NY A03830

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

Mandates that annual financial statements provided to shareholders or prospective purchasers must be prepared using accrual basis accounting.

Requires condominiums, cooperative buildings, and cooperative communities with more than ten units to have annual audits by a fully licensed New York state certified public accountant.

Establishes that if International Financial Reporting Standards (IFRS) are adopted by the U.S. Securities and Exchange Commission, those standards shall also satisfy the generally accepted accounting principles requirement.

Grants the New York Attorney General's office authority to enforce these provisions.