Rural Housing Update: Final Rule on Modified Financial Reporting Requirements

ID Status Date Public/Private Industry AHACPA Contact
#6930 Closed public Rural Development Les Sparks
Customer Reply

I attended the Vegas Multifamily Conference and I wanted to clarify something:

With the effective date of the new reporting requirements being 11/24/17, does that mean the updates could be included in audits of 12/31/17 year-ends?

Or is it NOT in effect for Audit YE 12/31/17, then option for Audit YE 12/31/18 and required for Audit YE 12/31/19?

I was a little confused by the text in the materials.

Kathy Christensen

From Les Sparks:

The issue with the dates is simply related to our different definitions. RD defines dates with budget years while CPAs define dates with audit years. So, budget year 2018 is really related to audit year 2017 as the amounts paid in 2018 will primarily relate to 2017 audits. The 2019 year will relate to fiscal year 2018 paid in 2019. That means that you must implement for fiscal year ends of 12/31/2018.

Les

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