DATES FOR THE DIARY
Thursday 11 June 2015
– IVSC Professional Board meeting, London
Friday 12 June 2015
– IVSC Standards Board meeting, London
w/c 12 October 2015
– IVSC AGM and associated Board meetings will be held during the week in Paris
Meetings of the Professional and Standards Boards are open to observers, subject to prior registration via the IVSC website.
Please feel free to contact us with any queries you may have and visit our website.
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IVSC APPOINTS HIGH PROFILE TRUSTEES
Two high profile appointments have been made to the IVSC Board of Trustees.
Ethiopis Tafara, a Vice President for Corporate Risk and Sustainability and General Counsel of the International Finance Group (IFC) and Zhang Guochun, Secretary-General of the China Appraisal Society (CAS), join as trustees.
Previous to his role with the IFC, which is part of the World Bank Group, Mr Tafara was Director of the Office of International Affairs at the U.S. Securities and Exchange Commission. He provided advice on all international legal and policy issues that had an impact on the SEC’s regulatory, supervisory, and enforcement programmes.
He has also served as the Vice Chairman of the Board of the International Organisation of Securities Commissions (IOSCO) and Chairman of the Public Interest Oversight Board Monitoring Group, which oversees the public-interest activities of the International Federation of Accountants. Mr Tafara is also an Adjunct Professor at Georgetown University Law Centre, where he teaches a course on Regulation of International Securities Markets.
Mr Zhang started his career in the Ministry of Finance (MOF) of the People’s Republic of China in 1996 as a staff member in Economic Construction Department. Later he acted as Economic Affairs Counsellor of the Chinese Embassy in the US for three years from 2007 to 2009, contributing to the bilateral communication and mutual cooperation between the MOF and the US Treasury Department.
Prior to joining CAS, he was the Deputy Director of the External Economic Cooperation Department of the MOF, taking charging of the organisation and coordination of China-US Strategic and Economic Dialogues and high-level bilateral financial and economic dialogues with the UK, France and Germany among others.
The IVSC was invited to become a member of the Consultative Advisory Group of the International Auditing and Assurance Standards Board (IAASB) in 2009, joining with other organisations represented on the Group such as the European Commission, Gulf States Regulatory Authorities, IASB, International Actuarial Association, Basel Committee on Banking Supervision, IOSCO, World Bank and so on. The IAASB is an independent standard-setting body that serves the public interest by setting high-quality international standards for auditing, assurance, and other related standards. Former IVSC Standards Board member, Frank Bollmann, represented the IVSC from 2009 to 2014 on the Advisory Group. Professor Mauro Bini, member of the IVSC Professional Board and the chair of the Management Board of the Organismo Italiano di Valutazione has been appointed as the new IVSC representative.
PROPOSED AMENDMENTS TO IVS 2013
The Standards Board has issued a draft of its proposed changes to the IVSs. It is keen to invite views on these proposed changes from a wide a range of valuation preparers and users as possible.
Our process places a high priority on suggestions from our stakeholders regarding how to move towards our objective of accepted, high quality, global valuation standards. The IVSC Board of Trustees has commissioned a Review of the strategic objectives and priorities of the IVSC which may result in further recommended changes to the IVSs. The recommendations from this Review will therefore be considered before any amended standards are issued. Depending on the recommendations from the Review, an additional Exposure Draft could result, possibly leading to a deferral in the normal effective date of 1 January 2016 for the revised standards.
Currently the main proposals are:
- Changes to the structure, so that guidance intended to support the mandatory requirements is alongside those requirements.
- Changes to various headings and introductions to make the difference between the mandatory requirements and supporting guidance easier to understand.
- Changes to the IVS Framework so that the standards can be more readily applied to liabilities as well as assets.
- Some detailed updating of the top level standard for financial instruments, IVS 250, to reflect the recently issued interim guidance on credit and debit valuation adjustments (available here) and other emerging issues.
The Exposure Draft can be download here. Comments are invited no later than 19 June.
ROBERT BRUCE INTERVIEWS SIR DAVID TWEEDIE
In a video interview, Sir David Tweedie discusses his ambitions for the IVSC with financial journalist Robert Bruce. Please click here to watch it.