IVS Exposure Draft Consultation Feedback Form

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IVS General Standards

The following questions relate to proposed updates to the 'General Standards' section of the IVS, covering IVS 100: Valuation Framework; IVS 101: Scope of Work; IVS 102: Bases of Value; IVS 103: Valuation Approaches; IVS 104: Data & Inputs; IVS 105: Valuation Models; IVS 106: Documentation & Reporting, as well as the Glossary. This section is applicable to all valuations.

1. The IVSC Technical Standards Boards (the Boards) have enhanced the structure of the General Standards to mirror the valuation process to improve users’ ability to understand and apply International Valuation Standards (IVS). Do you believe that this has been accomplished? If not, why not, and what specific changes would you make?

2. In the edition of IVS (effective 31 January 2022), the IVS Framework was included as a preamble and there was a lack of clarity as to whether it was mandatory or not. In the General Standards as proposed in the Exposure Draft, the IVS Framework, now chapter IVS 100 Framework, forms a mandatory part of IVS. Do you agree that this should be mandatory? If not, why not, and what specific changes would you make?

3. IVS 100 Framework now includes section 100.30 Quality Control. Do you agree that the new requirements for quality control are clear, complete and provide adequate clarity to ensure compliance with IVS? If not, why not, and what specific changes would you make?

4. IVS 104 Data and Inputs has been added to the General Standards. Do you agree that the requirements for data and inputs are clear, complete and provide adequate clarity to ensure compliance with IVS? If not, why not, and what specific changes would you make?

5. The General Standards now include specific requirements for consideration of ESG factors within IVS 101 Scope of Work, IVS 103 Valuation Approaches and IVS 106 Documentation and Reporting. In addition, an ESG Appendix has been included in IVS 104 Data and Inputs. Do you agree that the requirements and framework for ESG considerations are clear, complete and provide adequate clarity to ensure compliance with IVS? If not, why not, and what specific changes would you make?

6. IVS 105 Valuation Models has been added to the IVS General Standards. Do you agree that the requirements for valuation models are clear, complete and provide adequate clarity to ensure compliance with IVS? If not, why not, and what specific changes would you make?

7. IVS 106 Documentation and Reporting now includes section 106.20 Documentation. Do you agree that the requirements for documentation and reporting are clear, complete and provide adequate clarity to ensure compliance with IVS? If not, why not, and what specific changes would you make?

8. The IVS Glossary is intended to include only defined terms used within IVS. The Glossary now includes additional definitions and others have been revised or deleted. Do you think these changes are appropriate? If not, why not, and what specific changes would you make?

9. Stakeholders requested that the Board provide additional standards regarding valuation reviews. The Board has developed standards related to two types of valuation review (Valuation Process Review and Value Conclusion Review). Do you think these additions are appropriate? If not, why not, and what specific changes would you make?t specific changes would you make?

10. Do you have any other comments or observations with respect to the General Standards section?

Asset Standards - Business Valuation & Intangibles

The following questions relate to proposed updates to the asset-specific standards covering IVS 200: Business and Business Interests; IVS 210: Intangible Assets; IVS 220: Non-Financial Liabilities and IVS 230: Inventory .

11. The current Exposure Draft includes only minimal changes to IVS 200 Businesses and Business Interests through to IVS 230 Inventory. Most changes pertain to cross-referencing. The Boards found that IVS 200 to IVS 230 inclusive: (i) effectively represent current international best practice, and (ii) are congruent with the proposed changes in other sections of IVS. Furthermore, since the adoption and implementation of these standards are at critical junctures in several key jurisdictions, the Boards have chosen to not make any substantial changes to these chapters. Do you agree that IVS 200 to IVS 230 should remain substantially unchanged to maintain consistency with IVS General Standards as outlined in the Exposure Draft? If you disagree, please explain your reasoning and provide specific suggestions for changes that you believe would enhance these standards?

Asset Standards - Financial Instruments

The following questions relate to proposed updates to the asset-specific standards covering IVS 500: Financial Instruments .

12. IVS 500 Financial Instruments has been restructured to follow the enhanced structure of the General Standards which are now mandatory. The restructured IVS 500 mirrors the valuation process in order to not only improve users’ ability to understand and apply IVS but also to ensure that users’ can apply IVS 500 in conjunction with IVS General Standards. Do you believe that this has been accomplished? If not, why not, and what specific changes would you make?

13. The revised proposals on IVS 500 Financial Instruments include requirements on governance of the valuation process which need to be applied in conjunction with the requirements in IVS General Standards. Do you agree that the requirements for governance are clear, complete and provide adequate clarity to ensure compliance with IVS? If not, why not, and what specific changes would you make?

14. The revised proposals on IVS 500 Financial Instruments include requirements on data and inputs which need to be applied in conjunction with the requirements in the General Standards. Do you agree that the requirements for data and inputs are clear, complete and provide adequate clarity to ensure compliance with IVS? If not, why not, and what specific changes would you make?

15. In line with the Boards’ publication plan the revised proposals to IVS 500 now include requirements on methods and models which must be applied in conjunction with the General Standards. Do you agree that the requirements for methods and models are clear, complete and provide adequate clarity to ensure compliance with IVS? If not, why not, and what specific changes would you make?

16. In line with the Boards’ publication plan the revised proposals to IVS 500 now include requirements on quality control which must be applied in conjunction with the General Standards. Do you agree that the requirements for quality control are clear, complete and provide adequate clarity to ensure compliance with IVS? If not, why not, and what specific changes would you make?

17. Do you have any other comments or observations in relation to IVS 500 Financial Instruments? Is IVS 500 sufficiently detailed and if not, why not and what specific changes would you make?

18. Are there any elements within IVS 500 that should be included within IVS General Standards? If so, please advise which elements?

Asset Standards - Tangible Assets

The following questions relate to proposed updates to the asset-specific standards covering IVS 300: Plant, Equipment & Infrastructure; IVS 400: Real Property Interests; IVS 410: Development Property.

IVS 300 Plant, Equipment and Infrastructure

19. IVS 300 Plant, Equipment and Infrastructure now includes infrastructure. Is this sufficiently covered and if not, why not and what specific changes would you make?

20. Additional content has been added to IVS 300 in relation to the income approach. Is this sufficiently covered and if not why not and what specific changes would you make?

21. Additional content has been added to IVS 300 in relation to the market approach. Is this sufficiently covered? If not why not and what specific changes would you make?

22. Do you have any other comments or observations in relation to IVS 300? Is IVS 300 sufficiently detailed? If not, why not and what specific changes would you make?

23. Are there any elements within IVS 300 that should be contained within IVS General Standards? If so, please advise which elements?

IVS 400 Real Property Interests

24. IVS 400 Real Property Interests has been restructured to align with IVS General Standards and as part of this process additional sections have been added to provide additional context on data and inputs and valuation models. Does IVS 400 provide sufficient content and clarity on these topics relative to the content added in the General Standards? If not, why not, and what specific changes would you make?

25. Do the General Standards provide sufficient additional content in relation to the consideration of ESG or should IVS 400 Real Property Interests provide additional content? If so, what additional changes would you make?

26. Do you have any other comments or observations in relation to IVS 400? Is IVS 400 sufficiently detailed and if not, why not and what specific changes would you make?

27. Are there any elements within IVS 400 that should be included within IVS General Standards? If so, please advise which elements?

IVS 410 Development Property

28. IVS 410 Development Property has been restructured to align with IVS General Standards and as part of this process additional sections have been added to provide additional context on data and inputs and valuation models. Does IVS 410 provide sufficient content and clarity on these topics relative to the content added in the General Standards? If not, why not, and what specific changes would you make?

29. Do the General Standards provide sufficient additional content in relation to the consideration of ESG or should IVS 410 provide additional content? If so, what additional changes would you make?

30. Do you have any other comments or observations in relation to IVS 410? Is IVS 410 sufficiently detailed and if not, why not and what specific changes would you make?

31. Are there any elements of IVS 410 which should be included within IVS General Standards? If so, please advise which elements?

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