ASC 958 and Capital Advances
There have also been several questions regarding the implications of ASC Topic 958 and its application to Capital Advance (202/811) projects. As a reminder, in June 2018 FASB issued ASU 2018-08 – Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made (Topic 958). The standard revises […]
Disclosures for the adoption of FASB’s Accounting Standards Update 2017-09 (Topic 606)
AHACPA has received many questions regarding the implementation of FASB’s Accounting Standards Update 2014-09 – Revenue from Contracts with Customers [Topic 606]. The consensus is that Topic 606 has little relevance for most multifamily housing revenues. The questions focus on the nature of disclosures for the new revenue recognition standard. […]
The Long-Awaited RD Audit Guide has been released
On November 10, 2019, The Department of Agriculture’s Rural Development office officially released chapter 4 of Handbook 2-3560. Appendix I to Chapter 4 contains the 2019 Audit Guide that has been promised for the last year. A copy of the complete chapter can be found here. That copy has been […]
In-Depth Discussion on the Implementation of ASU 2016-18 – Restricted Cash/ Cash Flow for Multifamily Audits
Stay tuned. Tomorrow we will send out a newsletter with details on the Newly Released Chapter 4 of Handbook 2-3560, and the long-awaited 2019 Rural Development Audit Guide In-Depth Discussion on the Implementation of ASU 2016-18 – Restricted Cash/Cash Flow For Multifamily Audits After consultation with multiple CPA firms as […]
RD 3560-2 Chapter 4 Released
The new Chapter 4 was posted over the weekend with a revision date of 11/08/2019. There was no announcement or any other type of notification. Les is going over the information now to determine what has actually been updated. He will be sending out an email later this week. In […]
Update on Rural Housing Audits for 2019
Update on Rural Housing Audits for 2019 As many of you know, Rural Development (RD) issued an Unnumbered Letter in February discussing the pending adoption of the their Audit Guide (Guide) for calendar year 2019. As of today, this Guide has not been issued. The lack of a published Guide […]
How ASU 2016-18 Will Impact Your Upcoming Audits
How ASU 2016-18 will Impact your Upcoming Audits With 2019 audit planning right around the corner, AHACPA wants to let you know of a significant change that will impact your audits. ASU 2016-18 is effective for fiscal years beginning after December 15, 2018. Accordingly, calendar 2019 year ends are required to […]
AHACPA Announces HUD 101 Webinar Course
New to HUD Audits? Just in time for Back to School… We are introducing our first ever HUD 101 course. AHACPA will be conducting a new webinar series for persons new to the HUD audit area. This course will be an introduction to the required concepts for auditing HUD Projects. […]
RAD Conversions for Section 202 PRACs
Recently HUD emailed interested parties a notice of a proposed change to the existing RAD Notice. This draft notice is available here or a pdf copy can be downloaded here. The proposed change would allow Section 202 projects to convert to the RAD program. Although Section 4 is lengthy, AHACPA wishes to notify users about this […]
HUD Findings for FHA Approved Lenders
During the last few weeks AHACPA has received various questions and comments from members related to FHA findings. As a result, we wish to provide additional guidance on the following matters. Upfront MIP Payments Multiple lenders have been receiving notices of penalties for the late payment of up-front MIP (UFMIP). […]