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Tag Archives: gaap

Reserve Fund – Accounting Rules Update

Blog, Community Association InsuranceBy Melissa EshamMarch 3, 2020

Recently, the Generally Accepted Accounting Practices (GAAP) were updated for the reserve or replacement fund for community associations. In the past, the reserve fund contributions were recognized in the year they were assessed and unspent reserves were reported in a replacement fund balance. As of the fiscal year 2019, the replacement contribution will be recognized…

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