REALpac's objective is to lead the industry in developing and recommending best practices in financial reporting in Canada. We also seek to lead the industry by advocating to standard setters in Canada and internationally for fair and relevant accounting and financial reporting standards.
Our approach is to research issues, to understand the potential impact of new financial reporting standards, to develop application guidance and to form best practice recommendations through the input of the REALpac Financial Best Practices Committee, represented by key senior financial officers of its member companies. In regard to international standards, REALpac partners with other global real estate associations through its active participation in the Real Estate Equity Securitization Alliance (REESA). REESA's objective is to develop consensus views globally on accounting and financial reporting matters, as well as on the application of accounting standards.
REALpac's leadership in financial best practices is recognized by the wider Canadian real estate investment and development industry through REALpac's "Recommended Accounting Practices for Real Estate Investment and Development Entities Reporting in Accordance with IFRS" and "Recommended Accounting Practices for Real Estate and Development Entities in Accordance with ASPE" handbooks; as well as IFRS accounting training courses, and various publications.