The International Valuation Standards Council (IVSC), the global standard setter for valuation practice and the valuation profession, and The Appraisal Foundation (Foundation), the United States’ foremost authority on the valuation profession, announced today the release of the anticipated harmonization of standards, A Bridge from USPAP to IVS.
The two organizations have been working together to harmonize any differences between the IVSC’s International Valuation Standards (IVS) and the Foundation’s Uniform Standards of Professional Appraisal Practice (USPAP) over the past year.
The Foundation and the IVSC believe this effort will serve the entire global economy. Since most U.S. appraisers are required to comply with USPAP, ultimately they need to understand what additional steps must be taken to meet IVS. This guide has been produced to assist appraisers familiar with USPAP to produce a valuation that is also compliant with the IVS.
While the document describes additional steps necessary to ensure that compliance, a full review of both sets standards is always encouraged. Both organizations note that this joint effort unveiled more commonalities than differences in the two sets of standards.
Sir David Tweedie, Chair of the IVSC, said, “The release of this bridging document marks an important step towards our objective of establishing globally accepted valuation standards. Valuations underpin economies by providing investors and businesses with the information they need to make informed decisions. With so many different methods and approaches for valuation across the world it is difficult for many international businesses to understand the true value of assets, so our work to harmonize valuation standards is crucial to aiding business and the smooth functioning of markets worldwide. We look forward to working further with The Appraisal Foundation and achieving our common goals.”
“While there are varying regulatory environments, business practices and cultures among the world’s economies, we believe that core valuation standards should transcend these differences,” stated David Bunton, President of The Appraisal Foundation. “The members of our respective Standards Boards have dedicated a great deal of time and effort to this harmonization project and their efforts on behalf of the global valuation profession should be recognized,” he added.
The document will be amended to be consistent with updates to the Standards as they occur.
The full text of A Bridge from USPAP to IVS can be accessed by visiting the IVSC’s website or The Appraisal Foundation’s website.
ENDS
Press Contact for IVSC:
Rolf Merchant / Jeremy Durrant, Instinctif Partners
Telephone: +44 (0)20 7457 2020 / +44 (0)7753 940 880 / +44 (0)7792 918 488
Email: [email protected] / [email protected]
Press Contact for The Appraisal Foundation:
Paula Douglas Seidel
Telephone: (202) 624-3048
Email: [email protected]
About the International Valuation Standards Council (IVSC)
The International Valuation Standards Council (IVSC) is an independent, not-for-profit, private sector organisation. As the established international standard setter for valuation, the IVSC develops and maintains standards for the reporting and disclosure of valuations, especially those that will be relied upon by investors and other third party stakeholders in financial statements or other published documents.
It is developing a framework of guidance on best practice for valuations of the various classes of assets and liabilities. To promote the consistent delivery of the standards by properly trained professionals around the globe, the IVSC is also establishing international benchmarks for the conduct and competency of professional valuers.
The governance structure of the IVSC 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. For more information please visit: www.ivsc.org.
About The Appraisal Foundation
The Appraisal Foundation is the nation’s foremost authority on the valuation profession. The organization sets the Congressionally-authorized standards and qualifications for real estate appraisers, and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals. This work advances the profession by ensuring appraisals are independent, consistent, and objective. More information on The Appraisal Foundation is available at www.appraisalfoundation.org.