Condos/Stratas › Accounting

• Accrual vs Cash Accounting
• Generally Accepted Accounting Principles
• BC Financial Statement Requirements
• Limitations of Financial Statements
• Fund Accounting
• Maintaining a Separate Reserve Fund
• Capital Assets
• Revenue Recognition of Special Assessments
• Subsequent Events - Special Assessments & Commitments
• Responsibility for Trust Funds

Subsequent Events

Generally accepted accounting principles require the disclosure of significant subsequent events.

Condominium corporations may experience two significant subsequent events after the fiscal year end, that should be disclosed in the notes to the financial statements.

1. Significant Renovation Costs

If it is known that significant costs will be incurred after the year-end this should be disclosed in the notes to the financial statements.

2. Special Assessments

Large special assessments due after the year-end should be disclosed.