Sample Disclosures for Condominium, Homeowner and Timeshare Associations

CIRAs in Florida are subject to additional operational and reporting requirements beyond those imposed by the AICPA guide, Audits of Common Interest Realty Associations (the Guide).  These additional requirements are imposed by law through Florida Statutes and related Rules as published in the Florida Administrative Code.

In order to help Florida CIRAs comply with the provisions of these laws, the Florida Institute of Certified Public Accountants (FICPA) CIRA Section developed the following sample disclosures for (1) condominium and homeowner associations and (2) timeshare associations.  Users of these materials should be aware that laws and rules occasionally change.  These materials will be updated from time to time by the FICPA’s CIRA Section

The reporting examples present financial statement disclosures for condominium, homeowner and timeshare associations that are commonly used by Florida CPA’s.  However, practitioners should refer to Generally Accepted Accounting Principles, the Guide, Florida Statutes, Florida Administrative Code, and other publications to determine the applicability of any of the following disclosure examples.  All of the example disclosures presented under this section were submitted by members of the FICPA’s CIRA Section.  If you would like to submit any disclosures commonly used in your practice as it relates to CIRA’s, please submit your examples directly to the FICPA’s CIRA Section.  The decision on which example disclosures to include or not to include will be made by the steering committee of the CIRA Section.
Although this publication was prepared by the FICPA’s CIRA Section, it has not been approved by the Board of Governors or the Executive committee of the FICPA and is not an official publication of the FICPA.  The FICPA assumes no responsibility for the accuracy or reliability of the material, and users of this material should not rely on it as authoritative with regard to the matters addressed therein.

Sample Disclosure for Multi Condos

Sample Disclosure for CO-OP's

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