Coops: GAAP, GAAS, and SSARS Issues (Currently Unavailable)

Author: Pat Patterson

This course explains the varied and unusual details of Cooperative Association (COOPS) and the Generally Accepted Accounting Principles (GAAP), the Generally Accepted Audit Standards (GAAS), and the Statements on Accounting and Review Standards (SSARS) positions of the Common Industry Realty Association (CIRA) Industry. There are specific Topics in the Financial Accounting Standards Board (FASB) that deal with the CIRA industry and Cooperatives. The CIRA industry has auditing standards that relate often to state laws and rules for Cooperative Associations.

Publication Date: March 2020

Designed For
CPAs, Property Managers, Investors, and other accounting professionals working in the accounting and audit areas of Coops. The tasks include audits, reviews of financial statements of the associations as well as Compilations, and Preparation engagements. The AICPA’s Code of Professional Conduct is also important to understand as it relates to Independence, documentation, and form and content of financial statements.

Topics Covered

• Differences between associations like residential and commercial Coops
• Timeshares and Coops (both residential and commercial) as required
• How the differences effect the filing of federal and state tax returns.
• Is depreciation any different in a Coop compared to another entity?
• What level of service is required and when
• Revenue Recognition specifically for Coops

Learning Objectives

• Identify the types of engagements available to a Cooperative Association, such as, audits, reviews, compilations, and preparation engagements
• Describe the mechanics of providing financial statements to a CIRA depending on the type of CIRA and the level of attention needed
• Recognize the procedures that CIRAs may make concerning revenue, capitalization issues, and deductions for the association
• Identify when an owner/member of an association may be affected by the CIRA's accounting implications
• Identify and explain the capitalization policy of a Cooperative Association
• Identify ways shares are acquired by the cooperative housing corporation
• Recognize standards prescribed by the accountant's responsibilities with respect to going concern
• Identify the effective date for the new CECL standard for private entities

Level
Intermediate

Instructional Method
Self-Study

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

Program Prerequisites
Basics of CIRA accounting. GAAP, GAAS, and SSARS standards are also important in the industry.

Advance Preparation
None