International Valuation Standards Council and The Appraisal Foundation Agree to Bring Greater Consistency to Appraisal Standards
Toronto, Canada and Washington, D.C. – October 24, 2014
The International Valuation Standards Council (IVSC) and The Appraisal Foundation have today announced the signing of a memorandum of understanding (MoU) aimed at eliminating remaining differences between the International Valuation Standards (IVSs) and the Uniform Standards of Professional Appraisal Practice (USPAP). Compliance with USPAP is required by federal and state law for many types of valuation in the USA.
The MoU updates a 2006 agreement between the two organisations to cooperate on their standard setting activities. This has resulted in considerable convergence between USPAP and the IVSs, with only a few differences remaining. Sir David Tweedie, Chairman of the IVSC Board of Trustees, explains:
“The long history of co-operation between the IVSC and The Appraisal Foundation has brought the current IVSs and USPAP closer together. This new MoU builds on that relationship and identifies a specific pathway to reach a situation where a valuation prepared under USPAP will also be compliant with the international standards. Establishing a globally accepted set of valuation standards will create greater consistency in the way valuations are presented and understood around the world. Bringing USPAP and the IVSs together will be a significant step towards achieving this goal.”
Under the MoU, the organisations agree that while USPAP will need to retain provisions that are specific to the requirements of the legal and market environment in the United States, the core principles in the two sets of standards should be the same.
David S. Bunton, President of The Appraisal Foundation added, “The IVSC has been a long-time trusted partner of The Appraisal Foundation, and the collaboration between our organizations to unify our standards will bring greater consistency to the appraisal process around the world.”
FOR IMMEDIATE RELEASE
Contact for IVSC: Monika Samoraj, +44 (0)2078667886, [email protected]
Contact for The Appraisal Foundation: Lana Gersten, (312) 846-1655, [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.