A global real estate lobbying coalition is to be launched.
The group is forming in response to IFRS proposals on international accounting and financing reporting by international listed real estate companies.
The coalition, to be called Real Estate, Equities and Securities Alliance (REESA), will include national lobbying groups from all over the world, including the UK’s British Property Federation (BPF).
European Public Real Estate Association (EPRA) announced the launch this morning at the annual Epra Real Estate Conference in Athens.
It’s main purpose will be to influence proposals made by the US Financial Standards Boards (FASB) and the London-based International Accounting Standards Boards (IASB), to move towards ‘reflecting how businesses are actually run in the eye of IASB/FASB to give a clearer picture of value in different parts of a company.’
The proposals will be launched in 2009.
Hans Burggink, director of reporting practices at EPRA, said: ‘Unless we move now into a global coalition to influence the process we will be landed with completely different financial reporting statements from those we have been used to.’
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