The Standards Board received representations from groups representing major property investment companies, real estate investment trusts (REITs) and investor groups requesting that it undertake a project to examine a number of issues that they had identified as causing inconsistency or difficulty in the reported valuations of investment property and investment property funds.

In November 2011 the Board agreed the project in principle. A project brief was prepared and a public call for nominations to an expert Working Group was made at the beginning of February 2012. At its meeting in March the Board approved the Brief and the composition of the Working Group.

After consideration of the issues that were seen as causing difficultes or inconsistency in the valuation of investment property in various different parts of the world the Working Group prepared a Discussion Paper setting out those that were most prevalent. The Standards Board approved the Discussion Paper at its meeting in October 2012 and the paper released on 30 November. The public comment period closed on 1 March 2013, and the comment letters received may be viewed here.

After analysis of the comments received on the Discussion Paper the Board tentatively agreed that the issues identified were best dealt with by making amendments to IVS 230 Real Property Interests and IVS 300 Valuations for Financial Reporting. At the same time consideration should be given to the retirement of IVS 233 Investment Property under Construction and its replacement with broad scope guidance on the valuation of all property under development.

In January 2014 two Exposure Drafts were issued. The first detailed proposed amendments to IVS 230 and IVS 300 to address issues that had been raised specifically in relation to the valuation of investment property. The second was of a proposed replacement for IVS 233, a Technical Information Paper on Development Property. The closing date for comments on both of these drafts was 30 April 2014 and the comment letters received may be viewed here. An analysis report of the comments received is available on this page.

From 1 February 2014 this project was divided. The proposed amendments to IVS 230 and IVS 300 continue under the Investment Property project. A separate project has been created for Development Property in view of its applicability to real property that is not held or classified as investment property. To view details of this project, including the Exposure Draft, please follow this link.

At its meeting in June 2014 the Board considered the responses received and asked the Working Gropu to consider certain changes to the paper to reflect the comments received. In October 2014 the Board considered a revised paper recommended by the Working Group and approved this for issue as part of the 2015 review of the IVSs.

Associated Documents
Project Brief - February 2012

Working Group:

Board members



Simon Landy - Chairman

Standards Board


Tom Boyle

Standards Board


David Faulkner

Professional Board

Hong Kong

Nick French

Professional Board

United Kingdom

External Experts



Nancy Anderson



Apibarn Ariyakulkarn

Jones Lang Lasalle


Richard Bowman

Ernst & Young


Alan Child

Knight Frank

Hong Kong

Mark Creamer



Ian Cullen



Olivier Elamine

Alstria Office REIT


Xavier Denis



Andrew Saunders



Michael Mayville

Oxford Properties Group


Jack Poe

Jack Poe Corp


Andrew Renshaw

Jones Lang Lasalle


Gary Sherwin

Land Securities

United Kingdom

Matthew Sze


Hong Kong

Matt Williams

Ernst & Young

United Kingdom

George Yungmann



Start Date: Nov 2011

Discussion Paper: November 2012

End of Comment Period: March 2013

Exposure Drafts: January 2014.

End Date: April 30 2014

Estiamedt Project End Date Q4 2014

An Exposure Draft was issued on 31 January 2014. The comment period expired on 30 April 2014.

Exposure Draft Changes to IVS 230 and IVS 300
Analysis of Comments on Exposure Draft

The comment letters received may be viewed here:


A Discussion Paper was published on 30 November 2012, seeking views of interested respondents before 1 March 2013.

Discussion Paper - November 2012

The comments received can be viewed here:

25-03-2013 016 Ernst & Young
25-03-2013 015 Appraisal Institute
25-03-2013 014 Investment Property Databank
25-03-2013 013 British Columbia Investment Management Corporation
13-03-2013 012 Duff & Phelps
07-03-2013 011 Australian Property Institute
05-03-2013 010 NAREIT
05-03-2013 009 EPRA
02-03-2013 008 IACVA
02-03-2013 007 REALpac
02-03-2013 006 Host Hotels and Resorts
02-03-2013 005 Hong Kong Land
02-03-2013 004 APREA
02-03-2013 003 RICS
02-03-2013 002 Hong Kong Association of Banks
02-03-2013 001 Alstria