REITs and REIT shareholders will see dramatic changes in financial reports with the eventual convergence and possible adoption of international accounting standards, says George Yungmann, senior vice president of financial standards at NAREIT. "The biggest impact would be the choice of reporting an investment property at fair value," he says. Most international companies who report under the International Financial Reporting Standards opt for fair value over cost, he says. The industry is facing a long march to convergence with political and conceptual differences still to be settled.

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