VPO CEO MEETING
A meeting was organised by AIC and CICBV in Toronto, Canada with CEOs and leaders of AI, AIC, ASA, CICBV, IAAO and RICS. TEGoVA attended as a guest. Sir David Tweedie and Nick Talbot represented IVSC.
It was a positive meeting focussing on progress made and how all parties could work more closely in the future to achieve mutual success. Many thanks go to Keith Lancastle of AIC and Mary Jane Andrews for their hospitality.
NEW MEMBERS ADMITTED
The following members are now formally approved and we welcome them to the IVSC:
TDUB (Turkish VPO) - VPO
IFC (World Bank) - Institutional Member
INDAABIN (Mexico Government department) - Institutional Member
AEV (Entity promoting standards, ethics and appraisal quality in Spain) - Institutional Member
BOARD RECRUITMENT AND NEW STRUCTURE
The Nominations Committee received a very positive response for applications for the different IVSC Boards with a high calibre of candidates from across different geographies.
The Nominations Committee met earlier this month to do an initial sift of candidates and interviews are being arranged. With a greater number of applications received than initially anticipated, it will take a little longer to progress than expected.
Lee Hackett is Chairing the Nominations Committee. The Nominations Committee is independent from staff, with involvement from Trustees, VPOs, a sponsor and a Big Four representative to ensure wide participation from different stakeholders.
STANDARDS BOARD UPDATE
The Standards Board had its monthly conference call on 11 February and is in the process of preparing documents for the IVSC Standards Board Public Meeting on Wednesday 9 March at the International Finance Corporation in Washington DC. (See more on the meeting below).
The Board has almost finalised the Exposure Drafts for IVS 104 Bases of Value, IVS 105 Valuation Approaches and IVS 210 Intangible Assets. The Board will be discussing proposed final amendments to these chapters during the public meeting with a view to issuing them for provisional consultation in March 2016 prior to IVS 2016 going into full 90 day consultation in June 2016.
The Standards Board welcomes attendees to provide further comments at the end of the meeting on these chapters and requests that potential attendees register their interest to attend this meeting as an observer on the IVSC website.
The Board has continued working with the technical authors Alexander Aronsohn, Adam Smith and Peter Melvin on proposed amendments to IVS 2016. It is currently looking at potential revisions to the IVS framework and continuing to work on drafting a new IVS chapter on Liabilities.
In respect of Financial Instruments, the Board has continued to make progress and recent meetings with both banks and regulators have provided further clarity on the need for additional Financial Instrument Standards to be incorporated within the International Valuation Standards to meet the global public interest and market needs.
Further information on the current planned work programme and the IVSC Standards Board public meeting agenda are contained on the IVSC website.
The Standards Board would also welcome suggestions for any further additions to the existing gap analysis for IVS 2016 and in the first instance request that any proposed amendments or additions are sent directly to the technical authors, Alexander Aaronsohn (firstname.lastname@example.org) and Adam Smith (email@example.com).
INTERNATIONAL VALUATION STANDARDS IN ALBANIAN
Deloitte Albania shpk has translated IVSC into Albanian, adding to the growing number of languages in which the International Valuation Standards is available.
IVS 2013 in Albanian can be ordered via Deloitte's website.
NEW STAFF RECRUITMENT
We have received many applications for the position of CEO and Standards Quality Director. The Chair and two Vice-Chairs of the Board of Trustees are in the process of reviewing candidates and interviews are being arranged over coming weeks.
BOARD OF TRUSTEES
The Board of Trustees will be meeting in Washington DC on 10 March. Alongside this are meetings between some Trustees and staff and the IMF, the Federal Reserve, the SEC and The Appraisal Foundation.
US BRIDGING DOCUMENT
The IVSC Standards Board has given feedback on the US Bridging Document. It is being updated and following a review by The Appraisal Foundation will be available soon.