| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
|---|---|---|---|---|---|
| #12812 | Closed | public | Multifamily | Les Sparks |
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Good morning Les, We are reporting on a Project which sold in January 2020 with no further reporting requirements. The audit is for the fiscal year end 12/31/19. Should the mortgage be classified as long-term or short-term debt? Thanks, Christina |
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Christina, the mortgage should be classified as current. HUD doesn’t really like it, but that is the appropriate GAAP.
Les Sparks AHACPA (801) 547-0809
From: AHACPA Support <support@ahacpa.org> |
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