International Valuation Standards Council
|International Valuation Standards Council|
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
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:
Notable former members:
- Michel Prada (Chairman 2009 - 2011)
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.
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.
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.
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.
The requirements in the standards can be viewed on the IVSC's website for free. 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.
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.
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.
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 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.
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.
|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|
|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|
The following organizations are listed as sponsors of the IVSC in 2012/13:
- American Appraisal Associates
- 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
- Ernst & Young
- Grant Thornton
- Houlihan Lokey
- KPMG LLP
- Organismo Italiano di Valutazione
- Royal Institution of Chartered Surveyors