| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
|---|---|---|---|---|---|
| #6812 | Closed | public | Multifamily | Les Sparks |
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Our audit partner brought to our attention the release of ASU 2015-03 during our audit planning meeting. We elected to adopt for FY ending 12/31/2015; however, the same partner is now warning us that HUD and lenders/investors may not be ready for early adoption. What are you seeing in the industry regarding option of this change? Have you heard anything about REAC changing their chart for FS submissions? |
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From Les Sparks: In general most are not early adopting. However, REAC is very aware of the pending change. They have elected so far to do nothing. If you adopt you have the choice of making the change in the supplemental data and just reporting it as on offset to debt. You can also choose to issue the basic statements with the correct presentation and present the supplemental data with the asset still shown. Since the supplemental data opinion is not “GAAP” it is still possible to leave that data there without violating any standard. Personally, I would just report the debt reduced with a change int he notes to make it clear. |