International Valuation Standards Council

International Valuation Standards Council

Formation	1981
Headquarters	London, UK
Website	http://www.ivsc.org/

The International Valuation Standards Council (IVSC) is an independent, not-for-profit, private sector standards organization incorporated in the USA and with its operational headquarters in London, UK. The IVSC develops international technical and ethical standards for valuations on which investors and others rely.

The IVSC is responsible for developing the International Valuation Standards and associated technical guidance. To ensure that the public interest is effectively protected it also engages with other bodies active in the regulation of the financial markets to ensure that valuation issues are properly understood and reflected. The IVSC works cooperatively with national professional valuation institutes, users and preparers of valuations, governments, regulators and academic bodies, all of whom can become members of the IVSC and play a role in advising the Boards on their agenda priorities.

In developing its standards and technical guidance the IVSC follows a process of issuing discussion papers and exposure drafts for public comment. The Standards Board and Professional Board meetings are open to observers.

Objectives & Activities

The objectives of the IVSC are to strengthen the worldwide valuation profession by:

Developing high quality international standards and supporting their adoption and use;
Facilitating collaboration and cooperation among its member organizations;
Collaborating and cooperating with other international organizations; and
Serving as the international voice for the valuation profession

Boards

Board of Trustees

The IVSC is governed by a Board of Trustees responsible for the strategic direction and funding of the Council. The trustees are also responsible for the appointment of the two autonomous operational boards.

The current Board of Trustees comprises:^[1]

Sir David Tweedie (Chairman)
Patrick Gounelle (Vice Chairman)
Malcolm Knight
Lee Hackett
Frank Vettese
John Smith
Roel Campos
Madame Ping Liu
Brad Dalgliesh
Jens Røder
Nicholas Brooke
Akihiro Watanabe

Notable former members:

Michel Prada (Chairman 2009 - 2011)

Standards Board

The IVSC Standards Board is responsible for the development and maintenance of the International Valuation Standards, and for producing technical guidance to support the standards. It is currently chaired by Steven J Sherman, who leads Loop Capital’s Financial Consulting Services (LCFCS) practice and is based in Chicago.

Professional Board

The IVSC Professional Board is responsible for the development of the valuation professional globally through promoting consistent education and standards of ethical and professional conduct. It is currently chaired by Gregory Forsythe, a director in the Valuation practice of Deloitte Financial Advisory Services LLP in the United States.

History

The origins of IVSC lie in the International Assets Valuation Standards Committee (TIAVSC) that was formed in 1981 with the objective of developing consistent standards across national borders. The founder members were a number of professional institutes mainly concerned with real property valuation. The Committee changed its name in 1994 to the International Valuation Standards Committee, and from the late 1990s started to include member organizations concerned with the valuation of assets other than real property.

Following a restructuring of the organization in 2008 its name was again changed, this time to the International Valuation Standards Council. In 2012 the IVSC has over 70 organizations in membership from 54 countries. The organizations in membership accredit and regulate the conduct of individual valuers who specialize in the valuation of many different types of assets and liabilities, such as business interests, real property, intangibles, capital equipment and financial instruments.

Standards

The International Valuation Standards (IVSs) are international standards that consist of various actions required during the undertaking of a valuation assignment supported by technical information and guidance. The IVSC Standards Board is responsible for the development and maintenance of the International Valuation Standards. The Board is independent and solicits public comment by issuing discussion papers and exposure drafts^[2].

The requirements in the standards can be viewed on the IVSC's website for free^[3]. The supporting technical information and guidance must be purchased in hard copy or through the IVSC's subscription service IVSonline. The latest version of the standards was published in 2013 and will come into effect on 1 January 2014. Below is an outline of the structure of the International Valuation Standards^[4].

IVS Framework

The IVS Framework includes generally accepted valuation concepts, principles and definitions upon which the International Valuation Standards are based. This framework should be considered and applied when following the individual standards and valuation applications.

General Standards

The three General Standards have general application for all asset types and valuation purposes, subject only to variations or additional requirements specified in the Asset Standards or the Valuation Applications. The General Standards are IVS 101 Scope of Work, IVS 102 Implementation and IVS 103 Reporting.

Asset Standards

The Asset Standards consist of a standard and a commentary. The standard sets out requirements that either modify or augment the General Standards and include illustrations of how the principles in the General Standards are generally applied to the particular asset class. The commentary provides additional background information on the characteristics of each asset type that influence value and identifies the common valuation approaches and methods used.

Valuation Applications

Valuation Applications are produced for common purposes for which valuations are required. Each application contains a standard and guidance. The standard includes any additions to or modifications of the requirements in the General Standards and illustrations of how the principles in the General Standards and Asset Standards apply when undertaking valuations for that purpose. The Valuation Applications are IVS 300 Valuations for Financial Reporting and IVS 310 Valuations of Real Property for Secured Lending.

Technical Information Papers (TIPs)

There are currently three finalized TIPs on Discounted Cash Flows, The Cost Approach for Tangible Assets and The Valuation of Intangible Assets. The Standards Board are currently working on additional papers^[5].

Members

The IVSC has an internationally diverse array of members, which they classify as Valuation Professional Organizations (VPO), Institutional Members (IM), Corporate Members (CM), and Academic Members (AM).

Members can be sorted by country, name and member type by clicking on the buttons in the header of the columns.

Country	Member	Type
Australia	Australian Property Institute	VPO
Australia	Institute of Foresters of Australia	VPO
Belarus	Belarusian Society of Valuers	VPO
Bosnia and Herzegovina	Association of Certified Appraisers in Bosnia and Herzegovina	VPO
Botswana	Real Estate Institute of Botswana	VPO
Brazil	Instituto Brasileiro Avaliacoes	VPO
Bulgaria	Chamber of Independent Appraisers in Bulgaria	VPO
Bulgaria	Chamber of Professional Valuers	IM
Canada	Appraisal Institute of Canada	VPO
Canada	Canadian Institute of Chartered Business Valuators (CICBV)	VPO
Canada	International Association of Consultants, Valuators and Analysts	CM
China	China Appraisal Society	VPO
Colombia	Registro Nacional de Avaluadores	VPO
Croatia	Croatian Society of Valuers	VPO
Egypt	The Egyptian Association of Real Estate Appraisers	VPO
Finland	Finnish Association for Real Estate Valuation	VPO
France	Fédération Française des Experts en Evaluation	IM
Georgia	Association of Professionals on Land and Realty	VPO
Georgia	Expertise Institute for Valuation of Assets of Georgia	VPO
Greece	Body of Sworn-in Valuers of Greece	VPO
Hong Kong	Greater China Appraisal Ltd	CM
Hong Kong	Hong Kong Institute of Surveyors	VPO
India	The Practising Valuers Association of India	VPO
India	Institute of Cost Accountants of India	IM
Indonesia	Indonesian Society of Appraisers	VPO
Ireland	Institute of Professional Valuers and Auctioneers	VPO
Italy	Consiglio Nazionale Geometri	VPO
Italy	Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili	IM
Italy	E-Valuations Instituto di Estimo e Valutazioni	IM
Japan	Japanese Association of Real Estate Appraisal	VPO
Japan	Japan Valuers Co. Ltd	CM
Kazakhstan	Chamber of Professional Appraisers of Kazakhstan	VPO
Kazakhstan	Republican Chamber of Appraisers of Kazakhstan	VPO
Kenya	Institution of Surveyors of Kenya (ISK)	VPO
Republic of Korea	Korea Appraisal Board	VPO
Republic of Korea	Korea Association of Property Appraisers	VPO
Latvia	Latvian Association of Appraisers	VPO
Lithuania	Lithuanian Association of Property Valuers	VPO
Lithuania	State Budgetary Institution Property Valuation Oversight Agency	IM
Malawi	Surveyors Institute of Malawi	VPO
Malaysia	The Royal Institution of Surveyors, Malaysia	VPO
Malaysia	Khong & Jaafar Sdn	CM
Mexico	Federación de Colegios, Institutos y Sociedades de Valuadores de la Republica Mexicana, A.C. (FECISVAL)	VPO
Namibia	Namibian Institute of Valuers	VPO
Namibia	Ministry of Lands and Resettlement	IM
New Zealand	Property Institute of New Zealand (PINZ)	VPO
Nigeria	Nigerian Institution of Estate Surveyors and Valuers	VPO
Norway	Norges Takseringsforbund	VPO
Pakistan	Securities and Exchange Commission of Pakistan	IM
Philippines	Institute of Philippine Real Estate Appraisers (IPREA)	VPO
Poland	The Polish Federation of Valuer’s Associations	VPO
Romania	The National Association of Romanian Valuers	VPO
Russian Federation	Russian Society of Appraisers	VPO
Russian Federation	Russian Board of Appraisers	VPO
Russian Federation	Self-Regulated Inter-Regional Appraisers Association (SIAA	VPO
Russian Federation	The State University – Higher School of Economics, Institution for Real Estate Economics, Moscow	VPO
Russian Federation	Ministry of Economic Development	IM
Serbia	National Association of Valuers of Serbia	VPO
Slovenia	Slovenian Institute of Auditors	VPO
South Africa	South African Institute of Valuers	VPO
South Africa	South African Council for Property Valuers Profession (SACPVP)	IM
Spain	Asociación Profesional de Sociedades de Valoración	VPO
Spain	Instituto de Censores Jurados de Cuentas de España (ICJCE)	IM
Sri Lanka	Sri Lanka Accounting and Auditing Standards Monitoring Board	IM
Sweden	ASPECT - Association for Chartered Surveying, Property Evaluation and Transactions	VPO
Switzerland	Swiss Institute of Real Estate Appraisal (SIREA)	AM
Thailand	Thai Valuers Association	VPO
Netherlands	Raad voor Onroerende Zaken (ROZ, the Real Estate Council)	VPO
Ukraine	Ukrainian Society of Appraisers	VPO
Ukraine	Federation of Appraisers of Business and Intellectual Property	IM
United Arab Emirates	Abu Dhabi Municipality, Property Registration Section	IM
United Arab Emirates	Taqyeem (Real Estate Appraisal Centre) Dubai Land Dept	IM
United Kingdom	The Royal Institution of Chartered Surveyors	VPO
United Kingdom	Institute of Chartered Accountants in England and Wales	IM
United States of America	The Appraisal Institute	VPO
United States of America	American Society of Appraisers	VPO
United States of America	National Council for Real Estate Investment Fiduciaries (NCREIF	IM
Vietnam	Price Control Department, Ministry of Finance	IM