MISMO Seeks To Standardize Property Financial Statement Data Exchange
MISMO, the real estate finance industry’s standards organization, is seeking public comment on a proposed standard which will facilitate a more accurate and efficient exchange of commercial financial operating statement data. The 90-day comment period starts today and runs through March 8, 2022.
The new MISMO exchange was developed by commercial real estate and technology professionals in response to the need to create a standard structure for sharing property financial operating statement data. The data exchange facilitates the efficient exchange of any property financial statement regardless of which chart of accounts is used, giving the commercial real estate industry greater flexibility without requiring all parties to adopt a single chart of accounts.
The exchange offers the flexibility to support multiple data types, such as chart of accounts, delivery use cases, business partners, and property types, and includes a dataset, XML schema, and multiple use cases to support ease of use.
“Today, stakeholders exchange property operating statements through the life of a property for a myriad of reasons,” said Brett Williams, Managing Director, SitusAMC and Co-Chair of the MISMO Commercial Financial Operating Statements development workgroup. “Standardizing the exchange of this data, in a flexible way, allows significant gains in time and accuracy across origination, asset management and property management.”
The public comment period is intended to afford workgroup participants who participated on the proposal notice prior to final release, to review the exchange and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy). Disclosures and comments should also be directed to [email protected].
The release and use of MISMO standards and other resources, including the commercial financial operating statement data standard, are governed by the MISMO Intellectual Property Rights (IPR) Policy. For more information on the policy, please click here.
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