The purpose of this guide is to provide an overview of the
basic financial reporting responsibilities of certain common
interest communities, as set forth in the statutes of the
Commonwealth of Virginia. While there may be other types of
“common interest communities,” the scope of this guide is
limited to those “common interest communities” which are
controlled by the Virginia Property Owners’ Association Act, the
Condominium Act, and the Virginia Real Estate Cooperative
Act. The Guide explains the general reporting requirements
under generally accepted accounting principals and discusses
some of the major accounting and reporting issues for common