FINANCIAL RESPONSIBILITY AND EZ-AUDIT REPORTING REQUIREMENTS

Back in September new financial responsibility reporting requirements were released as part of the borrower defense to repayment regulations package. The changes are intended to remedy past inconsistent ratio interpretive issues and pronouncements by FASB. ED recently released a Q&A to provide clarity on the upcoming changes which take effect on July 1, 2020 and offers guidance on financial statement disclosures, long-term debt, lease effective dates, applicable year, and eZ-Audit filing.