- NY Credits : 8.0
- TX Credits : 8.0
This interactive self-study course provides an introduction to common interest realty associations (CIRAs) and the applicable accounting principles and practices that affect those entities. Lesson 1 defines a CIRA, explains the different types of CIRAs, and discusses the regulatory environment and authoritative literature associated with a CIRA audit. Lesson 2 provides an in-depth look into the applicable accounting principles and practices that a CIRA will employ.
Course Expiration Date: September 30, 2019
Please note, the grading fees for answer sheets submitted by regular mail is $95.
Recognize what defines a common interest realty association (CIRA), and how CIRAs are established.
Identify the regulatory environments for the CIRA industry.
Recognize the authoritative guidance that affects CIRAs.
Identify how CIRAs account for cash and cash equivalents and the disclosures and which type of marketable securities CIRAs can invest in and how to account for them.
Identify the accounting treatment for prepaid expenses and other assets for CIRAs and the management of capital improvement funds.
Recognize a CIRA’s management of debt and other liabilities, including the financing options open to a CIRA, interfund transfers, and security deposits; how a CIRA would report on members’ equity and income taxes; and how to address revenue from contracts with customers.
Lesson 1—Common Interest Realty Associations
Lesson 2—Accounting Principles and Practices for CIRAs