Accounting Standards for CIRAs (Common Interest Realty Associations) (Completed)
Date: Monday, February 10, 2025
Instructor: Pat Patterson
| Begin Time: |
11:00am Pacific Time
12:00pm Mountain Time
1:00pm Central Time
2:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs |
|
This session presents a framework for financial statements for CIRAs. The recognition of assets and liabilities in CIRAs explained.
The problem with contributed assets by a developer explored. Fund Accounting and Fund Transfers issues presented.
Reserves for asset acquisition, depreciation, and asset disposal studied. Budgeting objectives and budgeting necessities dealt with.
Who Should Attend
Professional accountants, developers, investors, and unit owners that are involved with accounting, reserves, budgeting, and record keeping for CIRAs.
Topics Covered
- Financial Statement Presentations
- Financial Statement Format and state laws and rules
- Correct Budget Presentation
- Fund Accounting Necessity
- Asset recognition and Leases
- Asset acquisition and disposal with Reserve funds
- Correct transfers between funds and Reserves
- The impact of federal, state, and local taxation
Learning Objectives
- To provide professional accountants and management with the accounting concepts for Common Interest Realty Associations (CIRAs)
- To explain the need for budgeting
- To explain the need for Reserve Accounts
- To discuss proper disclosures for CIRAs in financial statements
- To provide examples of Fund Accounting
Level
Update
Instructional Method
Group: Internet-based
NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)
Program Prerequisites
A basic understanding of CIRA accounting.
Advance Preparation
None
