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Death of accounting? Fire

The Accounting Standards Commission (CNC) have studied and prepared a chart of accounts applicable to condominiums. This project would conform to generally accepted rules in this discipline.

The plan would contain, as expected of an organism and therefore independent obligation to apply depreciation on investments. This constraint follows logically from the need to present the results in a true co-ownership, assets and debts.

lobby trustees ABSA-in conjunction, they say, with the SNP would have mobilized against this technical sense by invoking jumble complications arising from the holding of depreciation schedules, their uselessness in the context of condominium owners' inability to understand such concepts (!) and some other reasons whatsoever but falling more excuses than rational arguments.

In reality, it is to throw light on the many works, goods and services as often as expensive or unnecessary control being undertaken by the trustees to pocket their buxom commissions, kickbacks that adorn their lucrative business of thugs. If the lobby failed in its claims, the trustees will show in the balance throughout the gulf where the funds disappear condominium. They should just inform all stakeholders and also the purchasers of lots will not buy, as in the past, a cat in a bag. They will allow comparisons between condominiums and will be forced to disclose discrepancies often revealing they want silenced at all costs.

But if the lobby of trustees has its way, it will be like the past opacity in accounting condominiums. This will be the little game of concealment and burial of the hope that one day the accounts reflect the real situation of condominiums and give a true picture of their assets, their assets and debts.

We think the millions of businesses across the country, as the largest to the smallest, and also to the hundreds of thousands of non-profit, all of which are required to practice accounting for depreciation on their investments.

Again and as always, only the condominiums would be an exception despite the huge amounts they invest.

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