As an organisation, two of our key objectives are to build valuation expertise through application of consistent standards and importantly to continue to develop a globally respected profession to apply them with the required vigour and coherence of approach.
A large part of our mission is to create and promote effective, high-quality International Valuation Standards which we believe are part of the fabric of global financial sustainability. We do this in a number of ways which includes engaging whenever we can to influence, educate and extol the virtues of the work carried out by our members.
Our belief is that International Valuation Standards are central to decision making across the world economy, applying to capital and property markets and impacting both private and public sectors. Whether it is prudential regulation of banking or insurance; mergers and acquisitions; public-private partnerships; financial reporting; dispute resolution; compulsory purchase or secured lending - all need to be underpinned by sound valuation practice borne from globally consistent standards.
In alignment with the development of these standards, we also believe it is vital to have a global profession which is universally respected and that works within common guidelines of best practice.
So it was these messages - among others - that the IVSC was championing at the recent World Congress of Accountants which took place in Rome, Italy in November. The event was attended by more than 4,000 accountancy professionals and it is important that at these gatherings, the critical nature of consistent valuation standards and the global valuation profession is understood.
The feedback we had was enormously encouraging but it is clear there remains a lot of work to do to spread the message. International Valuation Standards are still quite some way behind the international accountancy equivalents in terms of usage, understanding and ultimately adoption.
As a result the valuation profession is still not regarded globally in the same terms as accountancy. Yet a consistent approach to both is absolutely critical in providing financial stability and trust.
So although there are many examples across the world of highly skilled valuation professionals, it is important that this is replicated consistently everywhere through use of globally recognised standards.
Today the accountancy profession guided by their own international standards have an understanding and respect we aspire to achieve. We firmly believe that in the next few years a number of initiatives will help us move towards this position.
In the meantime, we will continue to be out and about at events such as the World Congress of Accountants talking to policy-makers, regulators and economic influencers about why valuation standards and valuers themselves are so critical to everyone’s future financial stability and economic growth.