New York A01524 mandates financial statements for condos, cooperative buildings, and communities to use GAAP and requires audits by CPAs for.

New York A01524 amends the real property tax law to ensure financial statements for assessing the value of condominiums, cooperative buildings, and cooperative communities use generally accepted accounting principles (GAAP). It also mandates that annual financial statements provided to shareholders or prospective purchasers use the accrual basis of accounting. For buildings with over ten units, the law requires annual audits by fully licensed New York state certified public accountants. The attorney general's office is authorized to enforce these provisions.

New York A01524 mandates financial statements for condos, cooperative buildings, and communities to use GAAP and requires audits by CPAs for.

New York A01524 amends the real property tax law to ensure financial statements for assessing the value of condominiums, cooperative buildings, and cooperative communities use generally accepted accounting principles (GAAP). It also mandates that annual financial statements provided to shareholders or prospective purchasers use the accrual basis of accounting. For buildings with over ten units, the law requires annual audits by fully licensed New York state certified public accountants. The attorney general's office is authorized to enforce these provisions.