Dates for the diary:
22 - 24 October 2014
IVSC Meetings, Toronto
Wednesday 22 October and Thursday 23 October
Advisory Forum Meeting (AM)
Thursday 23 October
Annual General Meeting (PM)
Friday 24 October
Professional Board Meeting
Standards Board Meeting
Meetings of the Professional Board and Standards Board are open to observers subject to prior registration. Attendance at the Advisory Forum and Annual General Meeting is restricted to IVSC member delegates.
Registrations can be made via the IVSC website a month in advance of the meetings and are subject to space being available.
The 2015 AGM and associated meetings will be held week commencing 12 October in Paris, France.
IVSC Annual Report 2013/14
The IVSC has released its Annual Report for 2013/14 on its activities, including audited financial statements. The Annual Report can be accessed here.
Equity Derivatives guidance released for consultation
The IVSC has released an exposure draft The Valuation of Equity Derivatives. Comments are requested by 30 November 2014.
A guide to the audit process for professional valuers
The IVSC issued the guide in January 2014 to assist professional valuers operating in the financial reporting arena, either when engaged by a reporting entity or an auditor, in gaining a greater understanding of the audit process.
An article on the guide written by Roy Farthing, Vice Chairman of the IVSC Professional Board, gives a very clear explanation of why the guide was produced and its importance for professional valuers. This article was published in the June 2014 edition of the Australia and New Zealand Property Journal. Permission has been given for the IVSC to reproduce the article on its website.
JLL sponsors IVSC
JLL is the latest organisation to announce its sponsorship of the IVSC.
Andrew Renshaw, Lead Director of Valuation and Professional Advisory at JLL, said:
“The IVSC’s objective to advance and promote agreement and awareness of valuation standards across the globe is one that we wholeheartedly support."
“A high quality valuation framework which is fair and collaborative will help improve confidence not only among JLL’s clients but global financial markets as whole."
“JLL is pleased to provide financial funding to drive this initiative forward.”
Sir David Tweedie, Chairman of the IVSC Board of Trustees, added:
“Originally established to support real estate markets, the IVSC has expanded to issue standards for other classes of assets and liabilities. However real estate is an extremely important global asset class and the IVSC will continue to develop standards applicable to real estate to improve transparency and accountability and thus boost investor confidence in the sector.”
“Support by the property sector is vital for the growth and development of a strong and effective IVSC and I welcome this endorsement of our mission by JLL.”
Advancing the quality of valuations for financial reporting
Readers outside of the US may be unaware of the debate currently underway to strengthen the valuation infrastructure in the US particularly for financial reporting. In an article that appeared in the August/September 2014 edition of Financial Valuation and Litigation Expert (FVLE), Ray Rath gives an overview of the efforts that are underway to advance the profession. FVLE has given permission to the IVSC to post the article on the website.
Reminder to IVSC members
Registrations for the IVSC meetings in Toronto from October 22 to 24 are due by 19 September 2014. If you need a further copy of the programme and registration form please contact Danuta Wojtowicz at firstname.lastname@example.org.
In addition to the programme of meetings already announced, the International Institute of Business Valuers and Business Valuation Resources are hosting a debate on the challenges facing the business valuation profession with respect to professional education and accreditation immediately following the Annual General Meeting on 23 October. Further details will be circulated when available.