Condos and HOAs: Advanced Accounting, Auditing and Other Issues (CHAI05)

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Date:Thursday, December 04, 2014
Time:8:30am - 4:30pm (Registration at 8:00am )
City:Ft. Lauderdale
Facility:Renaissance Ft. Lauderdale, Ft. Lauderdale
CPE Credit:8 Accounting and Auditing
Instructor: Cecil Patterson Jr., CPA, MBA
Vendor:Florida Institute of CPAs
Subject:Accounting, Auditing, Specialized Knowledge and Application
Course Level:Advanced


Discuss, examine, and teach about the most difficult and frequently found accounting and auditing issues in Common Interest Realty Associations (CIRAs) for 2014. Issues covered are RED Zone issues from professional standards including FASB Updates, Auditing changes and compilation and review changes from SSARS 19 and newly released exposure drafts. The RED Zone issues will include: Report changes, Engagement letters, and Documentation issues for residential and commercial condominium associations (condos), time-share, homeowners' associations, and others. Participants will also hear about independence, Interpretation 101-3 for non attest services performed for attest clients, when to capitalize assets, start-up situations, and transitions (turn-over) between developers and unit owners. Issues involving bad debts, asset recording, and budgeting in a troubled financial period will be discussed. Florida specific issues and changes to the Florida Statutes and Florida Administrative Codes will be covered. Also included will be issues on administration and marketing for the CIRA industry.


Participants will obtain an overview, update and in-depth examination of the most difficult and frequently found accounting and auditing issues in Common Interest Realty Associations (CIRAs). These issues include SSARS 19 reporting, engagement administration and ethical issues for time-share, residential and commercial condominium associations (condos). The subjects will include independence, Interpretation 101-3 for non attest services performed for attest clients, when to capitalize assets, “start up” situations and transitions (turnover) between developers and unit owners. Homeowners’ associations (HOAs) and cooperative associations having some of these same issues will also be covered. Specific state issues and new statutes will also be addressed

Major Topics:
  • Update on professional pronouncements and standards that directly relate to CIRAs. These pronouncements and standards include FASB pronouncements, Private Company Council releases and status, and other accounting matters, Clarified SASs, audit reports, and other auditing standards, SSARS 19 and other related compilation and review standards, including the Preparation of Financial Statement Issue from the AICPA, OCBOA and interim situations, professional ethics and related matters, state statutes and rules updates and analysis. The applicability of the Financial Reporting Platform from the AICPA will be discussed
  • Common property accounting, reporting and disclosure issues: “when is an asset an asset”; personal property issues; real property issues; impairment issues and fund accounting for CIRAs
  • Future repairs and replacement accounting (reserve issues) such as financial statement reporting, note disclosure and reserve methods (including pooling method)
  • Audit, review and compilation considerations for engagement management, audit programs, practice aids, disclosures and fund reporting
  • Turnover and transition problems
  • Disaster Reporting Issues (hurricanes, floods, tornados, etc.)
  • Recession periods, budgeting and bad debts
  • Tax matters relating to accounting issues
  • Related case studies, exhibits and examples
  • Other issues deemed timely and applicable

Who Should Attend:
CPAs with an interest in CIRA accounting, including those in public practice, real estate management and accounting; professional employees in CIRA industry; residents, officers and board members; and professionals with an interest for clients, friends or relatives who are connected with CIRAs

Knowledge of the Common Interest Realty Association (CIRA) Industry


FICPA Seminar EZMaterials! Instead of picking up paper manuals at the event, you’ll be able to download the EZMaterials as searchable PDFs to your laptop, tablet or other device seven days before the event. For an additional fee you may choose to purchase a hardcopy of the seminar manuals. If requested during registration at least eight days prior to the course, your hardcopy will be available for pickup at the event. Click here for more information.

Early Bird Price: $280 FICPA Members, $405 Non-Members

Regular Price on 11/25/2014: $335 FICPA Members, $460 Non-Members

Thursday, December 4, 2014
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I will download the EZMaterials electronic course manual

I would like a hardcopy course manual for an additional $15, plus the EZMaterials electronic manual