CCIM Institute's legislative advocacy for the commercial real estate industry is a vital member benefit. Through our affiliation with the National Association of Realtors and our partnership with the Institute of Real Estate Management, CCIM is part of a team that constantly monitors legislative and regulatory developments to shape the direction of policy that affects our industry.
CCIMs can play a role in this process by attending the annual Capitol Hill Visit, April 12-13, in Washington, D.C. This year's visit is vitally important, given the tax issues that will likely come up in 2011. To encourage participation, we are offering CCIM chapters a $300 reimbursement for a representative to attend the event. For more on this new benefit, contact Legislative Liaison Adriann Gerardi at firstname.lastname@example.org.
One of the issues closely watched by CCIM's legislative team is the proposed change to accounting standards. The Financial Accounting Standards Board and International Accounting Standards Board have proposed lease accounting changes that would bring nearly $1.3 trillion in leased assets back onto companies' balance sheets. Roughly 70 percent are real estate leases. This prompted CCIM's Legislative Affairs Subcommittee to draft and seek approval for a new statement of policy on lease accounting at the business meetings last fall. Additionally, CCIM Institute co-signed an NAR comment letter to FASB and IASB expressing our position. FASB and IASB will finalize their proposal this year, which will likely take effect in 2012 or 2013. To learn more about the proposed FASB accounting changes, read this issue's Investment Analysis column on page 16.
Thank you for renewing your CCIM membership for 2011. I hope you enjoy this issue of CIRE magazine, another member benefit.
Frank N. Simpson, CCIM President, CCIM Institute