The New York State Society of CPAs is asking the Financial Accounting Standards Board to expand a proposal that would standardize the treatment of foreclosed properties when they are backed by a loan from the U.S. Department of Housing and Urban Development beyond the residential developments that were the focus of the original draft proposal.
“The guidance needs to apply to not just residential housing, but to all types of government guaranteed programs, such as those covering hospitals and nursing homes” said Sharon Sabba Fierstein, a member of the NYSSCPA’s Accounting and Auditing Oversight Committee, in a statement. “We believe that the way the proposal was written, a reader would conclude it only covered single family mortgages, rather than also the multi-family and healthcare mortgages insured by HUD programs.”
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