Foundational Standards

The Reporting Standards depend on, and are intended to supplement and clarify- but not replace established standards issued by authorized organizations including, but are not limited to the following: valuation standards developed by the Appraisal Standards Board of the Appraisal Foundation known as the Uniform Standards of Professional Appraisal Practice (USPAP); accounting principles generally accepted in the United States of America (GAAP) established by the Financial Accounting Standards Board (FASB); and the Global Investment Performance Standards (GIPS®) promulgated by the CFA Institute. Collectively, these established standards are referred to as the Foundational Standards. In addition, the Reporting Standards team periodically collaborates with other global standard setting organizations including: the European Association for Investors in Non-listed Real Estate Vehicles (INREV); the International Valuation Standards Council (IVSC); the International Accounting Standards Board (IASB); and the Institutional Limited Partners Association (ILPA). Although not Foundational Standards, this collaboration and ultimate convergence enables the Reporting Standards team to be sensitized to the reporting needs of global investors.

Documents below are Reporting Standards responses to the standard setting organizations’ papers.

FASB (Financial Accounting Standards Board)