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principal IVSC objective is to formulate and publish, in the public
interest, valuation Standards and procedural guidance for the valuation
of assets for use in financial statements, and to promote their
worldwide acceptance and observance. The second objective is to
harmonize Standards among the world’s states, and to make disclosures
of differences in standards statements and/or applications of Standards
as they occur. It is a particular goal of IVSC that international
valuation Standards be recognised in statements of international
accounting and other reporting standards, and that Valuers recognise
what is needed from them under the standards of other professional
disciplines.
Membership in IVSC is through national
valuation societies and institutions representing their respective
States. These professional bodies must recognise objectives that
concern asset valuation, and must have a sufficient number of their
members capable of conducting such valuations.
Members support the Standards and guidance
published by the Committee and use their best endeavors to secure
recognition of the Standards where appropriate in their respective
Member States. Members also disclose to the Committee any significant
difference between domestic and international Standards so they
may be reported to the international community. Valuers must, of
course, act legally and comply with the laws and regulations of
the areas in which they practice.
Members work with controlling and regulatory
authorities, both statutory and voluntary, and societies of other
professional bodies to ensure that valuations comply with IVSC's
Standards and guidance. Members also play an educative and consultative
role in the area of asset valuation standards within their States.
Liaison with the International Accounting Standards Board, International
Federation of Accountants, International Organization of Security
Commissions, and Basel Committee on Banking Supervision is especially
important to IVSC activities. In this regard, other objectives of
IVSC are to provide advice and counsel relating to asset valuation
to the accounting profession, coordinate Standards and work programs
of the related professional disciplines in the public interest,
and cooperate with these and other international bodies in the determination
and promulgation of new Standards. These objectives are accomplished
through direct liaison and through participation in other international
organizations such as the United Nations. IVSC was granted Roster
status with the United Nations Economic and Social Council in May
1985.
The international Standards and related discussions are the best
consensus to date of 50 participating nations. Like valuations of
individual assets they are subject to the Principle of Change which
holds that change is inevitable and continuous even when gradual
and not easily discernible. As Standards they are intended to offer
fundamental asset valuation definitions and guidance in a dynamic
world. Where changes are believed necessary and warranted they should
be brought to the attention of the Committee for international deliberation
and decision.
Also see:
–  IVSC Articles of Incorporation
– IVSC By-Laws
– Proposal
on Restructuring the IVSC comments due 9-Mar-2007
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