NY A03277

Requires all financial statements prepared for assessing condominiums, cooperative buildings, and cooperative communities to use generally accepted accounting principles (GAAP or governmental accounting standards).

Mandates that financial statements provided annually to shareholders or prospective unit/share purchasers use accrual basis accounting.

Requires condominium, cooperative buildings, or cooperative communities with more than ten units to have annual financial statement audits performed by a New York state certified public accountant.

Authorizes the attorney general's office to enforce these financial statement provisions.

Takes effect immediately upon enactment.