This ASU provides "guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit". It allows the proportional amortisation method to be used by a reporting entity if certain conditions are met. The ASU also defines when a qualified affordable housing project through a limited liability entity should be tested for impairment. If a qualified affordable housing project does not meet the conditions for using the proportional amortization method, the investment should be accounted for using an equity method investment or a cost method investment.

The ASU is effective for public entities for fiscal years beginning after 15 December 2014 and interim periods therein. For nonpublic entities, the ASU is effective for annual periods beginning after 15 December 2014 and interim and annual periods thereafter. Early adoption is permitted. 

Currently, IFRS does not have guidance relating to investments in qualified affordable housing projects.

For more information, see Deloitte's Accounting Journal Entry and ASU 2014-01 on the FASB's website.