CAs release guidelines for condominium corporation accounting

New report reflects changes in this key housing sector

TORONTO, January 13, 2009 – Ontario’s ever multiplying number of condominium corporations will benefit from newly updated accounting and auditing guidelines. While it’s a topic of particular interest to directors, property managers, lawyers, engineers, auditors working in the condo sector, improved financial reporting and governance will benefit the hundreds of thousands of Ontario residents living in condominiums. 

The CA profession’s Committee on Accounting and Auditing for Condominium Corporations has updated the original guidelines issued by the Institute of Chartered Accountants of Ontario in November 2001. They’ve issued a booklet - Accounting and Auditing Guidelines for Ontario Condominium Corporations – that recognizes the many changes that have occurred in the ensuing years, including current standards and legislation. 

“This publication is not an official pronouncement of the Ontario Institute; it does, however, present the views of our committee, which reviewed accounting principles, audit procedures and preferred financial statement presentation for condominium corporations,” said Stephen Chesney, CA, Committee Chair. “We’ve reviewed changes to the Canadian Institute of Chartered Accountants (CICA) accounting standards for non-profit corporations, the requirements of the Ontario Condominium Act, 1998 as well as other recent developments and issues in the condominium industry.”

The result is a comprehensive guide that promotes best practices for the industry. It details considerations for both accounting and audits that range from budgeting and financial statements to tax issues and reserve funds. 

“The adoption of the suggested financial statement formats by condominium corporations will help bring uniformity to financial reporting. That will help the industry by increasing the public’s ability to access, understand and better use the available financial information,” said Mr. Chesney. 

Accounting and Auditing Guidelines for Ontario Condominium Corporations is available for free on-line at the Institute of Chartered Accountants of Ontario website: www.icao.on.ca (search “condominium”). To order hard copy versions, which are available for $10.50, including GST, call 416-962-1841 or 1-800-387-0735 and ask for customer service, or email custserv@icao.on.ca. 

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About the Institute of Chartered Accountants of Ontario:
The Institute of Chartered Accountants of Ontario is the qualifying and regulatory body of Ontario's 33,000 CAs and 5,000 CA students. Since 1879, the Institute has protected the public interest through the CA profession's high standards of qualification and the enforcement of its rules of professional conduct.  Recognized internationally, the CA designation denotes financial expertise, strategic thinking, business insight and leadership. The Institute website is: www.icao.on.ca and the student website is www.guidetorulingtheworld.ca.

For more information, please contact:
Perry Jensen
The Institute of Chartered Accountants of Ontario
69 Bloor St. East  Toronto, Ontario   M4W 1B3 
416-969-4271 or 1-800-387-0735 ext. 271
pjensen@icao.on.ca