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International Valuation Standards Council

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International Valuation Standards Council
Formation1981
HeadquartersLondon, UK
Website
http://www.ivsc.org/

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.

The IVSC is recognised by the United Nations Department of Economic and Social Affairs.

Objectives and activities

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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 and regulatory authorities
  • Serving as the international voice for the valuation profession

Boards

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Board of trustees

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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]

  • Lim Hwee Hua (Chair)
  • Marcelo Barbosa
  • Professor Mary E. Barth
  • Jacque Potdevin
  • Zhang Genghua
  • Narayan Seshadri
  • Ranjit Ajit Singh
  • Iseo Pasquali
  • Linda de Beer
  • Japheth Katto
  • Aiko Sekine

Notable former members:

History

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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 2022, the IVSC has over 180 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 IVSC and the International Organization of Securities Commissions (IOSCO) announced a Cooperation Agreement in 2022 with a focus on enhancing international valuation standards and professionalism.

The International Valuation Standards

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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's technical boards are responsible for the development and maintenance of the International Valuation Standards. The boards are independent and solicit public comment by issuing discussion papers and exposure drafts.[4]

The latest version of the Standards (IVS 2022) was published in January 2024 and come into effect January 2025.[5]

Objective of IVS

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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

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IVS Glossary

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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

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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

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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

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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

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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

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The IVSC has an internationally diverse array of member organisations, which they classify as Valuation Professional Organizations (VPO), Associate Valuation Professional Organizations (AVPO), 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
 Australia CPA Australia IM
 Australia Australian Institute of Business Brokers AVPO
 Australia Chartered Accountants of Australia and New Zealand IM
 Austria WU (Vienna University of Economics & Business) Financial Accounting and Auditing Group AM
 Austria Austrian Chamber of Tax Advisors and Public Accountants IM
 Azerbaijan Azerbaijan Society of Appraisers AVPO
 Bahrain Real Estate Regulatory Authority, Bahrain IM
 Bangladesh Institute of Chartered Valuers Bangladesh AVPO
 Bangladesh Bangladesh Survey & Valuation Companies, Firms & Individual Concerns Associationi AVPO
 Bangladesh Financial Reporting Council Bangladesh IM
 Bangladesh Institute of Chartered Accountants of Bangladesh IM
 Belgium European Mortgage Federation - European Covered Bond Council IM
 Belgium Institut des réviseurs d’entreprises (IRE) – Instituut van de bedrijfsrevisoren (IBR) (Institute of Registered Auditors) IM
 Bosnia and Herzegovina Association of Certified Appraisers in Bosnia and Herzegovina VPO
 Bosnia and Herzegovina Union of Accountants, Auditors & Financial Workers of Federation of Bosnia & Herzegovina IM
 Bosnia and Herzegovina Bosnian & Herzegovinian Property Association VPO
 Botswana Real Estate Institute of Botswana VPO
 Brazil Instituto Brasileiro Avaliacoes VPO
 Brazil Panamerican Union of Valuation Associations AVPO
 Brazil Mynarski International Valuation CM
 Brazil Conselho Federal de Corretores de Imóveis IM
 Bulgaria Chamber of Professional Valuers IM
 Canada Appraisal Institute of Canada VPO
 Canada CBV Institute VPO
 Canada International Association of Consultants, Valuators and Analysts CM
 Canada International Institute of Business Valuators AM
 China China Appraisal Society VPO
 China Shanghai Orient Appraisal Company CM
 Colombia Registro Nacional de Avaluadores VPO
 Costa Rica Costa Rican Valuation Institute VPO
 Croatia Croatian Society of Valuers VPO
 Czech Republic University of Economics, Prague AM
 Egypt Egyptian Association of Real Estate Appraisers VPO
 Egypt Claro Real Estate Company CM
 Finland Finnish Association for Real Estate Valuation VPO
 France Fédération Française des Experts en Evaluation IM
 France Real Quality Rating (RQR) CM
 France Compagnie Nationale des Commissaires aux Comptes (CNCC) IM
 France 73 Strings SAS CM
 Georgia Association of Professionals on Land and Realty VPO
 Georgia Expertise Institute for Valuation of Assets of Georgia VPO
 Georgia National Forensic Bureau of Georgia IM
 Georgia Valuers & Experts Professional Development Centre IM
 Germany Institut der Wirtschaftsprufer IM
 Germany European Association of Certified Valuators and Analysts VPO
 Germany HypZert GmbH VPO
 Germany Institute for Mergers, Acquisitions and Alliances GmbH AM
 Hong Kong Greater China Appraisal Ltd CM
 Hong Kong Hong Kong Institute of Surveyors VPO
 Hong Kong Chartered Valuation Analyst Institution AVPO
 Hong Kong AVISTA Valuation Advisory Ltd CM
 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
 India Techno India University, West Bengal AM
 India Indian Inst of Corporate Affairs AM
 India ICMAI Registered Valuers Organisation AM
 India IIV India Registered Valuers Foundation AVPO
 India Divya Jyoti Valuers Foundation AVPO
 India All India Institute of Valuers Foundation AVPO
 India Institute of Company Secretaries of India IM
 India Institution of Valuers India Registered Valuers Foundation VPO
 India CEV Integral Appraisers Foundation VPO
 Indonesia Indonesian Society of Appraisers VPO
 Ireland Technology University Dublin, School of Surveying and Construction Management AM
 Ireland Society of Chartered Surveyors Ireland VPO
 Israel Israel Real Estate Appraisers Association (IREAA) VPO
 Italy Consiglio Nazionale Geometri VPO
 Italy Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili IM
 Italy SIDREA (Italian Association of Professors in Accounting & Business Administration) AM
 Japan Japanese Institute of Certified Public Accountants IM
 Japan Japanese Association of Real Estate Appraisal VPO
 Japan Tokyo Financial Advisors 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
 South Korea Korean Institute of Certified Public Accountants IM
 Kosovo KAF Institute AVPO
 Kuwait Kuwait Real Estate Association IM
 Kuwait International Real Estate Valuer, owned by Emad Alfaraj CM
 Latvia Latvian Association of Appraisers VPO
 Lithuania The Authority of Audit, Accounting, Property Valuation and Insolvency Management Lithuania IM
 Malawi University of Malawi - The Polytechnic AM
 Malaysia The Royal Institution of Surveyors, Malaysia VPO
 Malaysia Malaysian Institute of Accountants IM
 Mexico Federación de Colegios de Valuadores, A.C. (FECOVAL) VPO
 Moldova Agency for Land Relations and Cadastre of the Republic of Moldova IM
 Mongolia Mongolian Institute of Certified Appraisers VPO
 Montenegro Chamber of Valuers of Montenegro VPO
 Montenegro Institute of Certified Accountants of Montenegro VPO
 Namibia Ministry of Land Reform IM
   Nepal Nepal Valuers' Association AVPO
 Netherlands NRVT VPO
 New Zealand Property Institute of New Zealand (PINZ) VPO
 Nigeria Nigerian Institution of Estate Surveyors and Valuers VPO
 Nigeria Estate Surveyors and Valuers Registration Board of Nigeria IM
 North Macedonia Bureau for Court Expertise, Republic of North Macedonia VPO
 North Macedonia Chamber of Valuation of the Republic of North Macedonia VPO
 Norway Norges Takseringsforbund VPO
 Oman Al Muheet Institute AM
 Peru Technical Appraisers Corps of Peru (Cuerpo Tecnico de Tasaciones del Peru) AVPO
 Philippines Institute of Philippine Real Estate Appraisers (IPREA) VPO
 Philippines Philippines Bureau of Local Government Finance IM
 Philippines Philippines Association of Realty Appraisers AVPO
 Qatar Al Asmakh Real Estate CM
 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 Self-Regulated Inter-Regional Appraisers Association (SIAA VPO
 Rwanda Institute of Real Property Valuers in Rwanda AVPO
 Saudi Arabia Public Investment Fund CM
 Saudi Arabia Saudi Authority for Accredited Valuers (Taqeem) IM
 Serbia National Association of Valuers of Serbia VPO
 Singapore Singapore Institute of Surveyors and Valuers VPO
 Singapore Institute of Valuers & Appraisers of Singapore VPO
 Singapore United Overseas Bank Ltd CM
 Singapore Sea Ltd CM
 Singapore DBS Bank Ltd CM
 Singapore OCBC Bank CM
 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
 South Africa South African Institute of Chartered Accountants (SAICA) IM
 South Africa Office of the Valuer General (South Africa) VPO
 Spain Asociación Profesional de Sociedades de Valoración (ATASA) VPO
 Spain Asociación Espanola de Analisis de Valor (AEV) IM
 Sri Lanka Institute of Valuers of Sri Lanka VPO
 Sudan Pro Serve Engineering Consulting Co Ltd CM
 Sweden ASPECT - Association for Chartered Surveying, Property Evaluation and Transactions VPO
  Switzerland Swiss Institute of Real Estate Appraisal (SIREA) AM
  Switzerland Institute of Finance, University of Applied Science and Arts Northwestern Switzerland AM
 Thailand Thai Valuers Association VPO
 Turkey Real Estate Development and Management, Ankara University AM
 Turkey Turkish Appraisers Association VPO
 Turkey ACCYBER CM
 Turkmenistan Union of Economists of Turkmenistan AVPO
 Uganda Institute of Surveyors of Uganda IM
 Ukraine Ukrainian Society of Appraisers VPO
 Ukraine Pan-Ukrainian Association of Valuation Specialists (PUAVS) AVPO
 United Arab Emirates Abu Dhabi Municipality, Property Registration Section IM
 United Arab Emirates Dubai Land Dept, Taqyeem (Real Estate Appraisal Centre) IM
 United Kingdom Royal Institution of Chartered Surveyors VPO
 United Kingdom Institute of Chartered Accountants in England and Wales (ICAEW) IM
 United Kingdom Brand Finance CM
 United Kingdom Savills (UK) Ltd CM
 United Kingdom DFK International CM
 United States Appraisal Foundation IM
 United States International Association of Assessing Officers IM
 United States Appraisal Institute (AI) VPO
 United States American Society of Appraisers (ASA) VPO
 United States American Institute of Certified Public Accountants (AICPA) VPO
 United States Berkeley Research Group (BRG) CM
 United States Business Valuation Resources CM
 United States CFA Institute VPO
 United States Harvest Investments Ltd CM
 United States International Finance Corporation (IFC) IM
 United States National Council for Real Estate Investment Fiduciaries (NCREIF) IM
 United States Jones Lang LaSalle CM
 United States Leventhal School of Accounting, University of S California AM
 United States Lincoln International LLP CM
 United States Valuation Research Corporation CM
 United States 414 Capital Inc CM
 Uzbekistan Association of Appraisal Organisations of Uzbekistan IM
 Vietnam Price Control Department, Ministry of Finance IM

Sponsors

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The following organizations are listed as sponsors of the IVSC in 2022/23:[7]

References

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  1. ^ "Boards". IVSC. Retrieved 21 June 2017.
  2. ^ "Members of the Board of Trustees". IVSC. Retrieved 21 June 2017.
  3. ^ "Our Members". IVSC. Retrieved 21 June 2017.
  4. ^ "International Valuation Standards". IVSC. Retrieved 21 June 2017.
  5. ^ "IVSC launches new global standards for valuation professions". IVSC. Retrieved 21 June 2017.
  6. ^ "IVS Open Consultations". IVSC. Retrieved 21 June 2017.
  7. ^ "Sponsors". IVSC. Retrieved 21 June 2017.
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