Bill Text: NY A00549 | 2015-2016 | General Assembly | Introduced

---

Bill Title: 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 CPA's.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-06 - referred to real property taxation [A00549 Detail]

Download: New_York-2015-A00549-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          549
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 7, 2015
                                      ___________
       Introduced  by  M.  of  A.  ROSENTHAL  --  read once and referred to the
         Committee on Real Property Taxation
       AN ACT to amend the real property tax  law,  in  relation  to  financial
         statements  for assessments of condominiums, cooperative buildings and
         cooperative communities
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Subdivision 2 of section 581 of the real property tax law
    2  is amended by adding a new paragraph (f) to read as follows:
    3    (F) (I) NOTWITHSTANDING ANY OTHER  PROVISION  OF  LAW,  ALL  FINANCIAL
    4  STATEMENTS  PREPARED IN THE COURSE OF ASSESSING THE VALUE OF A CONDOMIN-
    5  IUM BUILDING, COOPERATIVE BUILDING OR  COOPERATIVE  COMMUNITY  SHALL  BE
    6  PREPARED USING GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.
    7    (II)  ALL FINANCIAL STATEMENTS PROVIDED ANNUALLY TO SHAREHOLDERS OR TO
    8  PROSPECTIVE PURCHASERS OF UNITS OR SHARES MUST  BE  PREPARED  USING  THE
    9  ACCRUAL BASIS OF ACCOUNTING.
   10    (III) FOR PURPOSES OF THIS SUBDIVISION, "GENERALLY ACCEPTED ACCOUNTING
   11  PRINCIPLES"  SHALL MEAN THE PRINCIPLES OF EITHER GOVERNMENTAL ACCOUNTING
   12  STANDARDS (GAS) OR GAAP AS SPECIFIED  BY  AUTHORITATIVE  NATIONAL  STAN-
   13  DARD-SETTING BODIES.
   14    (IV)  SHOULD  INTERNATIONAL  FINANCIAL  REPORTING STANDARDS ACCOUNTING
   15  STANDARDS (IFRS) BE ADOPTED FOR USE IN THE UNITED STATES OF  AMERICA  BY
   16  THE  U.S. SECURITIES AND EXCHANGE COMMISSION, THESE SAME STANDARDS SHALL
   17  CONSTITUTE  USING  GENERALLY  ACCEPTED  ACCOUNTING  PRINCIPLES  FOR  THE
   18  PURPOSE OF THIS SUBDIVISION.
   19    (V)  FOR  THE  PURPOSE OF THIS SECTION, CONDOMINIUM BUILDINGS, COOPER-
   20  ATIVE BUILDINGS OR COOPERATIVE COMMUNITIES WITH OVER TEN UNITS MUST HAVE
   21  THEIR FINANCIAL STATEMENTS ANNUALLY AUDITED BY A FULLY LICENSED NEW YORK
   22  STATE CERTIFIED PUBLIC ACCOUNTANT.
   23    (VI) THE ATTORNEY GENERAL'S OFFICE SHALL HAVE THE APPROPRIATE AUTHORI-
   24  TY TO ENFORCE THE PROVISIONS OF THIS PARAGRAPH.
   25    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04068-01-5