Do NYC co-ops have to comply with GAAP
Started by anonymous
over 2 years ago
Discussion about
'/%3e%3c/g%3e%3c/svg%3e)
Each year our audited financials state that GAAP requires the financial statements to be supplemented by “estimates of future costs of major repairs and replacements.” But our board has never provided such estimates. When questioned, our board claims the auditors say it’s not standard practice in New York for co-ops to do this. Is this true—that it's not standard practice for NYC co-ops to conform to GAAP in their financial statements?