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Accounting changes will likely be an added expense (IL)

/ Owner - December 9, 2017

As I noted in the Nov. 18 column, new Section 1-45(h)(i) of the Common Interest Community Association Act and new Section 18.10 of the Illinois Condominium Property Act provide that: “An association subject to this Act that consists of 100 or more units shall use generally accepted accounting principles (“GAAP”) in fulfilling any accounting obligation under this Act.” This new law is effective Jan. 1.  I’m not an accountant, so I reached out to Mark Cantey, owner of Cantey Associates in Wheaton, who represents associations throughout Chicago, for an explanation of what GAAP means.     Read the article………………..

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