Welcome to the AICPA's Common Interest Realty Association Wiki
A Collaborative Tool for Financial Statement Preparers and Practitioners
The purpose of the Common Interest Realty Association Wiki is to provide non-authoritative AICPA content related to common interest realty associations (CIRAs) in an easy-to-use format. The benefit of providing the content in a wiki format is that anyone may view and contribute to the collaborative, ongoing work in progress.
This wiki is intended to be a valuable resource for anyone associated with CIRAs. The AICPA introduced the wiki in response to feedback received from preparers and practitioners associated with CIRAs. Anyone preparing or auditing the financial statements of CIRAs and interested in learning more about the accounting aspects or auditing considerations related to CIRAs will find this wiki a valuable resource.
The AICPA welcomes anyone with an interest in and knowledge of CIRAs to read the wiki and contribute. True to the wiki platform, the AICPA looks to AICPA members and the accounting profession to complete, correct, and improve this content. Sources of authoritative literature should be consulted when preparing or reporting upon financial statements.
CIRAs (also referred to as community associations, common interest communities, and common interest developments), are associations that are established to, among other duties, manage the common property of condominiums, cooperatives, and planned communities. CIRAs are also established to
- manage the property interests of owners,
- provide services for owners, and
- provide social activities and amenities that help develop a sense of community.
Common names often used to describe planned communities include, but are not limited to, homeowner associations, property owner associations, and townhouse associations. Other types of CIRAs include
- master planned communities,
- mixed use associations,
- business park associations,
- time-share association,
- business improvement districts, and
- special tax districts.
CIRAs, the original concept of which was borrowed in part from Europe, have developed over the past 160 years and now have evolved into a concept unique to the United States of America. Many of the services that CIRAs may provide, for example, trash collection, snow removal, street paving, and lighting, were historically provided by local governments. The privatization of these services evolved as the demand for housing exceeded the ability of many local governments to expand services to meet the demand.
According to the Community Associations Institute, in 2010 there were approximately 62.0 million residents living in 24.8 million housing units in 309,600 communities, and the boards of CIRAs supervised the collection of more than $41.5 billion in assessments and maintained investment accounts (for the long-term maintenance and replacement of commonly held property) of almost $37.0 billion.
Contributing to the Wiki
You can contribute to this wiki by clicking on the Edit this Page button. Specifically, contributing means improving what we have presented on any page of the wiki. As you read the wiki and use it as a resource, you may conclude, based on your knowledge, that the information presented in any given chapter requires improvement. Perhaps clarification is needed, additional content would be helpful, or the information is incorrect. Whatever the improvement, we appreciate your knowledge and welcome your contribution. Before you contribute, you will want to read the "Registering" and "Making Edits" sections that follow.
To help ensure the reliability and high quality of the wiki, those making edits must register. To register, click in the Login box and enter a username, password, title, and company or firm name. You don’t have to register to use the wiki as a resource. Registration is only required if you choose to make edits.
If you believe a change or addition needs to be made to the existing content, click on the Edit this Page button. You must be registered to make edits. See the preceding section, "Registering." The "Wiki Editing Tips" page of this wiki provides additional instructions on specific editing features available to users.
Our intent is for the wiki to be a high-quality resource. AICPA staff will administrate the wiki and may perform periodic reviews of user edits. These reviews are not technical in nature and do not constitute AICPA approval or acceptance of the content. If the administrator identifies edits or comments as inappropriate, those edits or comments will be deleted. The administrator can temporarily or permanently ban editors of the wiki who consistently post changes that are inappropriate or not consistent with the purpose of the wiki. If a member of the AICPA disagrees with the content or wishes to discuss the wiki with AICPA staff, he or she can call the AICPA Technical Hotline at (877)-242-7212, send an email to firstname.lastname@example.org, or visit www.aicpa.org/Research/TechnicalHotline/Pages/TechnicalHotline.aspx. General comments you may have about your experience using the CIRA Wiki may be emailed to email@example.com.
This wiki has not been approved, disapproved, or otherwise acted upon by any standard setter or regulator and has no official or authoritative status. This wiki is designed to provide knowledge-sharing and information in regard to the subject matter covered. It is presented with the understanding that the AICPA is not engaged in rendering legal, accounting, or other professional services.