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Changes


To Association Revenue Recognition


COUNSEL OF CHOICE


TM


Anthony Rafel, Esq. Tyler Ellrodt, Esq. Paul Raskin, Esq. Megan McCloskey, Esq. Timothy Feth, Esq. Shirin Shamloo, Paralegal Anne Basamania, Paralegal


• GENERAL ADVICE • DOCUMENT INTERPRETATION • CONSTRUCTION DEFECT CLAIMS • INSURANCE COVERAGE CLAIMS • COVENANT & RULES ENFORCEMENT


 Continued From Page 21 Other Income


Revenue recognition of income that is not part of a contract with owners will generally continue to


be accounted for using existing practices. Examples of other income include settlements, insurance claims, interest income (bank accounts), rental income.


ORDER DOCUMENTS MAKE PAYMENTS GET QU TES


ET QU TES Wrap Up


It’s business as usual for most aspects of association accounting. Revenue recognition of contracted (assessments) revenue from members as it relates to the reserves fund is the biggest area of change. Remember, for most associations, the reserves fund will be presented in the balance sheet liabilities section in an account named Contract Liabilities (Assessments received in advance – replacement fund), and reserves assessments will match reserves expenses after those expenses have been funded by non-contract income such as interest income.


FROM ANYWHERE. WWW.YALNES.COM


YALNES, INC. JUST PEOPLE...


22 Community Associations Journal | April 2020


(206) 708-7777 WWW.YALNES.COM


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