The French Federation of Valuation Experts (Fédération Française des Experts en Evaluation, or FFEE), recently admitted as a new member of the IVSC, had its press launch on 16 December 2010.
The FFEE is made up of the following organisations who, at the initiative of French financial market authority the AMF, began cooperating so that hitherto overlooked French expertise and best practices around valuation could be represented at the IVSC:
- AFREXIM (French Association of Real Estate Experts)
- APEI (Professional Association of Independent Experts)
- IFEI (François Institute of Real Estate Expertise)
- SFEV (French Association of Valuation Analysts)
One of the objectives of FFEE is to promote the use of the International Valuation Standards, and to that end a seminar is to be held on 2 February 2011.
Chairman of the FFEE, Dominique Ledouble, said:
“The creation of the FFEE is significant as it brings together practitioners and their respective organisations which had only intermittently been in touch until now. This is a step towards true interprofessionalism.”
Jean-Pierre Jouyet, President of the AMF, added:
“The debate around fair value accounting has highlighted the need for the global harmonisation of asset and liability valuations. Ensuring the quality of accounting and financial information is a key responsibility of the AMF, and we support any initiative aspiring to voice French opinions and interests abroad, standardise valuation practices and promote professional ethics. The creation of the FFEE and its membership of the IVSC embodies this ambition. I therefore welcome this timely initiative that will, by enhancing the reliability of information provided by listed companies, also serve to restore confidence in the financial market.”
At the launch, Michel Prada, Chairman of the IVSC Board of Trustees and former President of the AMF, commented:
“I wholeheartedly welcome the establishment of the FFEE and its membership of the IVSC. It is important for the French valuation profession to participate in the development and application of international standards and practice guidelines that will contribute to the credibility and comparability of valuations. As the G20 members highlighted, the financial crisis reminded us that robust asset valuations of all types are indispensable to the proper functioning of the market.
“The IVSC’s new strategy, which has the full backing of Patrick Gounelle, Vice President of the Board of Trustees and Jean-Florent Rérolle, President of the Professional Board, aims to improve standards and valuation practices, thereby working to restore the confidence of market actors in collaboration with relevant international organisations.”
For more information on the IVSC, please see the website: www.ivsc.org
For further information on the IVSC please contact:
Marianne Tissier, IVSC
Tel: +44 (0)1442 879 306
For further information on the FFEE please contact:
Tel: +33 (0)1 44 94 27 71
About the IVSC:
The International Valuation Standards Council (IVSC) is charged with developing robust and transparent procedures for performing international valuations through a single set of globally recognized valuation standards, acceptable to the world’s capital markets organisations market participants and regulators, which will meet the challenges of a fast-changing global economy.
The governance structure of the IVSC, a non-profit organisation incorporated in the US, includes two independent technical Boards – the International Valuation Standards Board and the International Valuation Professional Board – and a global Board of Trustees responsible for the overall strategic direction and funding of the IVSC. The IVSC works co-operatively with national professional valuation institutes, users and preparers of valuations, governments, regulators and academic bodies, all of whom can become members of the IVSC and have an important role to play in advising the Boards on agenda decisions and priorities in the work of the IVSC.
For more information please visit: www.ivsc.org