Service Charge Accounting; RICS Professional Statement
In September 2018, the Royal Institute of Chartered Surveyors (RICS) brought out their latest guidance for service charges in commercial properties.
This guidance takes the form of a Professional Statement, which replaces the existing Code of Practice (3rd Edition). It comes into force for properties with an accounting period that commences on or after 1 April 2019. Whilst much of the guidance remains the same as the Code of Practice, there are a number of updates that will affect those in the industry. This paper looks at the impact of some of the key changes on the service charge accounts, for a full understanding of the new guidance please refer to the Professional Statement.
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