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DALLAS-With the groundwork now laid, CB Richard Ellis Group Inc. is launching a financial and tax reporting service. The initiative will be cross-branded with CBRE’s existing lines and clients and also put into the market as an outsourcing tool for new business.

Kyle Redfearn, who came on board in February, is the group’s managing director. The Dallas-based executive has built a team with prior financial and tax reporting experience from CBRE’s pool of more than 400 appraisers in the US.

Redfearn says the new practice will focus on CBRE’s clients and third parties in the US. The service is a tool for assessing valuation, specifically assigning depreciation to the various components for tangible real estate and intangible areas like in-place leases.

With reporting standard changes internationally and domestically, Redfearn tells GlobeSt.com that “the work is definitely accelerating.” He expects FASB 157, which goes into effect in the fall, will generate additional work for the team. “Basically, it’s a new standard that provides a consistent definition of fair value. It puts a value on properties based on the exit price versus what was paid,” he explains. When the regulation takes hold, closing costs will no longer be able to be added to acquisition costs for reporting plus highest and best use will be valuation determinants, according to Redfearn.

Redfearn’s team is part of CBRE’s valuation and advisory services group. “The ever-increasing scrutiny around financial and tax reporting transparency requires professionals who are well versed in valuation trends and issues as well as the regulatory reporting environment,” Thomas B. McDonnell, president of CBRE’s valuation and advisory network, says in a press release.

Redfearn previously led the real estate valuation group in the tax and financial reporting practice at Houlihan Lokey Howard & Zukin in Dallas. The 17-year veteran’s experience spans all traditional property types in the US and internationally, including properties like power plants and telecommunications facilities.

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