Alistair Darling was appointed Chair of the IVSC Board of Trustees during the Singapore AGM in October 2019. Alistair was previously UK Chancellor of the Exchequer from 2007 to 2010. As Chancellor, he was in charge of the UK response to the financial crisis, creating a fiscal stimulus package to support the economy and ensuring that the banks could start lending into the economy again. The Brown government has been praised for its prompt and measured reaction to the 2008 financial crisis.
There are many lessons arising from the financial crisis of 2008; one of the most important is the need for confidence in global valuation standards. These standards, developed through international cooperation and understanding, serve to instil trust and ensure consistency in our global economy.
The International Valuation Standards Council (IVSC), a globally recognised, non-profit standard-setting body, is keenly aware of the integral importance of transparency, collaboration, and standardisation to the overall health of our financial frameworks.
Valuation acts a core pillar of financial reporting, corporate finance, investment analysis, and public policy decisions. Its importance extends not just to those preparing valuations, but also to those who rely heavily on them, which includes investors, auditors, regulators, and executives. A financial system that is stable, transparent, and dependable is of immeasurable benefit to society as a whole.
At this time, the IVSC is actively seeking feedback on the proposed updates to the International Valuation Standards (IVS). The purpose of these standards, recognised and implemented globally, is to instill transparency, uniformity, and confidence into the valuation process.
Our consultation, which is open to all parties with an interest in valuation, is far from a box-ticking exercise. Instead, it represents a genuine initiative to collaborate and ensure the IVS maintain their relevance, continuing to mirror international best practices. We believe that each contribution plays a crucial role in guiding the progression of these standards.
Supported by over 200 member and sponsor organisations around the world, including the World Bank, the IVSC upholds a rigorous and independent approach to standard setting. This transparency and engagement not only lend credibility to the standards we develop but also allow us to infuse a truly global perspective into the IVS.
The task of setting international standards is a collective endeavour that necessitates dialogue among all parties involved in the valuation process. While our consultation primarily engages those directly using or interacting with valuations, the influence of these standards extends much further. They play a significant role in bolstering the stability and efficiency of financial markets, facilitating growth and creating a favourable environment for economic prosperity.
”In an increasingly interconnected world where interests are commonly shared, collaboration ceases to be an option and becomes a necessity. The IVSC is unwaveringly committed to this path of cooperative standard-setting, where the collective insights of varied stakeholders from across the globe form the foundation of our internationally recognised standards.
We believe in the immense value and impact that each unique perspective and voice contributes to our work.
As we embark on this consultation, I extend a warm invitation to you – the users, practitioners, and all those who interact with or depend on valuations – to contribute your voice to this process. Your expertise, insights, and experiences are invaluable assets that can help shape the future of International Valuation Standards. Your feedback will ensure the IVS continue to mirror international best practices and adapt to the rapidly evolving landscape of valuation.