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.


    AICPA Common Interest Realty Association Wiki

    The purpose of the Common Interest Realty Association Wiki is to provide non-authoritative AICPA content related to common interest realty associations (CIRAs) in an easy-to-use format. The benefit of providing the content in a wiki format is that anyone may view and contribute to the collaborative, ongoing work in progress.

    This wiki is intended to be a valuable resource for anyone associated with CIRAs. The AICPA introduced the wiki in response to feedback received from preparers and practitioners associated with CIRAs. Anyone preparing or auditing the financial statements of CIRAs and interested in learning more about the accounting aspects or auditing considerations related to CIRAs will find this wiki a valuable resource.

    The AICPA welcomes anyone with an interest in and knowledge of CIRAs to read the wiki and contribute. True to the wiki platform, the AICPA looks to AICPA members and the accounting profession to complete, correct, and improve this content. Sources of authoritative literature should be consulted when preparing or reporting upon financial statements.

    AICPA Online Professional Library

    When you subscribe to any one of the many subscription options on AICPA Online Professional Library, you're not only getting access to the most up-to-date guidance and tools, you are also linked to all of the relevant and related literature, including the FASB and GASB libraries.

    Many publications and libraries may be of value to those interested in guidance related to common interest realty associations:

    Guidance contained in the AICPA Online Professional Library has also been grouped into topical sets including varying levels of guidance. The following may be of interest to those seeking information and guidance on common interest realty associations:

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