Property Accounting in Commercial Property Management

Edyta Izabela Gluszek and Ma³gorzata Ziêba
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Edyta Izabela Gluszek: Capita
Ma³gorzata Ziêba: Cracow University of Economics, Department of Real Estate and Investment Economics

World of Real Estate Journal (Swiat Nieruchomosci), 2014, issue 90, 83-89

Abstract: In large and developed property markets as the UK, institutional investors do not manage their portfolios but rather outsource management operations to specialized companies. Property accounting is one the most important services as it provides important financial information on property performance to owners and users (tenants). In the UK, property accounting, in order to provide unified and transparent reports on costs and revenues is regulated by three basic standards of accounting: Royal Institute of Chartered Surveyors (RICS), Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). The RICS standard defines the content, principles of reporting to owners and tenants. Capita is one of the biggest managing companies on the British property market, offering various management services to investors, including accounting, presented in the paper. These highly specialized management services are almost unknown on the Polish property market, and there is no local standardization of property accounting. With the market of institutional investments growth and development, the demand for specialized property management services will increase in Poland and the need for the application or development of the local standards of reporting will emerge

Keywords: property accounting; accounting standards; investment property; managing company (search for similar items in EconPapers)
JEL-codes: M41 R33 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:kra:journl:y:2014:i:90:p:83-89

DOI: 10.14659/worej.2014.90.13

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