A Practical Guide to Budgeting & Financial Reporting for Residential Strata Corporations

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The most common misconception is that professional accounting or bookkeeping skills are necessary for keeping strata financial records. Not true!

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A common perception is that special skills are required to perform the duties of a strata corporation treasurer. Nothing could be further from the truth. The requirements for managing and reporting the finances of a strata corporation are set out in the Strata Property Act (SPA) and Regulations (Reg.) and the Standard Bylaws. And, as you read further, you will find that they are quite simple. The most common misconception is that professional accounting or bookkeeping skills are necessary for keeping strata financial records. Not true! Moreover, it may even be a hindrance to producing financial reports that are understandable to owners and that meet the requirements of the SPA and Regulations.

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