Course

With the recent adoption of ASC 842 and the year-end rapidly approaching, AHACPA has received many questions related to what REAC would be doing to accommodate the change in accounting. Today, we found out. The following was posted on REAC’s website Thursday:

New Lease Standard from FASB (ASC 842)

Some leases will need to be recorded as assets on the balance sheet in the financial statements. These will be known as right-to-use assets. The amount represents the net present value of the lease. In response to this change in accounting standards, we have added an account to the drop-down list for Account 1590, Miscellaneous Other Assets, titled “Right-to-Use Asset.”

A request from Kathy Christensen: If you are a frequent user of HUD's REAC system, you know that sometimes it can be difficult to successfully login - especially at peak usage times. One error I receive with some frequency is:

I receive this error after my ID and password have been accepted and I click on the Login button. I am working with the REAC IT team to troubleshoot the issue. They have informed me that I am the only person in the country that has reported this error. I suspect others are also receiving the error.

I am collecting information to pass on to the REAC IT team. If you receive this error please contact Kathy Christensen via email or by filling out the form at https://ahacpa.org/announcements/reac-error-jz006/.

Click here for more information on AHACPA's CPE policies in accordance with NASBA requirements, including:

AHACPA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.