From January 2005 the International Financial Reporting Standards become compulsory for EU listed companies. The objective is for the accounting practices of listed companies across the EU to be harmonised. The RICS has issued a Guide to the effects of the new International Financial Reporting Standards on the Property Industry, which explains how the new rules will apply to the accounting treatment of properties owned by affected companies, and how the reporting of property assets on the balance sheet will be affected.
The Guidance is available from the RICS website.
The RICS website also contains more detailed guidance on specific property related accounting standards - IAS 16 – Owner occupied property; IAS 17 – Leasehold property and IAS 40 – Investment property.