A Working Group was formed in mid 2010 and advised the Board on an Exposure Draft that was published in January 2011. The comments received on the Exposure Draft may be viewed here.

A report analysing the comments received was considered by the Board at its meeting in June 2011. Among the changes it agreed to make were:

  • to clarify the scope of the paper.
  • to improve the distinction between the different inputs required for different types of asset, eg businesses and investment property.
  • to expand the discussion on the ways of estimating terminal value.
  • to expand the discussion of the different approaches to determining the appropriate discount rate.
  • to include a limited number of illustrative examples.

The Board considered a near final version of the TIP at its meeting in March 2012. Board members identified a few further improvements that they felt should be made to the paper. At the end of May the TIP was approved by the Board for publication was issued in July 2012.

Associated Documents
DCF Exposure Draft.pdf

Start Date: June 2010

Exposure Draft January 2011

End of Comment Period 30 April 2011

Board redeliberations - June 2011 - March 2012

Approved June 2012

Publication - July 2012.

Since this was an update of a previous IVSC Guidance Note last published in 2007 no Discussion Paper was produced.

The exposure draft was published in late January 2011, with a consultation period until 30 April.

View comment letters here:

02-06-2012 34 Association Française des Sociétés d’Expertise Immobilière
02-06-2012 33 American Institute of Mineral Appraisers
02-06-2012 32 Elvin Fernandez
02-06-2012 31 Canadian Institute of Chartered Business Valuators
02-06-2012 30 Appraisal Institute of Canada
02-06-2012 29 PricewaterhouseCoopers
02-06-2012 28 KPMG
02-06-2012 27 Real Estate Information Standards Board
02-06-2012 26 Mssrs Pratt & Grabowski
02-06-2012 25 RICS
02-06-2012 24 Australian Property Institute
02-06-2012 23 Institute of Chartered Accountants in Australia
02-06-2012 22 Associazione Societài Valutazioni Immobiliari per le Banche (Italy)
02-06-2012 21 Russian Society of Appraisers
02-06-2012 20 Property Institute of New Zealand
02-06-2012 19 Duff & Phelps
02-06-2012 18 Appraisal Institute
02-06-2012 17 Italian Valuation Committee
02-06-2012 16 Hong Kong Institute of Certified Public Accountants
02-06-2012 15 Department of Treasury and Finance Australia
02-06-2012 14 Ernst & Young
02-06-2012 13 Japanese Association of Real Estate Appraisers
02-06-2012 12 T Boyd
02-06-2012 11 R Jefferies
02-06-2012 10 L Maciak
02-06-2012 09 APSIS (Brazil)
02-06-2012 08 Benny Kwok
02-06-2012 07 Japan Real Estate Institute
02-06-2012 06 American Appraisal Associates
02-06-2012 05 Asian Public Real Estate Association
02-06-2012 03 Hong Kong Institute of Surveyors
02-06-2012 02 Certified Appraisers Inc
02-06-2012 01 Professor V Ghyoot