International Valuation Standards Council
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| Formation | 1981 |
|---|---|
| Headquarters | London, UK |
| Website | |
The International Valuation Standards Council (IVSC) is an independent, not-for-profit, private sector standards organisation incorporated in the United States and with its operational headquarters in London, UK. IVSC develops international technical and ethical standards for valuations on which investors and others rely.
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. 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 IVSC and play a role in advising the Boards on their agenda priorities.
In developing its standards and technical guidance, IVSC follows a process of issuing discussion papers and exposure drafts for public comment.
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 organisations
- Collaborating and cooperating with other international organisations
- 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 organisation. The Trustees are also responsible for the appointment of the Standards Boards and Membership and Standards Recognition Board.[1]
The current Board of Trustees comprises:[2]
- Sir David Tweedie (Chairman)
- Ethiopis Tafara (Vice Chairman)
- Kathleen Casey
- Anton Colella
- Mark Gerold
- Zhang Guochun
- Jay E Fishman
- Alan Johnson
- Christian Mouillon
- Tom Seidenstein
- Frank Vettese
- Howard Wetston
- Tatsumi Yamada
Notable former members:
- Michel Prada (Chairman 2009 - 2011)
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 organisations 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. As of 2017, the IVSC has over 70 organisations in membership from around the world.[3] The organisations 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.
The International Valuation Standards
The International Valuation Standards (IVS) 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.[4]
The latest version of the Standards (IVS 2017) was published in January 2017 and will come into effect on 1 July 2017.[5]
Objective of IVS
The objective of the International Valuation Standards (IVS) is to increase the confidence and trust of users of valuation services by establishing transparent and consistent valuation practices. A standard within IVS will do one or more of the following:
- identify or develop globally accepted principles and definitions,
- identify and promulgate considerations for the undertaking of valuation assignments and the reporting of valuations,
- identify specific matters that require consideration and methods commonly used for valuing different types of assets or liabilities.
The IVS consist of mandatory requirements that must be followed in order to state that a valuation was performed in compliance with the IVS. Certain aspects of the standards do not direct or mandate any particular course of action, but provide fundamental principles and concepts that must be considered in undertaking a valuation.
IVS Structure
IVS Glossary
The glossary defines certain terms used in the International Valuation Standards, but does not attempt to define basic valuation, accounting or finance terms, as valuers are assumed to have an understanding of such terms. Defined terms are Asset/Assets, Client, Jurisdiction, May, Must, Participant, Purpose, Should, Significant and/or Material, Subject or Subject Asset, Valuation Purpose or Purpose of Valuation, Valuation Reviewer, Valuer, Weight and Weighting.
IVS Framework
This serves as a preamble to the IVS. The IVS Framework consists of general principles for valuers following the IVS regarding objectivity, judgement, competence and acceptable departures from the IVS. The contents contain information on Compliance with Standards, Assets and Liabilities, Valuer, Objectivity, Competence and Departures.
General Standards
The five General Standards set forth requirements for the conduct of all valuation assignments including establishing the terms of a valuation engagement, bases of value, valuation approaches and methods, and reporting. They are designed to be applicable to valuations of all types of assets and for any valuation purpose. The General Standards are IVS 101 Scope of Work, IVS 102 Investigations and Compliance, IVS 103 Reporting, IVS 104 Bases of Value and IVS 105 Valuation Approaches and Methods.
Asset Standards
The Asset Standards include requirements related to specific types of assets. These requirements must be followed in conjunction with the General Standards when performing a valuation of a specific asset type. The Asset Standards include certain background information on the characteristics of each asset type that influence value and additional asset-specific requirements on common valuation approaches and methods used. The Asset Standards are IVS 200 Business and Business Interests, IVS 210 Intangible Assets, IVS 300 Plant and Equipment, IVS 400 Real Property Interests, IVS 410 Development Property and IVS 500 Financial Instruments.
Revisions to IVS
The IVSC Standards Board intends to continuously review the IVS and update or clarify the standards as needed to meet stakeholder and market needs. The Board has continuing projects that may result in additional standards being introduced or amendments being made to the standards in this publication at any time.[6]
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 |
Australian Valuers' Institute | IM |
 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 |
| Bulgaria |
Chamber of Independent Appraisers Bulgaria | VPO |
 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 |
 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 |
 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 Chartered Accountants of India | IM |
| India |
Institute of Cost Accountants of India | IM |
| India |
Institution of Valuers of India | VPO |
 Indonesia |
Indonesian Society of Appraisers | VPO |
 Italy |
Consiglio Nazionale Geometri | VPO |
| Italy |
Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili | IM |
 Japan |
Japanese Institute of Certified Public Accountants | IM |
| Japan |
Japanese Association of Real Estate Appraisal | VPO |
 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 |
 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 |
| Mexico |
Instituto de Administración y Avaluos de Bienes Nacionale (INDAABIN) | IM |
 Namibia |
Namibian Institute of Valuers | VPO |
| Namibia |
Ministry of Land Reform | IM |
 New Zealand |
Property Institute of New Zealand (PINZ) | VPO |
 Nigeria |
Nigerian Institution of Estate Surveyors and Valuers | VPO |
 Norway |
Norges Takseringsforbund | VPO |
 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 Espanola de Sociedades de Tasacion | VPO |
| Spain |
Asociación Espanola de Analisis de Valor | 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 |
American Institute of Certified Public Accountants (AICPA) | VPO |
| United States of America |
International Finance Corporation (IFC) | IM |
| United States of America |
National Council for Real Estate Investment Fiduciaries (NCREIF | IM |
 Vietnam |
Price Control Department, Ministry of Finance | IM |
Sponsors
The following organisations are listed as sponsors of the IVSC in 2017/18:[7]
- American Society of Appraisers
- The Appraisal Foundation
- Appraisal Institute
- Appraisal Institute of Canada
- American Institute of CPAs (AICPA)
- BDO
- Canadian Institute of Chartered Business Valuators
- CFA
- China Appraisal Society
- City of London Corporation
- Deloitte
- Duff & Phelps
- Ernst & Young
- Grant Thornton
- Houlihan Lokey
- International Finance Corporation (IFC)
- KPMG
- Organismo Italiano di Valutazione
- PwC
- Royal Institution of Chartered Surveyors
- Saudi Authority for Accredited Valuers (Taqeem)
References
- ↑ "Boards". IVSC. Retrieved 21 June 2017.
- ↑ "Members of the Board of Trustees". IVSC. Retrieved 21 June 2017.
- ↑ "Our Members". IVSC. Retrieved 21 June 2017.
- ↑ "International Valuation Standards". IVSC. Retrieved 21 June 2017.
- ↑ "IVSC launches new global standards for valuation professions". IVSC. Retrieved 21 June 2017.
- ↑ "IVS Open Consultations". IVSC. Retrieved 21 June 2017.
- ↑ "Sponsors". IVSC. Retrieved 21 June 2017.