The International Valuation Standards Council (IVSC), the global standard setter for valuation practice and the valuation profession, and The Appraisal Foundation (Foundation), the US authority on valuation, announced today the release of the updated standards harmonisation guide, A Bridge from USPAP to IVS 2018: A Guide to Producing IVS-Compliant Appraisals (the Bridge).
First launched in June 2016, A Bridge from USPAP to IVS sets out the additional steps to be taken by appraisers already accustomed to providing USPAP-compliant appraisals to make valuations IVS-compliant. This revised edition reflects the latest (2017) version of the IVS, which are increasingly being applied throughout the world, and the latest (2018-19) edition of USPAP (which became effective on 1st January 2018), the generally accepted standards of the US appraisal profession.
As the use of IVS grows, there will be both an increasing need for appraisers to meet the requirements and increasing opportunities for those appraisers able to do so. While the two standards are already similar in many ways, the new Bridge will equip and empower appraisers to respond to client needs and remain at the forefront of professional practice.
The Bridge has been developed collaboratively by the IVSC and the Foundation and supports both organisation’s long-term goal to achieve harmonisation in valuation standards. In this latest version of the Bridge, it has been noted that the overall gap between the two sets of standards is smaller still. Appraisers will be able to access the Bridge from the IVSC website and the Foundation website.
David S. Bunton, President of The Appraisal Foundation, said, “The Appraisal Foundation is pleased to partner, once again, with the IVSC on the 2018 update of the Bridge. This work goes a long way towards the standards harmonization efforts of both groups. The importance of a reliable appraisal, based first on solid, professional standards is the first step in advancing public trust in the valuation profession. We view this work as another step in building that trust around the globe.”
“Reliable and consistent valuation standards are essential to functioning markets,” said Sir David Tweedie, Chairman of the IVSC. “Valuations provide investors and businesses with the information they need to make informed decisions. In a world where businesses increasingly operate across national borders, the importance of commonly applied and transparent valuation standards cannot be overstated. This updated bridging document plays a pivotal role in advancing international consistency and the valuation profession as a whole,” he added.