Personal note from Nick Talbot
I was delighted to be appointed as the new IVSC CEO by the Board of Trustees and to begin the role at the start of August.
I truly believe in the need for International Valuation Standards as a fundamental part of the global financial system, which will benefit all of us and help improve the status of the profession whatever the area of practice.
The immediate priorities for IVSC are to:
1) Complete the consultation process for the new International Valuation Standards and update these to take into consideration the feedback from different stakeholders
2) Finalise the remaining International Professional Standards
3) Fully establish the Membership & Standards Recognition Board, with a view to much more engagement with stakeholders and end users of valuation, leading to recognition of IVS, the VPOs and the valuation professionals who deliver high quality valuation around the world
I am very much looking forward to working with you all over the coming years.
An update on our IVS 2017 consultation
Thanks to all who have sent Comment Letters to us in response to our consultation on International Valuation Standards 2017.
The Consultation closed last week, and the Standards Board ran meetings this week to consider the significant number of comment letters which have been received.
The seconded directors Alex Aronsohn, Adam Smith and Peter Melvin have already spent time this week to review these in person, so they can put forward their recommendations.
We look forward to updating you on the outcome of the meetings.
Advisory Forum Working Group meeting
The Advisory Forum Working Group chaired by John Martin of API met in Chicago last week. This was kindly hosted by The Appraisal Institute CEO Fred Grubbe and its President, Scott Robinson, at the organisation’s headquarters.
This was a significant meeting involving not just the elected members to the AFWG, but also involving representatives of UPAV (providing a Latin America valuation perspective), TEGoVA (providing a European real estate perspective) and WAVO (primarily representing an Asia Pacific perspective).
There was broad agreement across all organisations of the need for International Valuation Standards and the need for the profession around the world to work together collaboratively.
The meeting identified a number of issue areas to focus on including a need to evolve the Advisory Forum to have more meaningful world regional interaction and representation, as well as Advisory Forum experts to advise and input to the future Standards sub-boards for Tangible Assets and Business Valuation.
Steven Sherman, the IVSC Standards Board Chair, presented to the Working Group who provided some valuable input and feedback in relation to the consultation drafts which had been issued.
The AFWG will have its own eNews section from next month to keep you informed of next steps and progress.
For anyone who has yet to register for this year’s AGM in Indonesia please click on this link to find the registration form and further information.
We are grateful for the sponsorship from the Indonesian Ministry of Finance which is helping us to hold the AGM in Asia Pacific.
Interactions in India
Nick Talbot met the Joint Secretary of the Ministry of Corporate Affairs, Mr. Singh Bhatia, as well as around 30 other senior Indian stakeholders, in what is one of the largest countries in the world experiencing significant economic growth.
This was to discuss the interpretation of the Companies Act which currently limits Business Valuation to Merchant Bankers and Accountants. Nick presented to the roundtable on different approaches to Business Valuation around the world, including in particular the current Fair Value initiative in the US responding to SEC concerns.
There was strong support at the roundtable that it is important to further establish International Valuation Standards in the Indian Market, and that Business Valuation practice should extend to appropriately qualified business valuers from a range of VPOs who specialise in this area.
This follows on from previous positive interaction with SEBI the Securities Exchange Board of India in relation to the approach to Real Estate Investment Trusts.
The IVSC will remain engaged in helping the Indian Government and stakeholders establish the right solution for their market.
Proposed new Members
Further to review of applications to the Membership Committee the following new members are proposed:
- Japanese Institute of Certified Public Accountants (JICPA)
- Institute of Chartered Accountants of India (ICAI)
- Institute of Surveyors of Uganda (ISU)
Associate VPO Membership:
- Union of Economists of Turkmenistan (UET)
Please feedback to the IVSC if you have any comment regarding