S T A T E O F N E W Y O R K
________________________________________________________________________
1524
2025-2026 Regular Sessions
I N A S S E M B L Y
January 10, 2025
___________
Introduced by M. of A. ROSENTHAL -- read once and referred to the
Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to financial
statements for assessments of condominiums, cooperative buildings and
cooperative communities
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 2 of section 581 of the real property tax law
is amended by adding a new paragraph (f) to read as follows:
(F) (I) NOTWITHSTANDING ANY OTHER PROVISION OF LAW, ALL FINANCIAL
STATEMENTS PREPARED IN THE COURSE OF ASSESSING THE VALUE OF A CONDOMIN-
IUM BUILDING, COOPERATIVE BUILDING OR COOPERATIVE COMMUNITY SHALL BE
PREPARED USING GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.
(II) ALL FINANCIAL STATEMENTS PROVIDED ANNUALLY TO SHAREHOLDERS OR TO
PROSPECTIVE PURCHASERS OF UNITS OR SHARES MUST BE PREPARED USING THE
ACCRUAL BASIS OF ACCOUNTING.
(III) FOR PURPOSES OF THIS SUBDIVISION, "GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES" SHALL MEAN THE PRINCIPLES OF EITHER GOVERNMENTAL ACCOUNTING
STANDARDS (GAS) OR GAAP AS SPECIFIED BY AUTHORITATIVE NATIONAL STAN-
DARD-SETTING BODIES.
(IV) SHOULD INTERNATIONAL FINANCIAL REPORTING STANDARDS ACCOUNTING
STANDARDS (IFRS) BE ADOPTED FOR USE IN THE UNITED STATES OF AMERICA BY
THE U.S. SECURITIES AND EXCHANGE COMMISSION, THESE SAME STANDARDS SHALL
CONSTITUTE USING GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FOR THE
PURPOSE OF THIS SUBDIVISION.
(V) FOR THE PURPOSE OF THIS SECTION, CONDOMINIUM BUILDINGS, COOPER-
ATIVE BUILDINGS OR COOPERATIVE COMMUNITIES WITH OVER TEN UNITS MUST HAVE
THEIR FINANCIAL STATEMENTS ANNUALLY AUDITED BY A FULLY LICENSED NEW YORK
STATE CERTIFIED PUBLIC ACCOUNTANT.
(VI) THE ATTORNEY GENERAL'S OFFICE SHALL HAVE THE APPROPRIATE AUTHORI-
TY TO ENFORCE THE PROVISIONS OF THIS PARAGRAPH.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
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