International Valuation Standards Council

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International Valuation Standards Council
International Valuation Standards Council logo.png
HeadquartersLondon, UK

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[edit]

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


Board of Trustees[edit]

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]

  • Alistair Darling (Chairman)
  • Lim Hwee Hua (Vice Chairman)
  • Kathleen Casey
  • Anton Colella
  • Ana Maria Elorrieta
  • Jacque Potdevin
  • Zhang Genghua
  • Jay E Fishman
  • Alan Johnson
  • Ranjit Ajit Singh
  • Iseo Pasquali
  • Linda de Beer
  • Senator Howard Wetston
  • Aiko Sekine

Notable former members:


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 2019, the IVSC has over 120 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[edit]

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 2017) was published in January 2017 and came into effect on 1 July 2017.[5]

Objective of IVS[edit]

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[edit]

IVS Glossary[edit]

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[edit]

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[edit]

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[edit]

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[edit]

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]


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 CBV Institute 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
 Israel Israel Real Estate Appraisers Association (IREAA) 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
 South Korea Korea Appraisal Board VPO
 South 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 Pan-Ukrainian Association of Valuation Specialists (PUAVS) 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 Royal Institution of Chartered Surveyors VPO
 United Kingdom Institute of Chartered Accountants in England and Wales (ICAEW) IM
 United States of America Appraisal Institute (AI) VPO
 United States of America American Society of Appraisers (ASA) 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


The following organizations are listed as sponsors of the IVSC in 2017/18:[7]


  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.

External links[edit]