2006 GAAP requirements

Started by ShirleyC • 3 replies • 1309 views

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ShirleyC (California)
Posts: 117

Posted:

I have read that in 2006 HOA's are required to use GAAP (Generally Accepted Accounting Principles)

If this is a requirement, who monitors the HOA's and enforces this??

RogerB (Colorado)
Posts: 5,067

Posted:

Shirley, this may be true in some states. What state are you asking about? In Colorado GAAP was included in SB05-100 and became a state statute. However, in SB06-89 the GAAP requirement was removed - BAD MOVE!!

ShirleyC (California)
Posts: 117

Posted:

We are in California.

GloriaM (North Carolina)
Posts: 829

Posted:

IMO all HOA's and MC's should utilize GAAP.

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