International Valuation Standards 2011

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Glossary

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International Glossary of Valuation Terms

This Glossary is produced to help promote consistency in the usage of words and terms that are common in valuation assignments of different types. Some of the definitions appear in the International Valuation Standards, in Technical Information Papers or in other IVSC publications, but others commonly occurring words and terms used in valuation practice are included.

The definitions included meet the following criteria:

• The Glossary should only include words or terms that either:
• have a meaning when used in a valuation context that either differs from, or is more specific than, their meaning in everyday usage,
• are technical, ie they may not be familiar to a reader who has a reasonable level of business knowledge and sophistication, or that have proved difficult in translation into languages other than English, or
• are definitions used in the International Valuation Standard, a Technical Information Paper or other IVSC publication.
• Definitions should be concise – ideally no more than a short sentence, although there are some exceptions allowed.
• The Glossary should not include words or terms that may be relevant to understanding or describing a particular asset type but that do not directly relate to the valuation process.
• The Glossary should generally avoid accounting or legal definitions unless these are directly relevant to valuation and widely used in valuation practice.
• The Glossary should avoid words or terms that are specific to a particular state when there is a suitable internationally recognised equivalent.
• The Glossary contains only the definition of the word or term, not an explanation of its application in practice.

The definitions in this glossary are those recommended by the IVSC, but other definitions and terms exist. Users of this Glossary are advised to check whether the IVS definition was intended before relying on a definition it contains to interpret any document. The International Valuation Standards Council, the authors and the publishers do not accept responsibility for loss caused to any person who acts or refrains from acting in reliance on the material in this publication, whether such loss is caused by negligence or otherwise.

The IVSC periodically reviews this Glossary. It welcomes suggestions for either additional definitions or amendments to an existing definition. If suggesting a new definition please have regard to the criteria noted above. The final decision on whether to accept a recommendation rests with the IVSC Standards Board. The IVSC cannot enter into correspondence over any decisions made in respect of this Glossary.
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