CIRAs: Disaster Related Accounting and Auditing Issues - 2018 Update

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Online registration for this course is now closed. Please contact the Member Service Center at
(800) 342-3197 if you wish to inquire about registering.

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2.0 Credits

This course explains the varied and unusual details of the accounting and auditing issues of the CIRA Industry in the aftermath of Hurricanes or other disasters. This presentation deals with the accounting and auditing issues that make the CIRA Industry so different from many other industries. The session details disaster specific asset recognition positions for CIRAs, specific disclosures for assets, reserves, revenue and expense issues, and reporting on “required supplemental information” disclosures. The GAAP differences between financial reporting and tax reporting are confusing and unusual to the unwary. 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 in disasters which this session will clarify. Financial statement form and formats are explained for specific state reporting requirements. Disclosures are also at play in statutory financial reporting.


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

  • Identify the types and level of financial statement service that is required by the state and compliance with GAAP and other professional AICPA standards.
  • Discuss the mechanics of preparing a CIRA’s financial statement depending on the type of CIRA and the disclosures needed.
  • Recognize the elections that CIRAs may make concerning revenue, capitalization issues, and deductions for the association.
  • 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 what is meant by the terms of “CIRA turn-over” engagement.

Major Topics

  • Capitalization policies of CIRAs.
  • Capitalization policy disclosures.
  • Capitalization of real estate and GAAP.
  • Capitalization of personal property and GAAP.
  • Disclosure requirements of GAAP according to the FASB.
  • Disclosures from disasters
  • GAAP disclosure for “reserves”.
  • Disclosure requirements of state statutes and rules, including “reserves”.
  • 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.
  • Differences between HOAs, Condos (both residential and commercial), Timeshares, and Coops as required for financial reporting problems and disclosures.

Designed For

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. Their tasks include completing financial statements, working with management on disclosures, and preparing the financials in the required state form and format, giving advice to the CIRA clients, and assisting with tax matters in conjunction with audits, reviews, compilations, and preparations. The FASB’s Accounting Standards Codifications, the AICPA’s Professional Standards in auditing, review, compilation, and preparations services, the state laws and rules, and AICPAs Code of Professional Conduct, as well as various federal and state tax matters are dealt with for the benefit of the CPA professional.


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


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