 50,000 members and is committed to advancing the HIM profession through leadership in advocacy, education, certification and lifelong learning.
AICPA – American Institute of Certified Public Accountants Founded by 31 accounting professionals in 1887, AICPA membership now numbers more than 300,000. The AICPA sets standards for CPAs and endorses a code of ethical conduct while providing a wealth of resources, training and other services to accounting professionals. See: www.aicpa.org/
AJE – Adjusting Journal Entry This accounting entry is made into a subsidiary ledger called the general journal to account for a period’s changes, omissions or other financial data required to be reported "in the books" but not usually posted to the journals used for typical period transactions (the cash receipts journal, cash disbursements journal, the payroll journal, sales journal).
AMA – American Management Association The AMA is a not-for-profit, membership-based association that provides numerous leadership development and educational services to individuals, companies and government agencies worldwide, including 486 of the Fortune 500 companies.
AMT – Alternative Minimum Tax A complex income tax affecting a small but growing percentage of taxpayers, the AMT is an extra federal tax some individuals must pay in addition to regular income tax. This tax is determined through the use of an alternate set of tax rules.
APC – Ambulatory Payment Classification This denotes a system used for coding health care services (or the various codes themselves) that facilitate accurate accounting for costs and the projection of revenue cycles.
APS – Advance Planning & Scheduling A manufacturing process by which raw materials and production capacity are optimally allocated to meet demand. APS is especially well-suited to environments where simpler planning methods cannot adequately address complex trade-offs between competing priorities. APS also refers to supporting software designed to assist in scheduling resources, people and workflow.
ARA – Audit Risk Alerts These annual updates alert auditors to current economic, regulatory and professional developments in various industries.
ARSC – Accounting and Review Services Committee The objective of this AICPA committee is to develop, on a continuing basis, procedures and standards of reporting by CPAs on the types of accounting and review services a CPA may render related to unaudited financial statements. It also applies to unaudited financial information of an entity not required to file financial statements with a regulatory agency related to the sale or trading of its securities in a public market.
ASB – Auditing Standards Board This board is authorized by the AICPA to promulgate auditing and attest standards, procedures and implementation guidance for AICPA members performing such services. As a senior technical committee, it is authorized to make public statements without clearance from AICPA Council or AICPA Board of Directors on matters related to its area of practice.
AWP – Audit Workpapers Records kept by the auditor of the procedures applied, tests performed, information obtained and pertinent conclusions reached in the course of an audit.
BBA ’97 – Balanced Budget Act of 1997 In 1997, President Clinton and Congress enacted the BBA ’97, which greatly affected Medicaid and Medicare rules. The act called for a fundamental restructuring of plan provisions and permitted contracts between the Health Care Finance Administration, now CMS, and a variety of different managed care and fee-for-service entities. This act was followed by BIPA in 2000 (see below).
BDE – Business Development Executive Many BKD practice units (PUs) have a BDE to facilitate PU business development, i.e., generating new clients and new business for the firm.
BDP – Business Development Plan Formerly a “marketing plan,” BDP is the preferred term for an annual plan that sets financial and marketing goals for each PU.
BIPA – Benefits Improvement and Protection Act of 2000 Legislation signed by President Clinton aimed at increasing Medicare and Medicaid payments to health care service providers, as well as extending and improving health care and insurance options for low-income individuals and senior citizens.
BKDCF – BKD Corporate Finance, LLC (formerly BKD Financial, LLC) BKDCF provides merger and acquisition, sales, management buyout, ESOP, recapitalization, financing and IPO advisory services.
BKD Advisor – A BKD newsletter A quarterly client newsletter that provides individuals and businesses strategies for growth and building net worth. BKD Advisor
BKD Financial Services Group BKD Financial Services Group provides tax and financial reporting, growth enhancement, strategic planning, outsourcing & technology solutions to banks, holding companies, credit unions and other financial service organizations.
BKD Health Care Group BKD Health Care Group consists of 200 consultants, including auditors, reimbursement specialists, nurses, licensed nursing home administrators and other health care industry professionals, serving thousands of health care organizations.
BKDI – BKD Insurance, LLC BKDI is a NASD-registered broker-dealer that facilitates the delivery of BKD’s WealthPlan insurance solutions through a professional relationship with an independent insurance company.
BKD Manufacturing & Distribution Group BKD Manufacturing & Distribution Group provides growth, financial, operations, technology and human resources solutions to approximately 2,700 manufacturers and distributors.
BKDMAN – BKD Manual This professional services infobase codifies BKD’s quality control policies and procedures for audit, tax and more.
BKD Not-for-Profit & Government Group BKD’s Not-for-Profit & Government Group provides operations, financial, growth, technology and outsourcing solutions for approximately 1,500 not-for-profit organizations and governmental entities.
BKDT – BKD Technologies The division of BKD that helps small and mid-sized companies gain a competitive business advantage with information technology solutions.
BKDWA – BKD Wealth Advisors, LLC An investment advisory firm registered with the Securities and Exchange Commission, providing the WealthPlan solutions of investment management, personal wealth planning and estate planning.
BKD Blueprint – A BKD newsletter A client newsletter geared to the construction and real estate industry. Blueprint
BNA – Bureau of National Affairs BNA’s principle activities are to publish and provide specialized legal, regulatory and general business advisory information to business, professional and academic users. It prepares, publishes and markets subscription information, products in print, compact discs, online formats, books, pamphlets and research reports.
BOM – Bill of Materials A list of materials uded in the manufacture of a product and related software used by accountants and consultants for manufacturing business operations.
CACUBO – Central Association of College and University Business Officers CACUBO’s mission is to improve college and university financial management. It also promotes the provides ideals, ethics and standards, as well as to provide professional development opportunities and leadership training for business and financial staff members.
CAH – Critical access hospital Critical access hospitals provide rural communities access to primary and emergency health care services in areas where maintaining a full-service, acute-care hospital isn’t feasible.
CCRC – Continuing care retirement community CCRCs have flexible accommodations designed to meet the health and housing needs of retirees as these needs change over time. Residents entering a CCRC sign a long-term contract that provides for housing, services and nursing care, usually all in one location.
CFE – Certified Fraud Examiner An additional certification that forensic accountants may attain, the CFE designation is conferred by the Association of Certified Fraud Examiners (ACFE) and is an added credential for those who perform financial fraud investigations.
CFMA – Construction Financial Management Association A professional trade association formed to provide financial managers in the construction industry with a forum for relevant issues, educational programs and related resources.
CFP® – Certified Financial Planner A CFP® has successfully completed a program in financial planning and passed the board certification exam. Areas of expertise include knowledge of a variety of investment instruments; tax planning; retirement, estate and succession planning; and risk management.
CMS – Centers for Medicare and Medicaid Services (formerly the Health Care Financing Administration (HCFA)) CMS administers the Medicare program and partners with states to oversee Medicaid, SCHIP (State Children’s Health Insurance Program) and health insurance portability.
CPA – Certified Public Accountant Accounting professionals who have passed the four-part Uniform CPA exam developed by the AICPA, and who met additional requirements for licensure set forth by their states.
CPE – Continuing Professional Education Educational programs in specific fields of study that accountants and other professionals attend to stay informed of changes occurring within their profession. In accounting, the AICPA, state boards and BKD have all established specific CPE requirements that must be met.
CPR – Client, Prospect, Referral A BKD term that identifies client, prospect and referral sources.
CrFA® – Certified Forensic Accountant CrFA® is a specialized designation for investigative accountants granted by the American College of Forensic Examiners. CrFAs are knowledgeable in business valuations, litigation services and fraud; they might conduct investigations, report on findings, assist in depositions and testify as expert witnesses in legal proceedings.
CRM – Customer Relationship Management An umbrella term encompassing database systems, software and processes that enable businesses and sales/marketing professionals to keep track of clients and prospects. Most CRM systems allow for recording all types of client/prospect data and provide the ability to set reminders, make notes about contacts, sort clients and prospects by various criteria, and generate lists.
DBA – Doing business as For example: ABC Corporation DBA Joe’s Crab Shack.
DME – Durable Medical Equipment Reusable medical equipment ordered by a doctor for use in the home, such as walkers, wheelchairs or hospital beds. DME is generally paid for under Medicare.
DRA – Deficit Reduction Act The Deficit Reduction Act was signed into law by President George W. Bush on February 8, 2006, and includes significant changes to Medicaid coverage rules affecting children and families.
DRG – Diagnosis-related Group A patient classification system based on diagnoses for purposes of payment to hospitals, DRGs are used by Medicare and other insurers to categorize illnesses by diagnosis and treatment to facilitate payment for health care services.
DSH – Disproportionate share hospital A designation for some hospitals that treat significant populations of low-income patients and therefore receive special government funding.
EBP – Employee Benefit Plan Compensation arrangements offered by employers in addition to salary or wages. EBPs may include but are not limited to life insurance, medical/dental insurance, profit-sharing, employee stock ownership and retirement plans such as 401(k) plans.
ED – Exposure draft EDs invite public comment before a final accounting, auditing or administrative standard, policy or procedure pronouncement is issued issued by the AICPA, Financial Accounting Standards Board (FASB), Governmental Accounting Standards Board (GASB), Federal Accounting Standards Advisory Board (FASAB) or another authority.
EFT – Electronic Fund Transfer An electronic data interchange for managing cash flow and timing of payments to suppliers and retailers.
EHR – Electronic health record A personal health record in digital format.
EITF – Emerging Issues Task Force The EITF was designed to publish implementation guidance within the framework of existing authoritative literature to reduce diversity in accounting practice on a timely basis. It was also designed to reduce the need for FASB to spend time and effort addressing narrow implementation, application or other emerging issues that can be analyzed within existing GAAP.
EMR – Electronic medical record An electronic medical record is a medical record in digital format.
ENCE – EnCase®CERTIFIED EXAMINER The EnCase® Certified Examiner program certifies public and private sector professionals in the use of specialized forensic software. The EnCE designation denotes a professional who has mastered financial investigation methodology and is a skilled computer examiner.
ERP – Enterprise Resource Planning A set of integrated programs designed to manage a company’s business operations, encompassing processes like inventory control, production scheduling and financial transactions.
ESOP – Employee Stock Ownership Plan An ESOP is an employee benefit plan that owns stock of a corporate employer for the benefit of its employees.
ESOT – Employee Stock Ownership Trust An ESOT is a trust account used as the funding vehicle for an ESOP.
FASB – Financial Accounting Standards Board An independent, private-sector organization that establishes accounting principles for nongovernmental enterprises in the U.S.
FDC – Forensics & Dispute Consulting A division of BKD providing services primarily to attorneys in the areas of computer forensics; fraud; mediation, arbitration and ADR; strategic insolvency and bankruptcy; litigation support, expert testimony and consultation; and business valuations.
FDIC – Federal Deposit Insurance Corporation An independent U.S. federal agency that provides insurance coverage for bank deposits up to $100,000, the FDIC was established in 1933 to prevent a recurrence of the losses sustained during the Great Depression when bankrupt banks were unable to return the money deposited in them.
FFEL – Federal Family Education Loan A federally administered student loan program. These loans are funded by private lenders according to FFEL criteria and policies.
FI – Fiscal Intermediary A fiscal intermediary is a private organization that contracts with Medicare to review annual cost reports of various health care facilities and to process and pay Medicare claims.
Financial Alert – A BKD newsletter A client newsletter published three times a year that provides management, tax, technology and compliance information for financial services organizations. Financial Alert
FQHC – Federally Qualified Health Center FQHCs are health centers that have been approved by the government to provide health care services at reduced cost, such as community clinics and care centers on Indian reservations. Medicare pays for extra services in FQHCs that aren’t typically covered, like preventive care.
FS – Financial Services Financial services include banks and other financial service providers such as credit unions and broker/dealers, etc. served by BKD Financial Services Group.
FSEOG – Federal Supplemental Educational Opportunity Grant A federal grant for undergraduate students with exceptional financial need. Unlike a student loan, FSEOGs don’t need to be repaid.
FTC – Federal Trade Commission The Federal Trade Commission enforces a variety of federal antitrust and consumer protection laws and seeks to ensure the nation's markets function smoothly by eliminating unfair or deceptive business and advertising practices.
FY – Fiscal Year A company's business year; a 12-month accounting period that doesn’t necessarily correspond to the calendar year. BKD's fiscal year is June 1 through May 31.
GAAP – Generally Accepted Accounting Principles No single reference source exists for GAAP because the term encompasses the conventions, rules and procedures that define accepted accounting practices worldwide. FASB, GASB, the AICPA and the SEC collectively determine the principles that comprise U.S. GAAP.
GAAS – Generally Accepted Auditing Standards The AICPA issues these auditing standards for audits of nonpublic companies. Auditing standards for audits of public companies are issued by the PCAOB.
GAGAS – Generally Accepted Government Auditing Standards Procedures endorsed by the GAO concerning auditing measurements and standards of presentation, these audit standards are published in Government Auditing Standards (standards for audits of governmental organizations, program activities and functions; also known as The Yellow Book) issued by the U.S. comptroller general.
GAO – formerly the Government Accounting Office; it became the Government Accountability Office in 2004 The GAO evaluates federal programs, audits federal expenditures and issues legal opinions. GAO's primary products are their reports, often called "blue books." See: www.gao.gov.
GAS – Governmental Accounting Standards These are official promulgations by the Governmental Accounting Standards Board (GASB) and, if not superseded, part of GAAP applicable to state and local governmental entities for both governmental-type and business-type activities.
GASB – Governmental Accounting Standards Board GASB’s mission is to establish and improve standards of state and local governmental accounting and financial reporting, resulting in useful information for users of financial reports. The board also guides and educates the public and others who utilize financial reports. See: www.gasb.org.
HC – health care Commonly refers to BKD’s largest industry niche, supported by BKD Health Care Group.
Health Care News – a BKD newsletter A quarterly newsletter published for BKD’s health care clients. Health Care News
HCPCS – Healthcare Common Procedure Coding System A system of codes used to report supplies, drugs, medical devices and equipment. In combination with Current Procedure Terminology (CPT) codes, HCPCS is also used to report physician and other provider services. The codes were designed to standardize the reporting system and facilitate reimbursement by Medicare, Medicaid and other health insurance providers.
HFMA – Healthcare Financial Management Association HFMA is a national organization with local chapters that serves a membership of health care financial management professionals. HFMA provides educational resources, issue updates, networking, newsletters and other opportunities and services. See: www.hfma.org/.
HHS – United States Department of Health & Human Services This agency protects Americans’ health and provides essential human services, especially for those who are least able to help themselves.
HIMSS – Healthcare Information and Management Systems Society HIMSS is an organization focused on providing leadership for the optimal use of health care information technology (IT) and management systems for the betterment of health care.
HIPAA – Health Insurance Portability and Accountability Act HIPAA was passed in 1996 to help people retain insurance even when they have serious health conditions. The law set regulations that all health plans must meet.
HUD – Department of Housing and Urban Development A government agency created to make home ownership a possibility for everyone. HUD has many programs involving homeownership assistance for low- and moderate-income families, community planning/development, fair housing/equal opportunity and home improvement loans. See: www.hud.gov
ICBA – Independent Community Banks of America The Independent Community Bankers of America (www.icba.org) represents a large association of community banks of various sizes and charter types nationwide and is dedicated to protecting the interests of the community banking industry.
IFAP – Information for Financial Aid Professionals Part of the U.S. Department of Education, IFAP maintains a web site resource of valuable tools for all who deal with administration of federal student financial aid programs. See: http://ifap.ed.gov
IRA – Individual retirement account A trust or custodial arrangement that allows individual taxpayers to set aside a portion of their income for their retirement. There are two basic types of IRAs. Under a traditional IRA, distributions are taxable, but contributions are generally deductible. Under a Roth IRA, distributions are not taxable, but contributions are nondeductible. Both types of IRAs allow tax deferral on the earnings of the trust.
IRC – Internal Revenue Code The Internal Revenue Code is the primary source of U.S. tax law. Also referred to as the Tax Code or Title 26 of the United States Code, the IRC is arranged in numbered sections by subject.
IRD – Image replacement documents; i.e.* Check 21* IRD or Check 21 is intended to improve the efficiency of the nation's payment processing system by allowing banks to exchange checks electronically, became effective October 28, 2004. A new payment instrument called “the substitute check,” or an Image Replacement Document, may be used and accepted as the equivalent of an actual paper check.
IRS – Internal Revenue Service The IRS is a component of the U.S. Treasury Department and is responsible for enforcing U.S. tax laws and collecting taxes.
IT – Information Technology Pronounced as separate letters, the broad area of IT is concerned with all aspects of managing and processing information via computer technology, especially within large organizations.
JCWAA – Job Creation and Worker Assistance Act of 2002 Enacted in 2002 to provide tax relief measures for businesses and individuals, this law provides for temporary additional first-year depreciation write off; a tax deduction for teachers with out-of-pocket classroom expenses; relief for New Yorkers directly affected by 9/11/01; and other provisions.
JGTRRA – Jobs and Growth Tax Relief Reconciliation Act of 2003 This law provides temporary reductions in tax rates on capital gains and dividends, marriage penalty relief, tax rate reductions, increased first-year depreciation write offs and other measures of tax relief.
JIT – Just-in-time Just-in-time production, or JIT; a fundamental concept of lean manufacturing practices, see Lean.
Jobs Act – American Jobs Creation Act of 2004 Signed into law in October 2004, this legislation provides a deduction for U.S. production activities and the repeal of existing export incentives; repatriation incentives, deferred compensation reform, expatriation and tax shelter reform and other tax reform measures affecting business and individuals.
JV – Joint venture
KEYnet – “Knowledge Empowering You” network BKD’s intranet, a searchable source of information accessible by BKD partners and employees.
LCM – Lower of cost or market Used in the process of valuing certain assets, with "cost" being the purchase price of the asset and "market" referring to its current replacement cost.
Lean – Lean manufacturing Comprehensive term used to describe manufacturing methods that effectively use resources, increase speed and improve the quality of production while reducing operating costs. Lean manufacturing employs “JIT” concepts along with the Japanese “Kaizen” principles of gradual continuous process improvement. BKD Manufacturing & Distribution Group includes lean expertise and consultants.
LLC – Limited Liability Company A type of business entity combining limited liability for all owners, generally taxed as a partnership.
LLP – Limited Liability Partnership A general partnership in which the partners have limited liability. Organization rules vary by state.
LTC – Long-term care LTC is a broad term covering a variety of health care providers, including skilled nursing, assisted living and other nursing facilities for the elderly, disabled or infirm. BKD Health Care Group includes a Long-term Care Center of Excellence whose professionals serve more than 1,000 LTC clients.
LTCH – Long-term care hospital
M&A – Mergers & Acquisitions Overall term referring to the broad area of business consolidations, combinations and buy-outs.
M&D – Manufacturing & Distribution One of BKD’s largest industry group practice areas is represented by BKD Manufacturing & Distribution Group.
MD&A – Management’s Discussion & Analysis A summary provided by a company’s management that accompanies financial statements in annual reports; the MD&A explains significant factors and changes in operations, assets and liquidity.
MDH – Medicare-dependent hospital
MRI – Moores Rowland International A large global network and association of independent accounting firms that provided financial, taxation and business consulting services to organizations worldwide. BKD was the largest member firm of MRI, which dissolved March 31, 2007.
MDH – Medicare-dependent hospital
NACHC – National Association for Community Health Centers A not-for-profit organization whose mission is to enhance and expand access to quality, community-responsive health care for America’s medically underserved and uninsured. See www.nachc.org
NACUBO – National Association of College and University Business Officers This association has published Advisory Report 2000-2005 for critical guidance on accounting and reporting for scholarship discounts and allowances. The Advisory Report may be found on NACUBO’s website at www.nacubo.org/
NAHCH – National Association for Home Care & Hospice NAHCH is a trade association representing the interests and concerns of home care agencies, hospices and home care aide organizations. See www.nahc.org/
NAICS – North American Industry Classification System A national classification system used by BKD to classify clients by industry; it replaces the former SIC code system.
NASBA – National Association of State Boards of Accountancy Fifty-four state and territorial boards of accountancy comprise the membership of this association: each of the 50 states, District of Columbia, Guam, Puerto Rico and the Virgin Islands. NASBA members attend meetings and serve in an advisory capacity for this industry organization's many programs and services.
NASD – National Association of Securities Dealers A self-regulatory organization of the securities industry, NASD is responsible for the operation and regulation of the Nasdaq stock market (see) and over-the-counter markets. NASD also regulates BKD Corporate Finance, LLC.
NASDAQ – National Association of Securities Dealers Automated Quotation Created in 1971, Nasdaq was the world's first electronic stock market, a computerized system that provides quotes and facilitates trading of some 5,000 actively traded over-the-counter stocks. At one time NASDAQ was capitalized and used as an acronym but is now known simply as Nasdaq.
NFP – Not-for-Profit NFP organizations exist for educational, health care, social, philanthropic or charitable purposes, and their shareholders or trustees do not benefit financially. According to BoardSource.org, 1.6 million nonprofit organizations currently exist in the US. BKD Not-for-Profit & Government Group serves a wide range of NFP and government clients.
NOL – Net Operating Loss Normally used as a tax term, a NOL occurs when allowable deductions exceed annual gross income from a trade or business. NOL can be carried back to previous years or carried forward to future years to offset income.
NRHA – National Rural Health Association The NRHA has more than 10,000 members and is an advocate for rural health by promoting leadership, communicatin, education and research.
OCBOA – Other Comprehensive Basis of Accounting Other methods or accounting basis, as opposed to GAAP, that might be used for financial reporting, e.g., income tax basis or cash basis.
OIG – Office of Inspector General The OIG safeguards Department of Health and Human Services (HHS) programs and the beneficiaries of those programs via ongoing audits and investigations and makes recommendations based on its findings to Congress and to the HHS Secretary.
OMB – Office of Management and Budget OMB's predominant mission is to assist the U.S. President in overseeing the preparation of the federal budget and to supervise its administration in Executive Branch agencies. In addition, OMB oversees and coordinates the administration's financial management and regulatory policies.
PBC – Prepared by client
PCAOB – Public Company Accounting Oversight Board The PCAOB is a private-sector, not-for-profit corporation created by the Sarbanes-Oxley Act of 2002 to oversee auditors of public companies and protect the interests of shareholders by upholding the preparation of fair, accurate and independent audit reports.
PDA – Personal Digital Assistant Small handheld electronic device that functions as a digital appointment book and pocket secretary, PDAs include alarm, calendar, contact management features and more.
PDF (.pdf) – Portable document format A file format created by Adobe Systems’ Acrobat software application to preserve the format of a document as it was created for viewers without the original software or hardware. PDF documents cannot be easily manipulated or changed. To open a PDF document, you must have Adobe Acrobat Reader. To save to a PDF format, you need the complete version of Adobe Acrobat.
PEAK – Educational methodology geared to the manufacturing and distribution industry PEAK is an acronym for Performance Enhancement Advice & Knowhow. BKD has developed a PEAK series of learning tools on key manufacturing topics such as strategy definition and deployment, ERP, process improvement, lean manufacturing, effective information systems and project management.
PEAK Advantage – A BKD newsletter A quarterly client newsletter for manufacturers, distributors and wholesalers that provides strategies to help reach optimum performance. PEAK Advantage
Perspectives – A BKD newsletter A client newsletter published three times a year to address the special needs of not-for-profit and governmental entities by providing timely information to help them achieve their missions. Perspectives
PFS – Personal Financial Specialist The Personal Financial Specialist (PFS) designation is granted by the AICPA to CPAs who specialize in personal financial planning. Only CPAs who are AICPA members (binding them to the AICPA's Code of Professional Conduct) are eligible. In addition to continuing education within the last five years, they must (1) have a minimum of 1,400 hours of financial planning business experience, (2) pass a comprehensive, rigorous exam that covers personal financial planning and (3) must also meet recredentialing requirements every three years to maintain the designation.
PHI – Protected Health Information Protected health information (PHI) as defined under HIPAA refers to individually identifiable health information. This includes data clearly linked to a particular individual as well as health information that would enable individual identification. Exclusions to HIPAA protection are health details in educational records and information retained by a covered entity in its role as employer.
PIC – Partner in Charge Each practice unit is administered by a PIC, appointed by the managing partner, who oversees that unit's financial management and operations.
PPS – Prospective Payment System A health care payment system for hospitals and outpatient care in which the payment rate is pre-established. It is not used for LTC and skilled care facilities.
PRIDE – Passion, Respect, Integrity, Discipline, Excellence BKD’s PRIDE values guide the actions of our partners and employees in delivering solutions to meet the business and financial needs of our clients.
PU – Practice Unit The term used by BKD to identify a branch office or individual economic unit distinguished by location or – in the case of BKD Technologies – by type of specialized practice area. A practice unit may consist of a single office, i.e., Houston, or multiple offices, i.e., Kentucky • Southern Indiana.
QAS – Quality assurance service or system A formal methodology designed to assess the quality of services provided and provide a standard level of quality, generally utilizing concepts from ISO (International Organization for Standardization) and other benchmarking and best practices principles.
QC – Quality Control A specific, ongoing system of inspection, analysis and modification used to maintain consistent quality of output. Within BKD, QC generally refers to the A&A and tax departments in the administration office and their body of policies and procedures in BKDMAN.
QI – Quality Initiative This term is most relevant to BKD’s health care industry group. In 2003, the Centers for Medicare & Medicaid Services (CMS) launched a Hospital Quality Initiative (HQI) program in an effort to standardize performance measures and encourage reporting of complete and accurate information.
RCP – Regulatory Compliance Program While regulatory compliance programs exist in many industries, this term refers primarily to regulatory compliance for financial institutions. BKD’s financial services professionals have industry experience in designing, implementing and supplementing programs to help clients comply with regulatory standards.
REIT – Real Estate Investment Trust A corporation, trust or association whose securities are sold like stock on the major exchanges and which represent direct investments in real estate, either through properties or mortgages. REITs are generally taxed as regulated investment companies.
RFI – Request for information Client or prospect’s formal request for information about BKD services. BKD can provide before request for proposal.
RFP – Request for proposal A request for proposal may be sent by any organization seeking bids from potential vendors on a project.
RHC – Rural health clinic An outpatient medical facility located in an underserved, nonurbanized area as defined by the U.S. Census Bureau.
RUG – Resource Utilization Group A classification system developed to capture patient costs for Medicare billing by measuring resource use primarily for long-term care facilities (and hospitals) with skilled-nursing beds. The system organizes patients into groups based on the kinds of treatments they receive so that billing accurately reflects usage of the facility’s resources.
SAMS – Sales and marketing specialist The SAMS of each practice unit is responsible for managing the sales, marketing and communications processes of his/her practice unit to increase brand exposure, manage risk, conform to BKD style and stimulate sales.
SAS – Statement on Auditing Standards Statements on auditing standards are issued periodically by the American Institute of Certified Public Accountants. See: www.aicpa.org/
SBA – Small Business Administration An association formed to empower entrepreneurs, encourage free enterprise and provide resources for small businesses and their owner/managers.
SCH – Sole community hospital A hospital constituting the primary (and often the only) source of inpatient services for residents of a market area.
SCO – Supply chain operations A supply chain is made up of all the entities and activities that result in finished products delivered to end users. Consulting services for supply chain operations and business process improvement, for example, are growing practice areas for BKD Manufacturing & Distribution Group.
SEC – Securities and Exchange Commission Agency authorized by the United States Congress to regulate the trading of stock and the financial reporting practices of public corporations. The SEC is the regulatory authority for BKDWA.
SEP – Simplified Employee Pension (Also known as a SEP IRA) A SEP is a pension plan that allows an employer or a self-employed individual to make contributions toward retirement savings. Contributions are generally deductible from taxable income and are typically administered through a traditional IRA.
SFAS – Statement of Financial Accounting Standards Statements issued by the FASB.
SIC – Standard Industry Classification SIC codes are numerical codes assigned by the U.S. government to enterprises and municipal entities to identify the primary business of the organization. Classifications such as construction, retail trade, manufacturing, etc. promote uniformity, aid in collecting data and are often used in prospecting. The SIC code was replaced by the NAICS code in 1997 and BKD currently uses the NAICS system to classify its clients.
SIMPLE – Savings Incentive Match Plan for Employees A start-up retirement savings plan for employees of small businesses.
SIPC – Securities Investor Protection Corporation When a brokerage firm is closed because of bankruptcy or other financial difficulties, the SIPC steps in and works to return customers' cash, stock and other securities. SIPC is an independent corporation and is not part of the FDIC; “insurance" for investment fraud does not currently exist in the U.S. SIPC regulates the activities of BKDCF.
SNF – Skilled nursing facility Skilled nursing facility refers to both free-standing facilities and units within hospitals for patients requiring more intensive nursing care than in other nursing facilities or hospital beds. BKD Health Care Group includes a Long-term Care (LTC) Center of Excellence whose professionals serve more than 1,000 LTC clients, among them many SNFs.
SOP – Statement of Position Statements issued by the Accounting Standards Executive Committee of the AICPA to provide guidance on specific accounting or auditing issues. These statements may influence the establishment of new standards or revise and clarify existing audit and accounting guides.
SOX – Sarbanes-Oxley Act of 2002 In 2002, President Bush signed into law the Sarbanes-Oxley Act of 2002. The Act applies to publicly held companies and their audit firms and dramatically affects the accounting profession and any CPA actively working as an auditor of, or for, a publicly traded company. The Act included the establishment of the Public Company Accounting Oversight Board (PCAOB) and empowered the board to inspect accounting firms’ operations and investigate potential violations of securities laws and standards. Auditors of public companies now report to a company’s audit committee, not management. The law also prohibits auditors from offering certain nonaudit services to audit clients, calls for specific internal controls and deals with a code of ethics for financial officers. For a detailed summary of the Sarbanes-Oxley Act of 2002. See www.soxlaw.com/
SSAE – Statements on Standards for Attestation Engagements These statements, issued by the Auditing Standards Board, Accounting and Review Services Committee or Management Advisory Services Executive Committee, provide guidance to CPAs performing attest services.
SSARS – Standards for Accounting and Review Services Statements issued by the Accounting and Review Services Committee of the AICPA for the purpose of providing CPAs with guidance about unaudited financial information of nonpublic entities.
TB – Technical Bulletin Timely guidance and information issued by the FASB on certain financial accounting and reporting problems.
TEFRA – Tax Equity and Fiscal Responsibility Act of 1982 TEFRA was enacted to increase tax revenue by eliminating various taxation loopholes and instituting tougher enforcement procedures in the collection of taxes. The legislation placed restrictions on the tax deductibility of certain investments, including some life insurance and pension products, and also designated Medicare as the secondary payer for certain individuals over age 65.
3PL – Third-party logistics When a company uses a contracted outside source to provide certain services in connection with the supply chain (or manufacturing process), it is using 3PL. Some of third-party services may include transportation, warehousing, distribution, customs brokerage and trade compliance services.
UBI – Unrelated business income Relates to the taxability of income earned by federally tax-exempt organizations when the income is derived from “unrelated business activity.” Unrelated business is activity regularly carried on and not substantially related to the organization’s exempt functions.
USDE – United States Department of Education A department of the U.S. government established by Congress to ensure access to equal educational opportunities for individuals, encourage involvement in federal education programs and promote improvement in the quality of U.S. education. See: www.ed.gov/index.jhtml.
USTC – United States Tax Court The U.S. Tax Court is a federal trial court of original jurisdiction established by Congress under Article I of the Constitution. The Tax Court decides federal income, estate, gift and certain excise tax disputes between taxpayers and the Commissioner of Internal Revenue, before payment of the disputed amounts. See www.ustaxcourt.gov/.
WA – Wealth Advisors BKD Wealth Advisors, LLC (WA or BKDWA) is an investment advisory firm registered with the SEC and a wholly owned subsidiary of BKD, LLP.
WIP – Work in process (progress) Generally used as a billing term at BKD, WIP represents the dollar value of work that has been done but is not yet invoiced.
WFTRA – Working Families Tax Relief Act of 2004 WFTRA established the uniform definition of a child for a variety of tax purposes. It also extended several tax-relief provisions.
WP – WealthPlan WealthPlan is the family of BKD professional services to help clients grow, preserve and protect their wealth. The WealthPlan suite of services taps the resources of BKD, LLP, BKDWA and BKDI and provides clients with tax, retirement, estate, investment and insurance solutions.
WTO – World Trade Organization The WTO is the only international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. See www.wto.org/
Zoomerang – Electronic evaluation and survey e-company BKD uses Zoomerang surveys and evaluations to obtain input and feedback following training events and for other information-gathering purposes.

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