Preparation of financial statements and budgets; auditing of annual financial statements

NAC 116B.310 Preparation of financial statements and budgets; auditing of annual financial statements. ( NRS 116B.805 ) 1. The financial statements of the hotel unit owner must be prepared in accordance with generally accepted accounting principles. 2. Any budget for the hotel unit must be prepared on a full accrual basis. 3. The annual financial statements of a hotel unit owner must be audited. (Added to NAC by Comm’n for Common-Interest Communities & Condo. Hotels by R186-07, eff. 5-5-2011)