IVSC consults on improvements to International Valuation Standards

The International Valuation Standards Council (IVSC) is seeking views on proposed changes and improvements to the current International Valuation Standards (IVS).

In June last year, the IVSC’s International Valuation Standards Board announced that it intended to review the current International Valuation Standards and, at its meeting in October, subsequently considered a number of possible changes. An Exposure Draft of proposed changes. These include clarifying the following:

  • the applicability of the Standards to valuation reviews
  • matters to be considered before relying on information provided by others
  • the need to identify the “unit of valuation

Steven Sherman, Chairman of the IVSC’s Standards Board, comments:

“A number of minor changes are now required to update the IVS in order to reflect subsequent IVS publications or other changes that impact upon them. Work on other IVSC Projects has also brought to light a few instances where the existing IVS could be improved by making minor alterations to remove ambiguity or better illustrate a principle.”

Sir David Tweedie, Chairman of the IVSC, comments:

“The objective of the IVS is to increase the confidence of users of valuation services in the valuations on which they rely. Since valuation is key to financial decision making, an up to date and robust set of Standards will further help to eliminate avoidable risks.”

The intention of the Standards Board is to finalise the amendments in July, and for the updated Standards to be effective from 1 January 2014.

The Exposure Draft is available to view on the IVSC website (www.ivsc.org) or by clicking here. Comments are invited before 30 April 2013 and may be submitted by email to commentletters@ivsc.org, or by post to IVSC, 68 Lombard Street, London, EC3V 9LJ.