Regulatory Alerts2022-06-29
Added
Appointment of Same Independent Valuer for Desktop Valuation in Interim Financial Reporting
The Monetary Authority of Singapore issued Circular CFC 01/2022 to waive the requirement under the Property Funds Appendix that prevents a valuer from valuing the same properties for more than two consecutive financial years. This waiver allows REIT Managers to appoint the same independent valuer to perform a desktop valuation for interim financial reporting in the third consecutive year, thereby reducing costs associated with commissioning full valuations. The directive ensures compliance with Financial Reporting Guidance 3 while maintaining the requirement for a different valuer to conduct the annual full valuation in the third year.
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