REAC Guidance on Debt Issuance Costs
AHACPA continues to receive numerous questions regarding REAC’s position on the implementation of ASU 2015-03 on debt issuance costs. Since the original REAC notice, the guidance has been somewhat neglected. To remind auditors and clients of the guidance, AHACPA wishes to reiterate the following: HUD has indicated the debt issuance […]
REAC’s Deputy Assistant Secretary, Donald J. LaVoy, to Speak at PHA Conference
We are excited to announce that D.J. LaVoy has been added to our outstanding lineup of speakers for the 18th Annual PHA Conference. Mr. LaVoy is the Deputy Assistant Secretary for HUD’s Real Estate Assessment Center (REAC). He joined HUD and established REAC in 1998. Over the course of the […]
HUD Audit Guide Chapter 7 Updated
HUD OIG has released the Consolidated Audit Guide revised Chapter 7 – ‘FHA-Approved Lenders Audit Guidance’. The transmittal letter issued in October 2016 lists the significant changes as: Certain mortgagee letters and chapters of HUD Handbook 4060.1 were retired with the issuance of HUD Handbook 4000.1. References were updated to reflect these new changes. HUD Handbook 4000.1 […]
FASSUB to be Updated for the Implementation of FASB ASU 2015-03
Today HUD announced updates will be made to the FASSUB system on the evening of October 6th, 2016. Download the announcement here. In April of 2015 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2015-03 (ASU 2015-03). ASU 2015-03 changes the way debt issuance costs are reported. Debt issuance costs, prior […]
FHA Implemented New Certification Statements
On August 1, 2016 FHA implemented revised certification statements. These changes will be applied starting with lenders with Fiscal Year End July 2016. A link to the revised certification statements is included in this email. Make sure your clients understand what they are certifying to and that they answer the […]
AHACPA Members May Now Post Peer Review at AHACPA
During the past year, several AHACPA members were cited by Peer Reviewers for not publicly posting the results of their peer review. As a result, AHACPA is happy to provide members with a new resource which will allow you to publicly post your peer review. See directions below. The GAO […]
Update on U.S. Department of Agriculture’s Rural Development Audits
In 2014, Rural Development (RD) published a proposed rule indicating a potential change in the audit approach. Currently RD audits consist of a Yellowbook audit on the financial statements and an AUP engagement for specific agreed-upon procedures. Under the proposed rule, auditors would no longer complete the AUP engagement. Further, […]
REAC, LEAP, and the 2016 Deadline – No Deadline Extension Anticipated
AHACPA has received various questions regarding the status of a potential deadline extension. To the best of our knowledge, there will not be any relief from the 90-day deadline this year. AHACPA recommends planning for a timely submission for both Multifamily and FHA-approved lenders. Due to this year being a […]
Update on Section 202/811 PRAC Recapture
Over the last few weeks, AHACPA has received numerous requests for an update on the status of HUD’s initiative to recapture residual receipts on expiring PRACs. Practitioners and their clients must make a determination on the accounting for amounts related to expiring contracts, specifically whether a loss should be reported […]
Clarification of HUD’s 30-day Extension Due to FAC Data Breach
UPDATE – HUD posted the following update regarding submission extensions. “Audit submissions due to the Federal Audit Clearinghouse between 7/22/2015 and 1/31/2016 have been granted extensions through February 1, 2016. Since the HUD audit attestation process references the submission of the OMB Data Collection Form, HUD is mirroring this extension […]
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