You are advising a client who runs a Common Interest Realty Association (Home Owner's Association). The client is not familiar with the tax presentation of the HOA's financial statement and has asked you for a little bit of assistance.

The client heard from another person that runs an HOA that there are additional disclosures that are required in the association's financial statements related to income taxes. The client is asking for your assistance as you specialize in realty type organizations.

What are the additional disclosures a Common Interest Realty Association and what ASC citation would you pass along to your client should he want to investigate the answer for himself?