Kingston University team-up with Property Solutions to establish accounting standards and improve service charge transparency.

04.06.10

Kingston University and Property Solutions are working together on a forthcoming peer-reviewed paper which aims to set out accounting policies and principles which are, at present, absent from the: ‘RICS Code of Practice (2006)'.

Kingston University, in conjunction with industry leader Property Solutions, hope that the guidelines proposed in this paper will highlight the importance of raising accounting standards in commercial service charges. 

This work will largely make up for the RICS Code’s neglect for a specific, detailed and reasoned approach to accounting.  Ultimately this approach will improve transparency of service charge costs and certificates, which should reduce the potential for disputes between landlords and tenants.

This research draws upon the official guidelines set out in the 2006 RICS Code, interpreting and elaborating upon them to create twelve accounting principles.  The suggested framework is in no way definitive but instead is intended to open the debate and promote logical progression towards a more comprehensive Code of Practice to regulate and govern the industry. 

The draft paper can be downloaded below [pdf]