| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
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| #7161 | Closed | public | Multifamily | Les Sparks |
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A question has come up related to ASU 2015-03 about presenting debt issuance costs in the HUD supplementary schedule balance sheet. For GAAP, the debt and the costs get netted on the financial statement. Debt costs are effectively a contra account but it looks like there is not a contra account within the HUD/REAC chart. There is a thought of presenting a net amount (mortgage balance – debt costs) on HUD line 2320 (Mortgage Payable – First Mortgage). Any thoughts or information would be helpful. |
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From Les Sparks: There really is an account – it is 2340. IF you choose to show the amount as a contra account, that account is the one. it is not a mandatory account. However, if you want to show it like that, then it is there. |
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