Home > News > Issue 42

Board Changes

The members at the AGM approved the appointment of two new Trustees, Frank Vettese from Canada and Akihiro Watanabe from Japan.

Michel Prada reported the recent resignations of Carlos Arenillas Lorente from the Board of Trustees and Jean-Floret Rerolle from the Professional Board, both having taken on new professional roles that limited the time they could spend on their IVSC duties.  He thanked both Carlos and Jean-Florent for their contributions to the work of IVSC.

Bob Connolly (Australia) is standing down from the Standards Board.  Michel Prada paid tribute to his long service with the IVSC both before and after the restructuring, including two years as chairman of the Standards Board. The Trustees approved the appointment of Dr Cindy Ma (USA) as new member of the Board.

The Trustees confirmed the appointment of Chris Mercer (USA) and Nick French (UK) to the Professional Board.  They have also appointed Greg Forsythe (USA) as Chairman and Roy Farthing (Australia) as Vice-Chairman.

Professional Organisation Advisory Forum

As part of its meeting the forum held a joint session with the IVSC Trustees.  A number of initiatives were agreed, aimed at improving the effectiveness of the Forum and communications with the Board of Trustees and the two operational Boards. The Forum has also agreed to form an Executive Group to help focus its efforts and enable better communication with the different world regions.

Private Sector Task Force Report to G20

The Private Sector Task Force (PSTF) report to the G20 was warmly received by the IVSC members in attendance at the AGM.  Although the Eurozone crisis dominated the G20 summit in Cannes that was taking place at the same time, the leaders' communique reaffirms the objectives set at the London summit in 2009, especially to improve standards for the valuation of financial instruments.  The recommendations in the PSTF report are consistent with these objectives and should be of benefit to those charged with implementing the G20 policies in detail. The report should also form a useful template for future cooperation between the participating organisations, as it highlights their shared aims for better regulation in the financial sector.

Collaboration with the IASB

At  its meeting on 19 October the IASB approved a staff proposal to establish an expert advisory group to assist in the development of educational material to support the implementation of IFRS 13 Fair Value Measurements, and that group should include representation from the IVSC. This followed earlier discussion between IASB and IVSC staff on the need to coordinate this project with the Illustrative Examples project being undertaken by the IVSC Professional Board. It has also been agreed that an IASB staff member will join the IVSC working group, as both parties realise that our respective pronouncements must be consistent to avoid causing confusion.

International Valuation Standards

Each individual standard can now be viewed and downloaded from the IVSC website. This facility is designed for occasional users wishing to reference a particular standard. Use is restricted to the registered individual and the files are not designed for printing. This facility is not to be confused with the longer term project to introduce a full online publication service that will include the standards and other future IVS publications.