European Property Federation

ACCOUNTING
issue	impact	status

IASB Lease Accounting

¤ July 2009 ¤

EPF urges exclusion of accounting for investment properties from the scope of any proposed new standard on lessor accounting.

Exploratory work on IASB standard.

China curbs foreign property investment

¤ July 2006 ¤

Could make it harder to generate the return on equity that Europeans need in China.

Measures approved by Chinese State Council.

Commission Regulation endorsing IAS (V)

¤ November 2003 ¤

Listed EU companies will have to get their consolidated accounts in line with IAS for 2005.

Commission Regulation.

Modernisation of EU Company Law (IV-B)

¤ November 2003 ¤

On all companies which do not apply IAS.

Directive of the European Parliament and the Council.

Property Valuation

¤ February 2003 ¤

• On benchmarking, accounting and reporting.

• Essential for cross-border business.

• IVSC's White Book.
• RICS's Red Book.
• TEGoVA's Blue Book.

Modernisation of EU Company Law: Effect on property valuation (IV-A)

¤ November 2002 ¤

Business bottom line + market opportunity for property valuers.

Under review by Council, Parliament and ESC.

EU Regulation on the application of IAS (III)

¤ September 2002 ¤

Quoted companies to be affected in the first instance, and then all companies.

Consolidated accounts to be IAS-compatible by 1 January 2005. Implies adapting accounting practices by end 2003.

Accession to EU by Bulgaria, Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia

¤ June 2001 ¤

Some Central European countries are asking to retain restrictions on purchase of residential and commercial property by EU investors for up to 18 years after accession.

Crucial negotiations on free movement of capital should take place in 2001.

Environmental Accounting: Commission Recommendation (B)

¤ June 2001 ¤

Some provisions are specifically property relevant.

Commision Recommendation (30 May 2001).

EU Financial Reporting Strategy: Listed Companies to Use IAS by 2005 (II) - Commission Proposal for a Regulation -

¤ April 2001 ¤

Will affect quoted property companies in the first instance, and then all property companies.

In practice, companies concerned will have to treat or re-treat their financial statements according to IAS as early as 2003 or 2004 to achieve IAS-compliancy by 01.01.2005.

IT Networks and Property Owners and Business

¤ March 2001 ¤

Commission e-Commerce R&D is branching out to office design.

Opportunity for EPF to promote property-relevant initiatives at the next meeting of the Commission/Industry IT Working Group on 23 April.

EU Financial Reporting Strategy: Listed companies to use IAS by 2005 (I) - Commission Communication -

¤ October 2000 ¤

Major accounting event.

The proposal concerns listed companies.

It can also affect unlisted companies and individual accounts.

Proposals for updating the accounting directives will follow.

Communication.

Proposal to be presented by end year. Should be adopted by Council and Parliament by latest 2002.

Environmental Accounting: Draft Commission Recommendation on the interpretation of the environmental aspects of the 4th and 7th Company Law Directives (annual accounts and consolidated accounts) (A)

¤ April 2000 ¤

[See issue above, File (B)]

Some provisions may be specifically property-relevant.

Draft.