Consultations - one month to go
We currently have two consultations open – on International Valuation Standards and International Professional Standards. We’re looking for your input and comments.
The Standards Board has finalised four Exposure Drafts that will form part of IVS 2017 as part of its goal of deepening the International Valuation Standards to ensure they are fit for purpose and provide much needed clarity and market efficiency.
The Board invites you to comment and give feedback on Exposure Drafts of:
- IVS 104 Bases of Value
- IVS 105 Valuation Approaches
- IVS 210 Intangible Assets
- Introduction and Framework to IVS 2017
The Standards Board welcomes Comment Letters within a 90-day period, which ends 7 July 2016. All comments received as part of the consultation process will be published on the IVSC website and will be considered by the Standards Board.
The IVSC Professional Board has created draft International Professional Standards (IPSs) and is seeking your review. The IPSs are for Valuation Professional Organisations (VPOs) to refer to, to strive to ensure they have programmes in place to enable professional valuers to achieve and maintain competence over the course of their careers. They have been found to be particularly useful for new and developing VPOs.
The 90-day consultation period ends on 30 June 2016. Please click on the links below to access the individual documents that comprise the Exposure Draft:
- Framework for International Professional Standards
- IPS 101: Initial Professional Development – Entry Requirements to Professional Valuer Accreditation Programmes
- IPS 102: Initial Professional Development – Professional Skills and Ethics
- IPS 103: Initial Professional Development – Technical Knowledge
- IPS 104: Initial Professional Development – Practical Experience
- IPS 105: Initial Professional Development – Assessment of Professional Competence
- IPS 201: Continuing Professional Development
We look forward to reading your input and completing these important streams of work.
Standards Board: review of our New York meeting
The Standards Board is committed to a major project to materially revise and expand IVS 2013. This initiative is called IVS 2017.
As a follow up to the Exposure Drafts currently under consultation (please see above), the Standards Board held a public meeting on 23 May in New York City followed by a private session the following day. The primary focus was to review remaining chapters of IVS 2013 in advance of issuing the next Exposure Drafts in early June.
Please look out for these remaining Exposure Drafts. Comment Letters will be due in early September.
On September 7 we will host a special public Standards Board meeting in London to integrate comments from the public and agree on a plan to finalize IVS 2017 by our Annual General Meeting in October.
Advisory Forum Working Group spring meeting
The Advisory Forum Working Group met in London on 24-25 May to discuss a number of important issues including a business plan focusing on the IVSC Purpose, Structure and Strategy approved last October at the AGM.
The plan will focus on communication, issues and challenges identified by the valuation profession and ongoing advice to the Board of Trustees, Standards Review Board and the soon to be announced Membership and Standards Recognition Board (MSRB).
Over the past year or so the Working Group has been working with the respective boards on issues that the members of the working group consider are impeding VPO buy-in to the IVSC.
The discussion and debate on these issues has been robust and we are making progress. A two-day forum will be held in late August in Chicago with key stakeholders (including standard-setters) to identify and resolve these issues
The Working Group will be in discussions with the MSRB once it is formed to implement a number of actions to assist in developing recognition of IVSC and greater engagement with VPOs.
The key focus will now be on engagement by regular communication with VPOs, but more importantly feedback from VPOs. We are developing a strategy which will include the establishment of regional groups to be coordinated by a member of the Working Group. This will also incorporate groups by valuation discipline.
The Working Group will be sending a questionnaire shortly to get feedback on a number of important issues. Other actions include identifying key people within each VPO to ensure continuity of communications, an FAQ section on the website, and a summary of monthly WG meetings.
Latest on our real estate sector work
We’re in the process of putting together a specific Board to focus on real estate valuations (the Tangible Assets Board) and identifying suitable subject matter specialists to work with the new appointments. As per the IVSC’s revised structure, this new board will sit under the Standards Review Board, alongside Business Valuation and Financial Instruments.
Elsewhere, our work in promoting and gaining recognition for the importance of valuation of all assets with securities regulators is aiding the full spectrum of the valuation profession – including the real estate appraisal profession.
Have you registered for V-FI Europe?
A reminder that we are able to offer IVSC members a 30% discount from the registration fees for V-FI 2016, Europe’s leading summit on valuation and risk for financial instruments.
To claim the discount simply quote VIP Code FKM63358IVSC1 when registering. Follow this link to register and find out more.
Our chair, Sir David Tweedie will be delivering a keynote speech at the conference, where he will discuss IVSC's financial instruments initiative, and recent developments in international accounting policy.
We’re accepting applications for the position of Standards Quality Director until 10 June. If you think you would make a good candidate for this position, please apply, or if you know someone who would is well-suited for the role, please direct them to our website. The new Standards Quality Director can be based anywhere in the world and does not necessarily have to be full-time if highly knowledgeable and efficient.
Sir David Tweedie, Roel Campos, Nicholas Brooke and Christian are currently creating a shortlist of candidates for the position of CEO. Our aim is to reach a final decision by June.
A reminder that our 2016 AGM will be held in 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. We will put up more details and a registration page on our website shortly.
Nick Talbot completes ascent of Everest
Former IVSC interim CEO Nick Talbot became the first cystic fibrosis sufferer to climb Mount Everest in early May.
Nick is well on his way to raising £100,000 for the Cystic Fibrosis Trust, a national charity in the UK which funds research into the disease and provides information and support for patients and families.
Many congratulations to Nick for this truly amazing achievement!