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CIRAs: Accounting and Auditing Issues Facing CPAs in 2018 (WEBNAR55)

 
Date:Tuesday, February 20, 2018
Time:2:00pm - 4:00pm
(Registration at 1:30pm )
Facility:Webcast or Webinar, Online
CPE Credit:2.0 Accounting and Auditing
Instructor: Cecil Patterson Jr., CPA,MBA
Vendor:Florida Institute of CPAs
Course Level:Intermediate
Early Bird Price:$75.00 FICPA Members, $105.00 Non-Members

Description:

This course explains the GAAP, GAAS, and SSARS standards and the Florida Statutes and the Florida Administrative Code Rules, and their application to the CIRA Industry. Further, explanation will be made of the varied and unusual details of the accounting and auditing issues in the Florida CIRA Industry, and the accounting and auditing issues from GAAP, GAAS, and in Florida that make the CIRA Industry so different from many other industries. The session details the financial reporting process from the initial requirements to annual reporting requirements, budgeting statutes and rules, reporting issues, reserve requirements, “turn-over” disclosure requirements, “developer guarantee” issues, and various specific requirements for the type of CIRA involved, condominium association, homeowners’ association, cooperative association, or timeshare association. The GAAP differences between financial reporting and statutory reporting are confusing and vary from other entities. Specific disclosures for capitalization policies, restrictions on use of facilities and assets, asset recognition and measurement of assets transferred in nonmonetary exchanges create confusion for professionals which this session will clarify. Florida financial statement form and formats are explained for specific state reporting requirements. Disclosures, both annual and “turn-over” are also at play in financial reporting.



Objectives:

On completion of the session, the CPA should be able to:

  • Identify the types and level of financial statement service that is required by GAAP, GAAS, and in Florida the Florida Statutes and FACs and compliance with GAAP and other professional AICPA standards at the same time.
  • Discuss the mechanics of preparing a CIRA’s financial statement depending on the type of CIRA and the disclosures required by both GAAP and Florida law.
  • Understand the differences in financial reporting for single condominium associations and “multi” condo associations.
  • Recognize the elections that CIRAs may make concerning revenue, capitalization issues, and deductions for the association and the disclosures required by those elections.
  • Ensure that all required GAAP and state disclosures are properly made.
  • Identify when an owner/member of an association may be effected by the CIRA’s tax implications as to basis of unit. 
  • Understand the role of the Florida Division of Condominiums, Timeshares, and Mobile Homes (the Division) in the financial process.
  • Learn how to properly react to the Division and its’ inquiries.


Major Topics:
  • Financial reporting requirements of Florida laws for CIRAs.
  • Disclosure requirements of the Florida laws, GAAP, and other disclosures relating to special situations like “turn-over”. 
  • Disclosure requirements of state statutes and rules according to type of CIRA.
  • Formation of the association and the effect on financial reporting on issues like “multi condos”, timeshares, “turn-over audits”, and other specific reporting statutory issues.
  • Reserve calculation requirements for Florida CIRAs involving the straight-line method and/or the pooling method.
  • Differences in the Florida Statutes and FACs between HOAs, Condos (both residential and commercial), Timeshares, and Coops as required for financial reporting problems and disclosures.


Who Should Attend:

The course is designed for CPAs and other accounting and auditing professionals working in the areas of CIRAs as public accountants performing A & A services, owners of a CIRA, serving on the Board of Directors of a CIRA as an owner, handling CIRA issues for clients, or working with property management entities.



Prerequisite:
The participants should be familiar with the basics of CIRA accounting, auditing, review engagements, compilation engagements, and preparation services. Some knowledge of state statutes and FACs are considered essential.

Advanced Preparation:
None


Note:

Information on how to log-on to the webinar, troubleshooting, and contact information will be included with your registration confirmation.


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Registration Status: OPEN