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| REIS Board Soliciting New Council Members From July 1 through August 15, 2010, the REIS Board is actively soliciting nominations for 5 Council members whose terms will expire on October 31, 2010. Council members must have a minimum of 7-10 years relevant industry experience and be active within either NCREIF or PREA for at least 5 years. Nominations should be sent to Marybeth Kronenwetter, REIS Administrator. REIS initiatives start with the preparation of a project prospectus - a document which describes a project undertaken by a task force to change REIS. A project prospectus is approved by the REIS Board and is used by the Council to guide the project through the standard setting process. Click here for more information on current REIS projects: Exposure Drafts for Public Comment The Exposure Draft, Proposed Revisions to REIS for Debt Liability Valuation is available for public comment through September 7, 2010. The exposure draft acknowledges inconsistency in debt valuation practices and recommends certain disclosures and introduces a new concept-REIS Net Asset Value. The changes are intended to facilitate comparisons across funds and promote and enhance compliance and verifiability of the REIS standards.
Progress Updates Debt Valuation During March the REIS Council approved a proposal to evaluate whether modifications to the debt valuation standard within REIS are warranted. The existing standard requires all debt liabilities to be reported at fair value. The proposal would maintain the existing requirement for all open-end commingled funds to value debt, but would change from required to recommended debt valuation for all other funds and accounts. The Council also approved a proposal to evaluate whether enhanced disclosures surrounding debt valuation for all funds are warranted. Such disclosures include, but are not limited to: the impact of debt valuation on time-weighted returns; identification of the methodology selected for debt valuation (gross, net or none); an explanation of the valuation process and key valuation assumptions; and the aggregate dollar impact of debt valuation on net asset value. The Exposure Draft is expected to be available for public comment in July. Strategic Plan To view the 2010 REIS strategic plan, click here Archived Initiatives Click here for archived initatives. |
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