CIRA: Accounting and Auditing Special Issues

Author: Pat Patterson

Do you need a quick review of the most difficult and frequently found accounting and auditing issues in Common Interest Realty Associations (CIRAs)? This program reviews new FASB pronouncements, Audit issues, and new SSARS requirements for 2014, SSARS 19 engagement letters, reporting, reserve and turnover situations for residential and commercial condominium associations (condos), and homeowners’ associations, and other matters that impact CIRAs.

Issues include bad debts and budgeting in a recession period. This couse also discusses the status of the CIRA Guide and what is authoritative GAAP. A review of the AICPA’s Exposure Draft for Compilations, Preparation of Financial Statements, and Association with Financial Stateement will be shown as finalized by the ARSC as SSARS 21.

Publication Date: June 2016

Designed For
CPAs with an interest in CIRA accounting and auditing issues, including those in public practice, real estate management and accounting; professional employees in the CIRA industry; residents, officers and board members; and professionals with an interest for clients, friends or relatives who are connected with CIRAs.

Topics Covered

• CIRA standards involving new compilation and review standards for 2015, including the Exposure Draft (SSARS 21) that relates to Preparation of Financial Statements, Compilations, and Association with Financial Statements
• New releases from the FASB's Private Company Council and its status
• Property recognition issues about the concept of materiality for compilation and review engagements
• "Reserve" calculations, disclosure, and FASB requirements
• New issues in Compilation and Review engagement letters and review representation letters specified in SSARS 19
• An advanced look at documentation standards will be reviewed for changes required by new compilation and review standards
• Further updates that impact on compilation and review engagements that include: new Quality Control Standards (SQCS8) and its requirements
• Ethics Interpretation 101-3 will be explored for revisions and updates in attest/nonattest applications specifically dealing with compilation and review issues
• Any other matters deemed appropriate and timely

Learning Objectives

• Identify asset recognition and "reserve" issues of CIRAs
• Recognize FASB pronouncements that may affect CIRAs that come from the Private Companies Council and to review other new GAAP releases that may affect these engagements
• Identify the updates of the new compilation and review standards for CIRAs in 2015, and future years
• Recognize the selected revised professional compilation and review standards that still apply from earlier years
• Differentiate distinguishing characteristics of CIRAs
• Recognize requirements and steps included in the revenue recognition process
• Identify requirements applied under SSARS 19
• Describe how to properly carry out a compilation engagement for CIRA
• Recognize what occurs if CIRA was destroyed
• Identify the code to consult in order to received guidance while doing accounting work for a CIRA

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
A basic understanding of the CIRA industry.

Advance Preparation
None