(773) 763-6750

J. Chie, Esquire

Our law firm provides legal work for real estate closings for over 30 years… What distinguishes Chicago Commercial Appraisal Group from other appraisers is the level of thoroughness and details.

A. Raila, Senior Tax Analyst

Gary is a hands-on professional always willing to pick up the phone and work with you... His appraisal firm produces one of the best real estate forecasting reports in the state. I highly recommend his work and his opinion is highly recognized by governmental agencies.

J. Norris, Property Tax Attorney

As an attorney, we deal with many appraisal reports used in tax appraisals. Gary's work has proven successful for our clients and I do not hesitate recommending him for tax assessment appeal appraisals.

C. Noone, property owner

I needed an appraisal for settling an estate. Mr. Peterson was very professional, punctual and helpful with the process. I received my report ina timely manner. I would certainly recommend this company, as well as use their services in the future.

J. Tsiaousis

Gary is one of the top commercial appraisers in Chicago. Every time I have a client in need of a commercial appraiser I refer all work to him without hesitation.

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Commercial Appraisal Compliance and the International Financial Reporting Standards

(This archived article was published in 2012.  More recent data is found in the articles section of our web site). The United States currently uses a cost based accounting which complies with the U.S. generally accepted accounting principles (GAAP). In this system a company purchases a property and it is valued at its initial cost and then depreciated. Our system differs from the International Financial Reporting Standards (IFRS) which is based upon fair value accounting. There is increased pressure for these two standards to converge. Most of the pressure is coming from investors who want to be able to measure apples to apples in their investments. Investors also prefer value based accounting because it gives a more accurate assessment of the company's true worth. The term mark-to-market has been used with more frequency in recent years, particularly in reference to our banking crisis. Had a mark-to-market system been used the banks would have had to report the actual value of their real estate holdings instead of the artificially high accounting value which would not reflect the market decline. This issue created a great deal of controversy at the height of the banking crisis. Convergence of the standards appears to be narrowing over time although the process has been slow. The U.S. Financial Accounting Standards Board which sets the standards for GAAP and the International Accounting Standards Board having been seeking a closer convergence of standards since 2002. The SEC issued a road map for convergence in 2008. A common definition for fair value was agreed upon in May of 2011 between FASB and IFRS. Fair value was defined as "The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date." With required annual updates in value, companies and their accountants will be looking for commercial real estate appraisers that can provide this service at a reasonable price. While an initial commercial appraisal that is more substantial would probably be required, the updated annual commercial real estate appraisals could be more limited. Future commercial appraisals could incorporate the original appraisal by reference and reflect changes in rent or sales prices in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) Advisory Opinion 3. Peterson Appraisal Group. Ltd. can appraise a commercial property that conforms to appropriate regulations; and do so at a reasonable cost. Our firm focuses exclusively on commercial property valuation and we have a large and professional staff. All reports are reviewed by an MAI designated appraiser.