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NY A01524
Bill
Status
1/10/2025
Primary Sponsor
Linda Rosenthal
Click for details
AI Summary
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Requires all financial statements used in assessing the value of condominium buildings, cooperative buildings, and cooperative communities to be prepared using generally accepted accounting principles (GAAP or GAS)
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Mandates that annual financial statements provided to shareholders or prospective purchasers must use accrual basis accounting
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Requires condominiums, cooperatives, and cooperative communities with more than 10 units to have their financial statements annually audited by a licensed New York State certified public accountant
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Authorizes the Attorney General's office to enforce these financial statement requirements
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Provides that if International Financial Reporting Standards (IFRS) are adopted by the SEC for use in the United States, those standards would satisfy the GAAP requirement
Legislative Description
Relates to financial statements for assessments of condos, cooperative buildings and cooperative communities; requires financial statements to be prepared using GAAP; requires auditing for certain buildings by CPAs.
Last Action
referred to real property taxation
1/7/2026