Bill > A01524

This bill introduces new requirements for financial statements in condominium, cooperative buildings, and cooperative communities, focusing on accounting standards and transparency. Specifically, the bill mandates that all financial statements prepared for assessing property value must be prepared using Generally Accepted Accounting Principles (GAAP), which can include either Governmental Accounting Standards (GAS) or principles specified by national standard-setting bodies. Financial statements provided annually to shareholders or potential unit purchasers must use the accrual basis of accounting. For larger buildings or communities with over ten units, an annual audit by a fully licensed New York state Certified Public Accountant (CPA) is required. The bill also anticipates potential future changes, noting that if the U.S. Securities and Exchange Commission adopts International Financial Reporting Standards (IFRS), those standards would then be considered GAAP for the purposes of this law. The attorney general's office is granted enforcement authority for these new provisions, which aim to improve financial reporting accuracy and transparency in residential property communities.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A1524