The former GN10 Valuation of Agricultural Properties was reviewed by the Standards Board as part of the IVS Improvements project. It concluded that the valuation principles in GN10 were no different from those contained elsewhere in the IVSs and therefore there were no matters specific to Agricultural Property that needed carrying forward into a new IVS. However, the Board did receive reports that there was considerable diversity in the valuation of commercial forestry, and it agreed that a project focussing on this particular asset class was warranted.

The start of the project was suspended pending the conclusion of the IVS Improvements project. In June 2011 a Project Brief was agreed by the Board and a call made for experts to join a Working Group to advise the Board. Membership of the group was confirmed in November 2011.

The Project Brief included the need to consider the need for both a new International Valuation Standard and a supporting Techical Information Paper. Having reviewed the initial working papers at its meeting in June 2012, the Board agreed that the primary need is for technical guidance on the application of principles already in the IVSs to forestry and therefore it tentively decided that there was no need for a new IVS on this topic.

An Exposure Draft was approved by the Board at its meeting in October 2012 and is to be released in the week commencing 12 November, with a comment period closing in mid February 2013. View the comment letters here.

The responses were considered by the Board at its meeting in June 2013. These suggested that there was greater diversity than had intially been anticipated between the valuation approaches and practices in different parts of the world and that the draft that had been produced did not form the basis for a consensus. The Board was also concerned that there had been no feedback from forestry operators or investors. It directed that further research be undertaken by staff with view to getting broader feedback on some of the issues that the ED had sought to address with a view to developing a further Exposure Draft.

Associated Documents
Project Brief

Working Group:

Board members



Chris Stanley

Standards Board

New Zealand

Chris Stanley - Chairman

Standards Board

New Zealand

David Faulkner

Professional Board


External Members



Bob Connolly 

Opteon Bolton Connolly


Caroline Woodward


United Kingdom

Ajith Ratnayake

Sri Lanka Accounting and Auditing Standards Monitoring Board

Sri Lanka

Martin Wild

US Forest Service


Mark Lewis

Lewis Seeley Appraisals


Bruce Manley

New Zealand School of Forestry

New Zealand

Bill Liley

Indufor Asia Pacific

New Zealand

Jerry Leech

Forestry Systems


Start Date: June 2011

Work Group formed: November 2011

Exposure Draft: November 2012

Comment Period Ends: 15 February 2013

Q4 2013 - anticipated date for publication of Technical Information Paper.