Common Interest Realty Associations 

Whether you are a financial statement preparer or auditor it is critical to understand the complexities and unique aspects of common interest realty associations (CIRAs), including the many different types, the regulatory framework affecting them, and their creation, management, and governance. AICPA resources provide information on recent developments, guidance, and illustrative examples for common accounting and audit practices you may encounter in the CIRA industry, including

• reporting on common property.
• funding of future major repairs and replacements.
• financial statement presentation.
• note disclosures for common property and future major repairs and replacements.
• budgets.
• audit procedures specific to CIRAs.
• reporting on required supplementary information.

Also find comprehensive examples of note disclosures related to common property and future major repairs and replacements, and reporting on required supplementary information.

Available Resources:

Common Interest Realty Association Wiki