Update from Mark Zyla, Chair of the Standards Review Board
The new IVSC Standards Review Board (“the Board”) recently held its first meeting in March to discuss potential developments which it believes should be addressed by the IVSC. The Board is comprised of nine members, including the chairs of both the Business Valuation and Tangible Asset subject matter boards which sat in the days before.
The role of the Board is to assist the IVSC by:
- Setting strategy through the issuance of Discussion Papers and market engagement
- Identifying new market issues
- Prioritising work on IVS
- Providing technical input to ensure the quality, level and appropriateness of all IVS Asset Standards Exposure Drafts and future IVS put forward by the Tangible Asset and Business Valuation Boards
- Monitoring the standard setting and consultation process
- Communicating with the Trustees and providing final approval for IVS
- Providing input on technical matters that transcend the scope of the Tangible Asset and Business Valuation Boards, such as the IVS General Standards
- Collaborating with the IVSC Advisory Forum Working Group (“AFWG”) and National Standard Setters to agree implementation and effective dates for future IVS
- Advising AFWG on the need for future Guidance Notes to be issued by VPO’s
- Helping achieve stakeholder recognition of IVS through presentations and market engagement
- Collaborating with the IASB and other standard setters on fair value measurements
At its initial meeting, the Board received input on new valuation issues from the subject matter boards. The Board then prioritized these issues in terms of type of response (a proposed new standard, a Discussion Paper, or referral to the AFWG for a Guidance Paper) and the perceived timing of response (critical, medium term, or long term) to set its proposed current agenda.
One outcome of the meeting is that the Board would like comments from interested parties as to its proposed agenda for 2017. In May, the Board will issue an Invitation to Comment (“ITC”). The purpose of the ITC is to solicit feedback about issues that the IVSC should address as part of its current agenda. Your views are hugely important to helping us focus on developing the right areas and we would welcome as much input as possible. The Board would also like feedback on various other valuation topics that the IVSC should address.
We look forward to hearing from you.
Joint AI-AIC Conference
The Appraisal Institute of the US and the Appraisal Institute of Canada are going to be holding a joint international valuation conference on June 8-11 in Ottawa, Ontario, Canada.
If you are interested in attending please register by clicking on this link.
Would you like to host IVSC’s 2018 AGM?
Every year we rotate our AGM to a different world region. Last year was Asia Pacific with sponsorship from the Indonesia Ministry of Finance and MAPPI and this year it will be hosted and sponsored in the Americas in Mexico City by INDAABIN.
We have had verbal expressions of interest for hosting in the EMEA region (Europe, Middle East and Africa) in 2018 and therefore would like to invite expressions of interest to be sent to email@example.com who will provide you with a short form to be filled out.
This will allow the Trustees to evaluate different proposals for where the 2018 AGM should be held. We hope to do this by July. We believe that planning further in advance will also allow local organisations to put conferences alongside our AGM.
Update in relation to Financial Instruments
Over the past months, there has been increasing interest in issues concerning the valuation of financial instruments, some of which cross over into real estate and business valuation.
This culminated in a roundtable meeting in New York earlier this month with some of the world’s leading regulators, banks, data providers, valuation firms, external audit firms, accountancy standards setters, as well as VPOs who have expressed an interest in developing professionalism in this area.
There was broad consensus on the issue which have been identified and the need to further develop standards in this area so that there is an effective approach to valuation across all asset classes.
With this in mind, IVSC is looking to put in place a Financial Instruments Board which will sit alongside the Tangible Assets Board and the Business Valuation Board. If you have strong experience in financial instruments then we would be delighted if you applied to be on our Financial Instruments Board.
Knowledge of the links to Tangible Assets and Business Valuation would also be advantageous as we will be looking to add positions to the Standards Review Board so that we have more members to ensure effective integration of standards across all asset classes.
Please click here to download the application document which has more information.