The Private Sector Taskforce of Regulated Professions and Industries, of which the International Valuation Standards Council (IVSC) is a member, has today released its final report to G-20 Deputies.
The IVSC has been a member of the Taskforce since it was established in May 2011, at the request of the Presidency of the G-20, to provide an analysis of gaps in regulatory convergence and to make recommendations on how to close such gaps across a number of professions and industries that fall within the financial sector.
The Taskforce’s report recommends that the G-20 maintain its momentum and ambition for global regulatory reform and convergence, in addition to discouraging unilateral national regulatory reforms that are inconsistent with international standards. It also calls for the G-20 to encourage and support the development, adoption, and implementation of one set of globally accepted high-quality international standards for each of financial reporting, auditing, valuations, and actuarial services.
Additionally, the report’s recommendations stress the necessity of open communication and transparent processes as well as continued cooperation and enhanced consultation between regulators and professional and industry groups in developing and implementing effective regulatory reforms.
Michel Prada, Chairman of the IVSC Board of Trustees, comments:
“The IVSC fully supports the analysis and recommendations of the Private Sector Taskforce. As the on-going economic turmoil confirms the need for a more efficient approach to the valuation of all types of assets, the IVSC is actively engaged, like its fellow private sector standard setters, in delivering a comprehensive set of international standards in order to restore confidence in the good functioning of financial markets. We are also convinced of the need for a stronger architecture of international financial regulation and enhanced cooperation between regulators and private sector organisations.”
In addition to the IVSC, membership of the Taskforce is comprised of: the International Federation of Accountants (IFAC), who acted as the lead coordinating organization for the Taskforce; the CFA Institute (CFA I); INSOL International; the Institute of International Finance (IIF); the International Accounting Standards Board (IASB); the International Actuarial Association (IAA); the International Corporate Governance Network (ICGN); and, the International Insurance Society (IIS).
The Taskforce’s report with the full recommendations is posted on the IVSC website: www.ivsc.org.
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NOTES TO EDITORS
About the IVSC
The objective of the International Valuation Standards Council (IVSC) is to build confidence and public trust in the valuation process by creating a framework for the delivery of credible valuation opinions by suitably trained valuation professionals acting in an ethical manner. It does this through the development of the International Valuation Standards (a new edition of which was published in July 2011) and by developing guidance and technical information to assist valuation practitioners in identifying best practice, thereby reducing diversity in the way in which the standards are applied in different countries.
The 2011 International Valuation Standards cover valuation of a range of assets – financial instruments, real property, intangible assets, and business interests. They aim to promote consistency and transparency throughout the valuation process and include explanations of common valuation methods and principles, as well as procedures that valuation professionals should follow during the conduct of an assignment.
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.
More information can be found on the IVSC website at www.ivsc.org