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Are condominium corporations required to report annual results in accordance with generally accepted accounting principles?

April 26, 2017accordance Accounting annual condominium corporations report results

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Are condominium corporations required to report annual results in accordance with generally accepted accounting principles?

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The Condominium Property Act in Alberta, effective September 1, 2000, requires that the annual financial statements for the preceding year be presented at the annual general meeting and that they be prepared in accordance with generally accepted accounting principles. It is no longer permitted to present these statements on a cash basis. The current year’s budget must also be presented at the annual general meeting.