International Valuation Standards Council

The International Valuation Standards Council (IVSC) is an independent, not for profit, private sector organisation incorporated in the US and with its headquarters in London. The IVSC develops and promotes technical and ethical standards for the conduct of 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 is governed by a Board of Trustees responsible for the strategic direction and funding of the Council. Following the appointment of the former chair of the Trustees, Michel Prada, as chair of the IFRS Foundation in January 2012, Roel Campos was appointed interim chair. The trustees are responsible for the appointment of two automonous operational boards:

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 is a partner in the US practice of KPMG and chair of KPMG's global valuations committee.

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.

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.

The IVSC published a set of updated International Valuation Standards in July 2011, and its workplan includes various projects to develop further technical guidance and standards.

The IVSC works co-operatively 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.

Valuation Professional Organisation Members

• Argentina - Instituto Argentino de Tasaciones
• Australia - Australian Property Institute, Institute of Foresters of Australia
• Belarus - Belarusian Society of Valuers
• Brazil - Instituto Brasileiro Avaliacoes
• Canada - Appraisal Institute of Canada, Canadian Institute of Chartered Business Valuators
• China - China Appraisal Society
• Colombia - Registro Nacional de Avaluadores
• Czech Republic -The Czech Chamber of Appraisers
• Egypt - The Egyptian Association of Real Estate Appraisers
• Finland - Finnish Association of Real Estate Valuation
• Georgia - Association for Protection of Landowners Rights, Expertise Institute for Valuation of Assets of Georgia
• Greece -Body of Sworn-in Valuers of Greece
• Hong Kong, China -Hong Kong Institute of Surveyors
• India -The Practising Valuers Association of India
• Indonesia -Indonesian Society of Appraisers
• Ireland -The Society of Chartered Surveyors in the Republic of Ireland, The Irish Auctioneers and Valuers Institute
• Italy - Consiglio Nazionale Geometri
• Japan -Japanese Association of Real Estate Appraisal
• Kazakhstan -Chamber of Professional Appraisers of Kazakhstan, Republican Chamber of Appraisers of Kazakhstan
• Kenya - Institution of Surveyors of Kenya
• Korea - Korea Association of Property Appraisers, - Korea Appraisal Board
• Latvia -Latvian Association of Appraisers
• Lithuania -Lithuanian Association of Property Valuers
• Malawi -Surveyors Institute of Malawi
• Malaysia -The Institution of Surveyors, Malaysia
• Mexico -National Association of Mexican Valuation Institutes
• The Netherlands -Raad voor Onroerende Zaken (ROZ, the Real Estate Council)
• New Zealand -Property Institute of New Zealand (PINZ)
• Norway -Norges Takseringsforbund
• Nigeria -Nigerian Institution of Estate Surveyors and Valuers
• Philippines -Institute of Philippine Real Estate Appraisers (IPREA)
• Poland -The Polish Federation of Valuer’s Associations
• Romania -The National Association of Romanian Valuers
• Russia -The Russian Society of Appraisers, Russian Board of Appraisers, Self-Regulated Inter-regional Appraisers Association
• Serbia - National Association of Valuers of Serbia
• Slovenia- Slovenian Institute of Auditors
• South Africa -South African Institute of Valuers
• Spain -Association Espanola de Sociadades de Tasacion
• Sweden -ASPECT - Association for Chartered Surveying, Property Evaluation and Transactions
• Tanzania -Tanzania Institution of Valuers and Estate Agents
• Thailand -Thai Valuers Association
• Ukraine -Ukrainian Society of Appraisers
• United Kingdom -The Royal Institution of Chartered Surveyors
• United States -The Appraisal Institute, American Society of Appraisers
• Venezuela -Sociedad de Ingenieria de Tasaciones de Venezuel

Corporate Members

• International Association of Consultants, Valuators and Analysts(IACVA)
• BMI Appraisals
• Greater China Appraisal Ltd, Hong Kong, PRC
• Japan Valuers Co., Ltd
• Khong & Jaafar, Sdn Bhd, Malaysia

Institutional Members

• Federation Francaise des Experts en Evaluation
• Institute of Cost and Works Accountants of India
• Ministry of Lands and Resettlement, Namibia
• National Council for Real Estate Investment Fiduciaries (NCREIF), USA
• Price Control Department, Ministry of Finance, Vietnam
• Public Institution Auditing, Accounting and Property Valuation Institute of the Republic of Lithuania
• Securities and Exchange Commission of Pakistan
• South African Council for Property Valuers Profession
• Sri Lanka Accounting Standards Monitoring Board
• Taqyeem (Real Estate Appraisal Centre), Dubai Land Department

-- Academic Members--

• The State University - Higher School of Economics, Institution for Real Estate Economics, Moscow

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

Funding

The following organsations are listed as sponsors of the IVSC in 2011/12:

• American Appraisal Associates, Inc
• American Society of Appraisers
• The Appraisal Foundation
• Appraisal Institute
• Appraisal Institute of Canada
• BNP Paribas
• Canadian Institute of Chartered Business Valuators
• China Appraisal Society
• City of London Corporation
• Deloitte Touche Tohmatsu
• Duff & Phelps, LLC
• Ernst & Young, LLP
• Grant Thornton
• Houlihan Lokey Inc
• KPMG LLP
• Organismo Italiano di Valutazione
• Royal Institution of Chartered Surveyors

External links

• IVSC website