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4/2/2014 1:19:35 AM
 
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Section 5: OPA Board Subject: COPE Golf Petition? Msg# 881703
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Slobodan
OPA follows GAAP which is an accrual based accounting system. GAAP is "mandated" for non-governmental entities issuing publicly audited financial statements. GAAP is the private sector's rules of accounting that - hopefully - keeps the federal and state governments from becoming the exclusive sources of accounting rules for the private sector. However, you can be certain that there are many government agencies that have strong influences on GAAP such as the Securities and Exchange Commission, etc. Hope this answers your question. If not, let me know. Gene
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For reference, the above message is a reply to a message where: Hi Gene, Very interesting and informative post. While we are on GAAP related topic let me ask you additional question, I am very interested in your option. In the case of an HOA what do you believe is the most appropriate acct system to use: accrual basis of accounting, modified cash basis or cash basis? Is the one that OPA uses based on some kind of "state" or federal mandate? Thanks.... Slobodan |
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