Coronavirus and 2019 Financial Statement Disclosures
Over the last 2 weeks it has become apparent that the crisis surrounding the COVID-19 virus will have serious impacts to the economy of the U.S. Questions have arisen over the need to include a subsequent event footnote to 2019 financial statements. Given that HUD has extended the deadlines for annual reporting, a substantial number of annual reports have not been completed. Accordingly, there are many reports where project financial statements may be required to include a subsequent event footnote. |
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Possible COVID-19 Footnotes
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Multifamily: Subsequent Event – Coronavirus Pandemic: (Note) If the project has rental assistance, the potential for significant collection losses could be mitigated. This change would be reflected appropriately. |
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Lender: Subsequent Event – Coronavirus Pandemic: |