MISMO is working to standardize the exchange of property financial statement data
MISMO is seeking public comments on a proposed standard that will facilitate a more accurate and efficient exchange of business data on operating financial statements. The 90-day comment period runs until 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 real estate operating financial statement data. Data exchange facilitates the efficient exchange of any real estate financial statement regardless of the chart of accounts used, giving the commercial real estate industry greater flexibility without forcing all parties to adopt a single chart of accounts.
The exchange provides the ability to support multiple data types, such as chart of accounts, delivery use cases, trading partners, and property types, and includes a dataset, XML schema, and several use cases for ease of use.
“Today, stakeholders exchange real estate operating statements throughout the life of a property for a multitude of reasons,” says Brett Williams, Managing Director of SitusAMC and Co-Chair of the Statement Development Working Group. MISMO commercial operating financials. “The standardization of the exchange of this data, in a flexible way, allows significant savings in time and precision for origination, asset management and real estate management.
The public comment period is intended to allow working group participants who participated in the notice of proposal prior to final publication, to review the exchange and disclose any applicable patent rights (as defined by the 2018 MISMO Policy on Intellectual Property Rights).
The publication and use of the MISMO Standards and other resources, including the Commercial Financial Statement Data Standard, are governed by the MISMO Intellectual Property Rights (IPR) Policy.