IVSC News Update - 5 Dec 2011



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PRESS RELEASE 5 DECEMBER 2011

IVSC’S ROLE IN RESTORING CONFIDENCE IN FINANCIAL MARKETS HIGHLIGHTED BY SPONSORSHIP FROM ORGANISMO ITALIANO DI VALUTAZIONE

The International Valuation Standards Council (IVSC) is delighted to welcome new Italian valuation standard setter Organismo Italiano di Valutazione (OIV) as a major financial sponsor.

The OIV’s sponsorship highlights the global regard for the IVSC’s work in promoting confidence and public trust in the valuation process and in turn gives further recognition of the importance of the IVSC’s role in restoring confidence in the financial markets.

Luigi Guatri, chairman of the OIV Board of Trustees said,

“To be effective, the efforts of domestic and International valuation standard setters in restoring confidence in financial markets have to converge. For this reason, OIV – the newly-established Italian Valuation Standard Setter – decided to become a sponsor of IVSC. Both institutions play the same role in their respective contexts.”

The announcement follows the OIV’s inaugural meeting on 29 November 2011 in which one of the first decisions taken by the Board was to cement affiliation to the IVSC. The OIV has been established to develop valuation standards and guidance covering intangibles, businesses, real estate and financial instruments. Founder members include – AIAF- Associazione Italiana degli Analisti Finanziari, ANDAF- Associazione Nazionale Direttori Amministrativi e Finanziari, ASSIREVI-Associazione Italiana Revisori Contabili, Borsa Italiana, CNDCEC-Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili, and Bocconi University.

Michel Prada, Chairman of the IVSC Board of Trustees, welcomed the news saying:

“The current financial and economic crisis has added urgency to the work of the IVSC. The support by OIV is tangible evidence of a growing consensus of the role that the IVSC will play in restoring confidence in the world’s financial markets. I also welcome the commitment by the OIV to work towards incorporating the International Valuation Standards into the emerging Italian valuation reporting regime.”

ABOUT THE ORGANISMO ITALIANO DI VALUTAZIONE

The Organismo Italiano di Valutazione (OIV) was established in November 2011 with three main objectives:

To set and update Italian Valuation Standards applicable to companies, financial instruments and tangible assets;
To participate in the international debate among valuation experts by giving a voice to Italy’s foremost professionals in this area;
To become a reference for national lawmakers.

To pursue such objectives, the OIV will publish technical guidance, application guidelines, position papers etc. and, more generally, orientation documents for experts and valuation users on its web site to advance knowledge of domestic and international valuation standards.

For more information please visit: www.fondazioneoiv.it

For further information on the IVSC please contact:
Marianne Tissier, Executive Director, IVSC
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Tel: +44 (0)20 7374 5585

TO CONTACT US: email: ivsc@ivsc.org | phone: +44 (0) 20 7374 5585 | 41 Moorgate, London EC2R 6PP, United Kingdom