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When the Senate passed its version of the financial overhaul Brendan Reilly, SVP of government relations for the Commercial Real Estate Financial Council told Globest.com he was relieved that the provisions were basically in line with what the real estate industry needed for CMBS to restart. But he couldn’t help adding that the financial legislation is only one piece to a larger recovery, with other regulatory and accounting reforms also playing a role.

Indeed, it could be said that the accounting reforms coming the industry’s way will have almost as big an impact as the financial services bill. There are several moving parts to this story – one is the push to converge global and U.S. accounting regulations, which will deliver both benefits and risks. The day of reckoning for that is a bit off – the SEC has yet to make some crucial decisions about deadlines.

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