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GAAP Net Income Measures Up
Recent capital market events have resulted in the scrutiny of virtually every aspect of public company financial reporting—perhaps none more so than the accounting and disclosure of off-balance sheet (OBS) activities.
[July/August 2002]
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Promoting Transparency in Joint Venture Financial Reporting and Disclosure
Recent capital market events have resulted in the scrutiny of virtually every aspect of public company financial reporting—perhaps none more so than the accounting and disclosure of off-balance sheet (OBS) activities.
[May/June 2002]
Audit Committees—A Perspective on Utilizing Internal Audit Resources
A brisk current of regulatory change is sweeping through America’s corporate boardrooms aimed at strengthening the independence and effectiveness of corporate audit committees, including those of REITs and other publicly traded real estate companies.
[March/April 2002]
PP&E Cost Turned Upside-Down
On July 9, 2001, the American Institute of Certified Public Accountants' (AICPA) Accounting Standards Executive Committee (AcSEC) issued an Exposure Draft (ED) of new rules that will dramatically impact cost capitalization, accounting for property assets and, for many real estate companies, depreciation accounting. [September/October 2001]
Investors Can Only Value What They See
If REIT shares are undervalued, it is partly because the information investors receive through corporate reports has become less relevant in terms of what is needed to make a proper assessment.
[July/August 2001]
FFO—Earnings or Cash Flow?
Most executives of REITs and other publicly traded real estate companies, as well as users of these companies' financial statements, agree that "bottom line" net income calculated using generally accepted accounting principles (GAAP) is not, by itself, a meaningful indicator of the profitability of these companies.
[May/June 2001]
Proposed New Rules for Cost Capitalization—A Call for Membership Action
By the time this article is published, the American Institute of Certified Public Accountants (AICPA) is expected to have issued an exposure draft (ED) of proposed rules governing which costs related to property, plant and equipment (PP&E), including real estate, should be capitalized and which should be expensed in GAAP financial statements.
[January/February 2001]
Operating Performance eporting
Over the past year, NAREIT members have re-evaluated the effectiveness of the real estate investment trust industry's supplemental performance measure—Funds From Operations (FFO). Many industry participants believe that FFO is an appropriate indicator of the operating performance of investment property portfolios.
[September/October 2000]
No More "Hocus-Pocus"
In September 1998, Securities Exchange Commission Chairman Arthur Levitt announced his plan to fight "accounting hocus-pocus" and curb some of the major abuses and fraudulent reporting that have occurred in public companies.
[July/August 2000]
Inside the Minds of the Rating Agencies
As we know all too well, REITs and REOCs have just completed two very tough
years.
[May/June 2000]
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