International Valuation Standards Council

International Valuation Standards Council
Formation 1981
Headquarters London, UK
Website

The International Valuation Standards Council (IVSC) is an independent, not-for-profit, private sector standards organization incorporated in the United States 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:

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]

Notable former members:

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

Sponsors

The following organizations are listed as sponsors of the IVSC in 2012/13:

References

  1. ↑ "Members of the Board of Trustees". IVSC. Retrieved 19 September 2013.
  2. ↑ List of Drafts
  3. ↑ International Valuation Standards 2011
  4. ↑ IVSonline
  5. ↑ List of Drafts
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