Prolonged uncertainty as to when business as usual will resume continues to have a direct impact on property, sparking a chain of decision-making not experienced by the valuation industry since the financial crisis, over ten years ago.
One significant challenge is financial year-end reporting. For most organisations, the impact of COVID-19 could be a major factor influencing valuations in financial statements submitted under International Financial Reporting Standards (IFRS) and Financial Reporting Standards 102.
In this week's Legal & Professional column for Property Week, I look into this further as businesses continue to feel the pressure.
In uncertain times like these, more people need to understand the mechanisms of post balance sheet reporting to ensure assets are a true reflection of current market conditions.