The Royal Institution of Chartered Surveyors (RICS) is part of a global coalition of over 80 organisations bringing more consistency and transparency to the measurement of real property.
As such, RICS has made it mandatory for its members worldwide to adopt International Property Measurement Standards (IPMS) since the beginning of this year. The RICS Barbados Chapter will be hosting a half-day workshop on IPMS and other international standards for its members and other interested professionals at the Marriott Courtyard in Hastings, Christ Church, on July 15 from 8:30 am.
The workshop will be facilitated by Alexander Aronsohn, the global Director of Technical International Standards from RICS in London and also the Executive Secretary for the both the International Ethical Standards Coalition and IPMS Standards Setting Committee.
“Space measurement is vital as a basis for making decisions on valuation, occupation / building use, investment, financial reporting and public confidence,” noted Aronsohn.
“Until now, the stated area of floor space in identical buildings has varied considerably between countries, and sometimes within the same country, owing to differing measurement conventions. The IMPS is the first standard to be developed by multiple professional organisations with the aim to provide users of property with consistency in measurement and reporting.
“IPMS is not only relevant to the property profession but accounting professionals as well,” added Aronsohn.
“Amongst the many (although probably one of the most important) pieces of information that makes up International Financial Reporting Standards (IFRS) is the value attached to property assets under a company’s ownership. These valuations are arrived at using property measurements as one important aspect. If these measurements are inconsistent then, in fact, the data feeding valuations, and then IFRS, is flawed,” he said.
Carmel Haynes, RICS Member Services Manager for the Caribbean and Florida added: “For islands, like Barbados, which receive significant external funds from multilateral and private investors for real estate developments and capital works, IPMS offers transparency and consistency that will appeal to an international real estate market and provide conditions that appeal to investors and occupiers. The RICS is pleased to be able to contribute to improving investor confidence in the markets where our members work.”
The workshop will also be held in Jamaica on July 11 and Trinidad and Tobago on July 13.