In 2016, the Financial Accounting Standards Board (FASB) released a new standard, ASC 606 – Revenue from Contracts with Customers. The new standard is effective for Dec. 31, 2019, financial statements, and the changes in revenue recognition it has created, have a significant impact for condominium and homeowner associations (community associations).

This new standard should be of particular concern to Floridians because of our large and growing number of such community associations. According to the Community Associations Institute (CAI), Florida currently leads the nation in community associations with a whopping 48,250. Even a state like New York, (including New York City) only has around 14,000. Furthermore, it is estimated that approximately 50% of Florida’s population live in community associations.

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