Board boosted through the appointment of three additional world-leading business valuation experts
[London 26.03.19] The International Valuation Standards Council (IVSC) is pleased to announce the appointment of three new members of the Business Valuation Standards Board, following an extensive and competitive process. The new board members are all leading experts in their field and will bring a wealth of insight from across the business valuation, academic and accounting worlds.
Following an open appointments process which began at the end of 2018, the IVSC is pleased to welcome: Wolfgang Ballwieser, Professor Emeritus at the University of Munich (Germany); Henk Oosterhout, Managing Director at Duff & Phelps (Netherlands); and Richard Stewart OAM Senior Partner with PwC (Australia).
The new appointees will join their fellow board members in leading the development of international standards for business valuation at a time when businesses, markets and regulators around the world are calling for greater levels of professionalism and consistency.
Andreas Ohl, Chair of the IVSC Business Valuation Standards Board: “On behalf of the board I am delighted to welcome Wolfgang, Henk and Richard, all of whom are widely acknowledged as international experts in business valuation and standard-setting. We look forward to drawing on their wealth of knowledge as the board takes forward a number of important initiatives including the publication of new standards for non-financial liabilities later this year; and through our ongoing interactions with the major accounting standards setters as we seek full alignment between IVS and financial reporting standards.”
The new board members bring with them a wealth of expertise from around the world.
Professor Ballwieser has authored numerous widely acclaimed publications on business valuation, financial reporting and auditing and has lectured at leading universities across Europe over a forty year career. In 2000 he was appointed President of the European Accounting Association and before that as Vice President of the German Academic Association for Business Research.
"Business valuation is both an important issue and a challenge, and it is a field to which I have contributed for many years both in theoretical and practical manner. I am happy to have the chance to support the development of standards of high quality." Professor Wolfgang Ballwieser
Henk Oosterhout has been involved in valuation engagements for more than 20 years covering all industries, while delivering valuations for financial reporting, tax, litigation and strategic purposes. Prior to joining Duff & Phelps, Henk was a Managing Director at Standard & Poor’s Corporate Value Consulting business and worked in the Valuation & Strategy team within PwC, where he was responsible for establishing a sub-practice for valuations in financial reporting. During the academic part of his career, he was a visiting scholar at the J.K. Kellogg Graduate School of Management at Northwestern University in the US, while performing his Ph.D. work at Tilburg University.
“I’m looking forward to contributing towards the strengthening of a valuation profession based on sound theoretical foundations. The business valuation profession is definitely maturing across Europe and throughout the world. With robust standards in place, the subjective character of a valuation should not create impediments to transparency.” Henk Oosterhout
During his career to date, Richard Stewart has worked in Sydney, Canberra, New York and London and with clients throughout the world. Since 1996, he has specialised in financial advisory services providing expert advice in valuations, corporate advisory and mergers and acquisitions. He was admitted as a partner at PwC in July 2000. Richard’s expertise in valuation and financial analysis has been recognised externally by his appointment as an Adjunct professor in this area in the Business School of the University of Technology, Sydney and also his membership of the Australian Valuation Standards Committee. Richard was awarded the Order of Australia Medal (OAM) in 2015 for services to the accounting profession.
“Continual improvement of the valuation profession is vital as valuations now permeate financial reporting, the global tax system and investment decisions. I’m delighted to be invited to play a role with such eminent colleagues in helping the profession adopt standards that can increase the standing of business valuations all around the world.” Richard Stewart
The IVSC Business Valuation Standards Board is one of three technical boards within the IVSC, working alongside and in collaboration with the Tangible Assets Standards Board and the Financial Instruments Standards Board. The board recently published an Exposure Draft consultation for IVS 220 on Non-Financial Liabilities which closes 1 April 2018.