CIRA: Common Real Interest Realty Association Issues & Impacts (Completed)

Do you need a review of the most difficult and frequently found accounting, auditing, review, compilation, and preparation issues in Common Interest Realty Associations (CIRAs)? This program reviews new FASB pronouncements that impact CIRAs, Audit issues, and new SSARS requirements for 2018, SSARS 21 engagement letters, changes to reporting formats, reserve issues, and turnover situations for residential and commercial condominium associations (condos), and homeowners’ associations, and other matters that impact CIRAs. Issues include assest recognition, reserve considerations, disclosures, bad debts, and budgeting implications. This session also discusses what is authoritative GAAP for CIRAs and where does one find it. A review of the AICPA’s standards for Compilations, Preparation of Financial Statements, and Non Attest Services for CIRA Attest Clients. Recently issued SSARS 22 and SSARS 23 will be reeviewed for CIRA impact.

Who Should Attend
CPAs with an interest in CIRA accounting and auditing issues, including those in public practice, real estate management, accounting; professional employees in the CIRA industry; residents, officers and board members; and professionals with an interest for clients, friends or relatives who are connected with CIRAs.

Topics Covered

• CIRA standards involving new preparation, compilation review, and audit standards for 2018, including the new SSARS 22 and 23 that relates to Pro Forma Financial Statements, Compilations, Reviews, and other updates for CIRAs
• New releases from the FASB's Private Company Council and the PCC status
• Property recognition issues for real and personal property of CIRAs. For instance, when is an asset an asset in a CIRA?
• "Reserve" calculations, their disclosure, and FASB requirements for CIRAs in the areas of revenue recognition, financial instruments, and leases
• New issues in Compilation and Review engagement letters and review representation letters specified in SSARS 21, 22, and 23
• An advanced look at documentation standards will be reviewed for changes required by new compilation and review standards
• Further updates that impact on compilation and review engagements that include: new Quality Control Standards (SQCS8) and its requirements
• Ethics Interpretation of 1.295 regarding independence and documentation will be explored for revisions and updates in attest/nonattest applications specifically dealing with attest issues

Learning Objectives

• Recognize information on engagement letters, reporting formats, disclsoures pertinent to CIRAs, asset recognition, and "reserve" issues of CIRAs
• Gain insight into the FASB pronouncements that may affect CIRAs that come from the Private Companies Council and to review other new GAAP releases that may affect these engagements
• Identify new compilation and review standards for CIRAs in 2018, and future years
• Identify and review revised professional compilation and review standards that still apply from earlier years

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
A basic understanding of the CIRA Industry.

Advance Preparation
None