International Valuation Standards Consultation progressing
We're after your views and comments on the proposed changes to International Valuation Standards.
Last month, we released the remaining Exposure Drafts that will comprise IVS 2017.
This follows our release of the first four Exposure Drafts in April.Please note the deadline for comment on these first four drafts is 7 July.
A complete IVS 2017 Exposure Draft is now available to download to help you review and comment on the proposed revisions to IVS 2013.
The Exposure Drafts for your comment, and accompanying deadlines, are as follows:
Exposure Drafts Consultation with comment letter deadline 7 July 2016:
- IVS 104 Bases of Value
- IVS 105 Valuation Approaches
- IVS 210 Intangible Assets
- Introduction and Framework for IVS 2017
Exposure Drafts Consultation with comment letter deadline 31 August 2016:
- IVS 101 Scope of Work, IVS 102 Investigation and Compliance and IVS 103 Reporting
- IVS 200 Businesses and Business Interests
- IVS 300 Plant and Equipment
- IVS 400 Real Property Interests
- IVS 410 Development Property
- IVS 500 Financial Instruments
All comments received as part of the consultation process will be published on the IVSC website and will be considered by the Standards Board.
Consultation on International Professional Standards closes
Our 90-day Consultation on draft International Professional Standards has now closed.
Thank you to all of you who sent in your comments on the drafts. We will be publishing these on the website shortly.
We will closely review all comments received and ensure your valuable feedback is reflected in the final version of the IPSs when they are published in the autumn.
Board of Trustees meeting
The Board of Trustees meeting was held on June 9 and 10 in London with two of our new trustees Howard Wetston and Tom Seidenstein.
The agenda was mainly focused on the selection of the new CEO, the review of the composition of the future boards (Standards Review Board, Tangible Assets and Business Valuation Boards, and Membership and Standards Recognition Board) as well as the review of the draft financial statements and report.
The Board also approved a communication plan aiming at enhancing the visibility of IVSC and its activities.
The composition of the boards are still a work in progress as the Board of Trustees recommended that more diversity in geography and gender should be considered.
Announcements concerning all of the these will be made in due course.
IVSC at V-FI Europe 2016
On June 22 and 23 Sir David Tweedie and Christian Mouillon attended the European seminar on valuation of financial instruments and risks.
Sir David delivered a keynote speech and Christian was part of a panel to discuss fair value, exit price and other challenges relating to the determination of fair value.
Interestingly, during the Q&A session following the panel discussion, the majority of attendees (mostly from banks) recognised determining fair value for financial instruments is increasingly a challenge, noticing the inconsistencies in methodologies and pricing that exists between banks. They also approved the need of more prescription by valuation standard setters.
Sir David and Christian also recently met with the new chair of IOSCO Ashley Alder to discuss valuations and in particular financial instruments. Following productive discussions, it was agreed that David and Christian will provide a paper setting out the business case to the Board of IOSCO with the goal of seeking sponsorship especially for the creation of a specific financial instruments initiative.
IVS and USPAP
The International Valuation Standards Council (IVSC), and The Appraisal Foundation (Foundation), have announced the release of the anticipated harmonization of standards, A Bridge from USPAP to IVS.
The two organizations have been working together to harmonize any differences between the IVSC’s International Valuation Standards (IVS) and the Foundation’s Uniform Standards of Professional Appraisal Practice (USPAP) over the past year. The full text of A Bridge from USPAP to IVS can be accessed by visiting the IVSC's website www.ivsc.org .
A reminder that our 2016 AGM will be held in Bali, Indonesia. Meetings and a MAPPI sponsored reception will begin from late afternoon on Monday 10 October with the AGM on Wednesday 12 October.
For any who wish to stay on, this will be followed by an optional regional valuation conference on the Thursday 13 and Friday 14 October.