Membership of the International Valuation Standards Council (IVSC) is open to valuation professional associations or institutes acknowledged, either by legal decree or general consensus, as being a national professional body with rights and responsibilities for the development of the valuation profession. In the case of general consensus, the organisation must demonstrate evidence that it has the support of government and the business community and is a body in good standing in the jurisdiction.
The organisation must be established as a not for profit organisation that sets minimum education and ethical standards for individual valuers and that upholds the public interest over those of individual members. An applicant organisation shall provide a copy of its constitution or bylaws, and the detailed educational or other requirements required to become a member, together with details of the current membership numbers and the principal valuation activities undertaken by its members.
In order to demonstrate that it is recognised by law as a body for training or accrediting individual valuers, or is recognised as such by market consensus within its state of domicile it should provide either evidence of the relevant statutes or otherwise provide examples of its recognition by references from major participants in the relevant market.
An applicant that meets the criteria for full membership will be able to demonstrate:
- That it requires or actively encourages its members to adopt IVS in so far as is consistent with the law in the State or States in which they operate;
- That it has a policy of promoting the adoption and use of IVS within the markets in which its members operate;
- The existence of a suitable governance and operating structure to carry out its role and responsibilities including demonstrating integrity and exercising due diligence in the conduct of its activities (i.e. membership admissions process, quality assurance, etc);
- Financial and operational viability to continue to meet the obligations of membership including the payment of IVSC member dues; and
- Support for IVSC objectives by contributing to or participating in IVSC’s professional standard-setting activities and by supporting the development and implementation of standards on professional conduct and practice.
In the case of an application received from a valuation organisation in a country which already has one or more member organisations, these organisations shall be informed of the application and their comments sought.
Associate Valuation Organisations
Some national valuation organisations are at an earlier stage of development or operate within a regulatory and standard-setting framework that present challenges with respect to the incorporation and implementation of International Standards. IVSC supports the strengthening of national valuation organisations that do not meet the criteria for full membership. Associate status may be recommended where a national valuation organisation currently does not meet the full membership criteria but demonstrates:
- A commitment to meeting the full membership criteria in the future through action plans agreed with IVSC;
- Progress with respect to the action plan; and
- The financial viability and governance and operating structure to achieve this commitment.
IVSC will monitor the associate’s progress in implementing the agreed actions Membership shall lapse automatically after a period of two years but may be renewed upon further application to the Board of Trustees together with satisfactory explanation giving reasons why full membership criteria has not been met.
Professional valuation organisations membership is based on both World Bank classification and the number of members in the organisation, according to the following:
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