On Oct. 7, Nareit travelled to Norwalk, CT to meet with recently appointed Financial Accounting Standards Board (FASB) members. The purpose of the meeting was to introduce the new FASB Members to Nareit and to discuss REITs and publicly traded real estate in general. Nareit representatives described Nareit’s organization and mission, characteristics of a REIT, and the significant and diversified REIT property holdings. Representatives also discussed Nareit’s active participation in the FASB’s, as well as the International Accounting Standards Board’s (IASB) standard setting processes and its collaboration with other members of the Financial Standards Working Group of the global Real Estate Equity Securitization Alliance (REESA).
Finally, Nareit discussed its interest in specific topics on the current FASB and IASB standard setting agendas that are relevant to the REIT industry, including the FASB Improving the Accounting for Asset Acquisitions and Business Combinations Project, the FASB Joint Venture Project, Nareit’s comment letter on the FASB Disclosure Improvements in Response to the SEC’s Release on Disclosure Update and Simplification Proposal, the FASB Financial Performance Reporting Project, and the IASB Primary Financial Statements Project.
Representing Nareit at the meeting were Steve Wechsler, President & CEO, Cathy Barré, EVP & General Counsel, George Yungmann, SVP, Financial Standards, and Christopher Drula, SVP, Financial Standards. Representing FASB at the meeting were Christine Botoson, Board Member, Gary Buesser, Board Member, Marsha Hunt, Board Member, and FASB staff.
(Contact: Christopher Drula at cdrula@nareit.com)