The Standards Board

The Standards Board has been making good progress on drafting improvements proposed to IVS 2013 thanks in particular to hard work from Alex Aronsohn and Adam Smith. Consultations soliciting your input and views will commence in the near future.

A full update from Alex, Adam and Steve is below.

The Professional Board

Greg Forsythe and key board members have made significant progress on the remaining IPSs, initial drafts have been shared with Trustees and will be available through consultation by late February.

IVS in Arabic

We completed our review of IVS in Arabic which TAQEEM kindly provided and expect these to be available shortly.

US Bridging document

Tom Boyle has put significant effort into a bridging document which compares and contrasts IVS and USPAP and provides guidance on how to perform a USPAP valuation compliant with IVS. The draft is currently being reviewed by The Appraisal Foundation and IVSC and will be available shortly.

This is a significant step which was welcomed by industry leaders when it was announced a few months ago.

New Members proposed

Under the new process outlined at the AGM the Membership Board recently reviewed and approved the following new members:

  • 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

If you have any comments on any of the above please contact us in the next 4 weeks.

Financing

Our forecast finances for this financial year are in good shape considering the changes we have dealt with. We have met numerous stakeholders to discuss IVSC and engagement including sponsorship.

Work on this continues - we anticipate it will take some time but this has so far resulted in a significant increase in sponsorship with further prospects in the pipeline. If you know of any organisations who would be willing to provide support to IVSC please get in touch with me as we do still need further financing to get to our ideal state.

Secondees

Our specialist Standards secondees will remain with us for the immediate future. This approach has worked very well so far for both secondees and IVSC, so please do get in touch if you can offer replacements in the future when we look to rotate secondees.

My part time secondment to IVSC will come to an end in the last week of March.

Board recruitment and new structure

In response to VPO feedback we extended the application process for the Standards Board(s) and the Membership and Standards Recognition Board until yesterday. The Nominations Committee will be operating in February with the aim to have new board members in place by the end of February.

We anticipate the first meeting of the new Standards Board(s) will be in May, and the Membership and Standards Recognition Board in June.

New staff recruitment

We have been advertising for the positions of CEO, and Standards Quality Director via our website, LinkedIn and The Economist. We have received many applications to date but if you know any suitable candidates or would like to apply yourself visit the applications page on our website prior to 14 February.

Regulators roundtable, 26 January

We are very pleased with the outcome of our roundtable at the Bank of England earlier this week. We reached agreement on common issues and on how we can work together in the future.

It took time and effort for a number of us to set up but this included attendees such as the SEC Chief Accountant, the IOSCO Chair as well as representatives from the likes of the European Central Bank and Basel Committee, among many others.

Whilst the topic was primarily valuation in relation to financial instruments, this is an opportunity for us to build relationships with regulators and build their confidence in the whole valuation profession. IOSCO would like to work with us in helping put in place effective valuation approaches in developing markets.

Thanks to Peter, Christian and Raj for all their help, particularly on the content for this.

We will keep you informed of further developments as we liaise with other stakeholders.

Banks roundtable, 28 January

We held a roundtable on 28 January with a number of major global banks. We were very pleased to see such buy-in to the need to tackle a number of major issues and further develop International Valuation Standards.

As with the regulators, we want to continue to bring key industry stakeholders together to help develop the right approach with the expertise of the valuation profession.

Conferences and roundtables

Sir David and I have given numerous talks to conferences and roundtables internationally raising the profile of the IVSC. It was particularly good to be in Mexico with representatives from AI, ASA and RICS, and see INDAABIN formally adopt IVS as they look to take a leadership role in Mexico, if not beyond.

Our new website

We launched a new website at the end of 2015. Please visit it via this link and feel free to feedback any comments on the site as we look to improve it further.

UPDATE ON THE STANDARDS

The Standards Board had a conference call on 14 January on revising IVS 2013.

The Board has continued to work with the technical authors Alexander Aronsohn, Adam Smith and Peter Melvin on finalising the consultation drafts for IVS 104 Bases of Value and for IVS 210 Intangible Assets, which will incorporate IVS TIP 3 on the Valuation of Intangible Assets.

The technical authors are also in the final stages of drafting the preliminary Exposure Draft for IVS 105 Valuation Approaches and are in the initial stages of revising the IVS framework and drafting a new IVS chapter on Liabilities.

During January's conference call the Board also discussed the consultation process and felt that, prior to IVS 2016 going into full 90-day consultation in June 2016, it was worthwhile consulting on the newly created  or completely revised chapters such as IVS 104, IVS 105, IVS 210 and Liabilities' on a individual basis.

The Board will holding the next Standards Board public meeting in Washington DC in March 2016 and during this meeting the Board will be discussing the planned consultation process further, and other related topics. The Board welcomes meeting attendees to provide further comments on this matter.

Further details on both the current planned work programme and existing gap analysis can be viewed on our website via this link

The Standards Board would also welcome suggestions for any further additions to IVS 2016  and in the first instance would request that any proposed amendments/additions are sent directly to the Technical Authors (aaronsohn@ivsc.org and a.m.smith@ivsc.org).

For more information and to register for the Standards Board meeting in Washington DC on 9 March, please click here to visit the meetings page on our website.