As the largest professional organization of real estate valuers in the United States, the AI is strongly committed to improving the relevance and usefulness of financial reports as they relate to real estate assets. We support the adoption of accounting standards that result in useful information for users of financial reports, and guide and educate the public, including issuers, auditors, and users of those financial reports.
The AI works with all of the accounting standards setting bodies (FASB, IASB, and GASB) on fair value issues. AI believes that the fair value model provides the most relevant information about the composition, value, and recent changes in the value of the real estate investment assets held by reporting entities. We encourage the standards setting bodies to provide specific, guidance on the application of the fair value model to real estate, and to apply the fair value model as broadly as possible to real estate assets.
Fair Value (General)
GASB Exposure Draft "Fair Value Measurement and Application" (May, 2014)
GASB Preliminary Views on Fair Value Measurement and Application
Appraisal Institute Comments on GASB Fair Value Preliminary Views Document (October, 2013)
FASB Lease Accounting Standards Update (February, 2016)
Section A—Leases: Amendments to the FASB Accounting Standards Codification
Section B—Conforming Amendments Related to Leases: Amendments to the FASB Accounting Standards Codification
Section C—Background Information and Basis for Conclusions
IFRS 16 Leases (January, 2016)
Appraisal Institute Comments on FASB/IASB Revised Lease Accounting Exposure Draft (September, 2013)
Information from FASB on Investment Properties Project
Appraisal Institute Comments on FASB Investment Property Entity Exposure Draft