News Release

ORDER IVS 2007

ABOUT IVSC

THE INTERNATIONAL VALUATION STANDARDS

BOARDS
- Board of Trustees
- Professional Board (IVPB)
- Standards Board (IVSB)

MEMBERSHIP

SPONSORS & FUNDING

MEETINGS

NEWS

PUBLICATIONS

FOR IMMEDIATE RELEASE 30 APRIL 2008

CITY OF LONDON, ERNST & YOUNG ANNOUNCE SUPPORT FOR INTERNATIONAL VALUATION STANDARDS COMMITTEE

The City of London Corporation and Ernst & Young have announced support for t he International Valuation Standards Committee (IVSC), founded to develop and promote recognised international valuation standards .

Stuart Fraser, Chairman of the City of London’s Policy & Resources Committee, said, “The City of London is pleased to support the IVSC establishing its headquarter in the Square Mile. Financial innovation is the key for the City to stay ahead as the world’s international financial centre and we are acutely aware that there is a lack of national and international standards in valuation. The City supports international standard-setters such as the IVSC, in establishing a new benchmark which we hope will be rolled out across the world.”

“This also fits with our continuous effort to ensure that international organisations related to financial services are located here in the City where practicable.” The City Corporation has also given financial support to the International Accounting Standards Board and the International Centre for Financial Regulation.

Jim Eales, Ernst & Young Partner and Valuation and Business Modelling Area Leader, said, “Rapid globalisation has meant that there is growing recognition that a comprehensive single set of global standards dealing with valuation procedures will ensure consistency of application and enable greater reliance to be placed on valuations across borders. As a global valuation advisor Ernst & Young are pleased to offer support to the IVSC in this work.”

Marianne Tissier, Executive Director, IVSC commented: “The IVSC is restructuring to enable it to become an independent standard setting body for the development of International Valuation Standards for assets and liabilities. The intent of the IVSC is to achieve the same success in securing the worldwide adoption of standards for the performance of valuations as the IASB has with accounting standards. We are extremely grateful to those companies and organizations who have committed to the IVSC and who are providing the financial resources to ensure the success of the IVSC.”

- ENDS -

For further information please contact :
Marianne Tissier, IVSC Executive Director +44 (0) 1442 879306 Email:mtissier@ivsc.org

Notes to editors
The International Valuation Standards Committee, the leader in the development of valuation standards, has a 25+ year standard setting history.

The International Valuation Standards are recognised and accepted by a wide range of organisations including the UK Financial Services Authority, the Hong Kong Securities and Futures Commission, the Securities and Exchange Board of India, the European Public Real Estate Association, and the National Council for Real Estate Fiduciaries among many others.

Revised Bylaws and Articles of Association for the IVSC were approved by the current membership on 19 November 2007. The new IVSC structure has the following main features:

• The IVSC will remain as a non-profit organisation incorporated in the State of Illinois ; the IVSC acronym will be retained but the title changed to the “International Valuation Standards Council” to reflect the broader remit of the organization.
• The organisation will have three main bodies:
  • A board of trustees responsible for the strategic direction and funding of the IVSC.
  • A Standards Board appointed by the trustees, but with autonomy over its agenda and the creation and revision of standards.
  • A professional board will be appointed by the trustees to assist in the development of high quality practices by the world's valuers and development of the profession in developing countries.

Membership of IVSC will be broadened beyond national professional valuation institutes to include valuation companies, government, valuation end-users, and academia.

The following are among the initial organisations committed to providing financial support to the restructured IVSC:

• Royal Institution of Chartered Surveyors (UK)
• Appraisal Institute (US)
• Appraisal Institute of Canada
• China Appraisal Society
• Russian Valuation Societies
• American Appraisal Associates
• The Appraisal Foundation (US)

ORDER IVS 2007 | About | The Standards | Trustees | Professional Board | Standards Board | Membership | Sponsors & Funding | Meetings | News | Publications | Your Privacy

TO CONTACT US: email: ivsc@ivsc.org | phone: +44 (0) 1442 879 306 | 41 Moorgate, London EC2R 6PP, United Kingdom