The European Commission has proposed that all listed EU companies should comply with the International Accounting Standards (IAS) from 2005. Article considers the impact of IAS 16 "Property, Plant and Equipment" and IAS 40 "Investment Property" on UK property companies. The tone and style of IAS are quite similar to UK accounting standards with IAS 16 relating to FRS 15 Tangible Fixed Assets and IAS 40 to SSAP 19. However, there are some noticeable differences. IAS 16 defines the fair value of property as 'usually its market value' and lacks the detailed guidance provided in FRS 15 by reference to RICS' definition. In addition there are different valuation standards across Europe and conflicting definitions of 'market value' which has prompted calls for agreement on valuation standards within the EC. Also discusses the approach taken in IAS 40 to long-leasehold property investments.