| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
|---|---|---|---|---|---|
| #7624 | Closed | public | Multifamily | Les Sparks |
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ASB put out FASB 2015-03 for debt issuance costs that are to be netted against the note payable on the balance sheet versus being carried as intangible assets. Can you give me some assistance? |
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From Les Sparks: HUD has taken no official position on the recording of Update 2015-03. For all intents and purposes, you have the choice on how to report. If you early adopted in 2015, then I would simply include the unamortized costs in the debt balance. Then just include an extra paragraph in the footnote to explain how the amounts agree. There are no real alternatives to this with the exception of leaving the supplemental just as it is for HUD purposes. By this, I mean that you could make the change for the basic statements and then just report the amounts in the supplemental schedules just as HUD has it. Since the HUD data is supplement and presented in a financial data template, my best advice is to leave it where it already is in the template. There is no requirement that the template be a GAAP presentation at all. That is what I would do. |