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FOR IMMEDIATE RELEASE 6 OCTOBER 2009

KPMG ANNOUNCES SUPPORT FOR INTERNATIONAL VALUATION STANDARDS COUNCIL

The international network of KPMG member firms has announced that it will be providing financial support to the International Valuation Standards Council in its drive to improve valuation standards in today’s globalised market.

Steven J. Sherman Partner in the US firm and Chair of KPMG’s Global Valuations practice, speaking from Chicago said, “In an increasingly global-scale business environment, the valuation issues surrounding mergers and acquisitions, financial reporting (for example, IFRS and US GAAP), restructuring, tax planning and disputes have become more complex than ever. KPMG’s global network of firms recognise the need for a single set of global valuation standards and is pleased to support the IVSC.”

The chairman of the IVSC Board of Trustees, Michel Prada, welcomed the financial commitment by KPMG, saying, “The current global financial and economic crisis has added urgency to the work of the IVSC – developing standards and guidance to support quality performance by the global valuation profession. The support by KPMG is tangible evidence of a growing consensus of the role the IVSC will play in restoring confidence in the world’s financial markets.”

KPMG joins other leading companies and organizations that are investing in global standards for valuation by providing sponsorship to the IVSC. These include:
American Appraisal Associates, Inc
The Appraisal Foundation
Appraisal Institute
Appraisal Institute of Canada
Canadian Institute of Chartered Business Valuators
China Appraisal Society
Duff & Phelps, LLC
Ernst & Young, LLP
Houlihan Lokey Howard and Zukin, Inc
Royal Institution of Chartered Surveyors
The City of London Corporation has given financial support to the establishment of IVSC headquarters in London

ENDS

For press enquiries please contact:
Joanna Tudor, Spada
Joanna.Tudor@spada.co.uk
Tel: +44 (0)20 7269 1430

For further information on the IVSC please contact:
Marianne Tissier, IVSC
mtissier@ivsc.org
Tel: +44 (0)1442 879 306

NOTES TO EDITORS

About KPMG:
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 144 countries and have 137,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss cooperative. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

About the IVSC:
The International Valuation Standards Council (IVSC) is charged with developing robust and transparent procedures for performing international valuations through a single set of globally recognized valuation standards, acceptable to the world’s capital markets organisations market participants and regulators, which will meet the challenges of a fast-changing global economy.

The governance structure of the IVSC, a non-profit organisation incorporated in the US, includes two independent technical Boards – the International Valuation Standards Board and the International Valuation Professional Board – and a global Board of Trustees responsible for the overall strategic direction and funding of the IVSC. 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 have an important role to play in advising the Boards on agenda decisions and priorities in the work of the IVSC.

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