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Stratas in BC › Accounting

BC Financial Statement Requirements

BC stratas are not required to follow generally accepted accounting principles in the presentation of their year end financial statements.

But the Strata Act does require these disclosures:

o   Opening balance in the operating and reserve fund and current balance
o   Details of corporation’s income from all sources, except special levies
o   Details of operating fund expenses, including any unapproved expenditures
o   Details of expenditures from reserve fund, including unapproved expenses
o   Income and Expense for each special levy
o   FS must be prepared within 8 weeks, the notice may include FS in summary form