The IVSC is an independent, not-for-profit, private sector organisation.
The objectives of the IVSC are to strengthen the worldwide valuation profession by:
- Developing high quality international standards and supporting their adoption and use;
- Facilitating collaboration and cooperation among its member organisations;
- Collaborating and cooperating with other international organisations; and
- Serving as the international voice for the valuation profession
In pursuit of these objectives the IVSC places paramount importance on protecting the public interest.
The IVSC Today
The IVSC is a not for profit organisation incorporated in the USA, with its operational headquarters in London. The organisation is mainly funded through membership subscriptions and sponsorship by valuation professional bodies, valuation providers and valuation users;
The organisation has three main bodies:
- a Board of Trustees responsible for the strategic direction and funding of the IVSC and for appointments to the Standards Board and Professional Board;
- a Standards Board with autonomy over its agenda and the creation and revision of valuation standards and supporting technical guidance;
- a Professional Board to promote the development of the profession around the world.
The IVSC is a membership organisation and is open to a wide range of stakeholders including professional institutes, valuation providers, standard setters, regulators of valuation services and academia. Members are provided with a forum for participation in the work of the IVSC which can advise the Boards on agenda priorities. The IVSC currently has 74 member bodies from 54 countries.
A number of leading global organisations share the belief that raising standards of international valuation practice benefits the capital markets, contributes to the growth of strong economies around the world and leads to improved confidence of investors and users of valuation services. These organisations provide financial sponsorship to the IVSC. A list of the IVSC's current sponsors can be found under "Associated Documents".
A Short History of the IVSC
Discussions between representatives of the UK and US valuation profession in the late 1970s led to the founding of the International Assets Valuation Standards Committee (TIAVSC) in 1981. The Committee changed its name in 1994 to the International Valuation Standards Committee (IVSC). The Committee, which was founded with a membership of twenty organisations, had grown by 2007 to include member organisations from more than fifty countries.
As demand increased for valuation standards in different sectors and markets, it had become clear to the IVSC that its constitution and structure no longer could provide it with the legitimacy or resources required to meet these new challenges. In January 2007 the IVSC published proposals for a radical restructuring to transform the IVSC from a committee of representatives of its member valuation organisations into an independent body.
These proposals were accepted by the membership and following an interim period to allow time for the new Bylaws to be approved and the new boards to be appointed, the restructured IVSC became operational in October 2008. At this time the organisation’s name was changed to the International Valuation Standards Council.