Accounting Standards for CIRAs (Common Interest Realty Associations)
Author: Pat Patterson
| CPE Credit: |
2 hours for CPAs |
This couse 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.
Publication Date: February 2025
Designed For
Professional accountants, developers, investors, and unit owners that are involved with accounting, reserves, budgeting, and record keeping for CIRAs.
Topics Covered
- What's a CIRA?
- Explanatory Review of Common Interest Realty Associations (CIRAs)
- State Regulations and Statistics
- CIRA Pros and Cons
- Association GAAP
- Changes and New Standards
Learning Objectives
- Identify the accounting concepts for Common Interest Realty Associations (CIRAs)
- Explain the need for budgeting
- Explain the need for Reserve Accounts
- Identify proper disclosures for CIRAs in financial statements
- Identify examples of Fund Accounting
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)
Program Prerequisites
A basic understanding of CIRA accounting.
Advance Preparation
None
