MISMO is seeking public comment related to the sharing of commercial financial operating statement data. The organization said its proposed standard will make the exchange of such information more accurate and efficient.
“Today, stakeholders exchange property operating statements through the life of a property for a myriad of reasons,” Brett Williams, SitusAMC managing director and co-chair of the MISMO Commercial Financial Operating Statements development workgroup, said in a release. “Standardizing the exchange of this data, in a flexible way, allows significant gains in time and accuracy across origination, asset management and property management.”
Commercial real estate and technology professionals developed the new MISMO exchange in response to the need for a standard structure in sharing property financial operating statement data. This will promote 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, MISMO stated.
Multiple data types, such as chart of accounts, delivery use cases, business partners, and property types are supported by the proposed standard. The exchange includes a dataset, XML schema, and multiple use cases to support ease of use.
The public comment period will be open until March 8, 2022. MISMO stated those who participated on the proposals should use this time to review and disclose any applicable patent rights.