Assembly Bill A549

2015-2016 Legislative Session

Relates to financial statements for assessments of condos, cooperative buildings and cooperative communities

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-A549 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง581, RPT L
Versions Introduced in Other Legislative Sessions:
2011-2012: A10369
2013-2014: A894
2017-2018: A2897
2019-2020: A1379
2021-2022: A3277
2023-2024: A3830

2015-A549 (ACTIVE) - Summary

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.

2015-A549 (ACTIVE) - Bill Text download pdf 

                            
                    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:

  Section  1.  Subdivision 2 of section 581 of the real property tax law
is amended by adding a new paragraph (f) to read as follows:
  (F) (I) NOTWITHSTANDING ANY OTHER  PROVISION  OF  LAW,  ALL  FINANCIAL
STATEMENTS  PREPARED IN THE COURSE OF ASSESSING THE VALUE OF A CONDOMIN-
IUM BUILDING, COOPERATIVE BUILDING OR  COOPERATIVE  COMMUNITY  SHALL  BE
PREPARED USING GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.
  (II)  ALL FINANCIAL STATEMENTS PROVIDED ANNUALLY TO SHAREHOLDERS OR TO
PROSPECTIVE PURCHASERS OF UNITS OR SHARES MUST  BE  PREPARED  USING  THE
ACCRUAL BASIS OF ACCOUNTING.
  (III) FOR PURPOSES OF THIS SUBDIVISION, "GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES"  SHALL MEAN THE PRINCIPLES OF EITHER GOVERNMENTAL ACCOUNTING
STANDARDS (GAS) OR GAAP AS SPECIFIED  BY  AUTHORITATIVE  NATIONAL  STAN-
DARD-SETTING BODIES.
  (IV)  SHOULD  INTERNATIONAL  FINANCIAL  REPORTING STANDARDS ACCOUNTING
STANDARDS (IFRS) BE ADOPTED FOR USE IN THE UNITED STATES OF  AMERICA  BY
THE  U.S. SECURITIES AND EXCHANGE COMMISSION, THESE SAME STANDARDS SHALL
CONSTITUTE  USING  GENERALLY  ACCEPTED  ACCOUNTING  PRINCIPLES  FOR  THE
PURPOSE OF THIS SUBDIVISION.
  (V)  FOR  THE  PURPOSE OF THIS SECTION, CONDOMINIUM BUILDINGS, COOPER-
ATIVE BUILDINGS OR COOPERATIVE COMMUNITIES WITH OVER TEN UNITS MUST HAVE
THEIR FINANCIAL STATEMENTS ANNUALLY AUDITED BY A FULLY LICENSED NEW YORK
STATE CERTIFIED PUBLIC ACCOUNTANT.
  (VI) THE ATTORNEY GENERAL'S OFFICE SHALL HAVE THE APPROPRIATE AUTHORI-
TY TO ENFORCE THE PROVISIONS OF THIS PARAGRAPH.
  S 2. This act shall take effect immediately.

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