The Standards Board confirmed during the IVS Improvements project that the IVSs could be applied to the valuation of liabilities but that a project would be required to develop either a new IVS dealing specific additional requirements, a Technical Information Paper to provide guidance or both.
The Board agreed a Project Brief in June 2011 and a call was made for experts to join a Working Group to advise the Board. The Group was confirmed in March 2012.
A Discussion Paper aimed at obtaining views on the scope of the project and the nature of the issues identified was issued on 1 February 2013, with a closing date for comments of 30 April. The comment letters can be viewed here. An analysis of the comments received is available on this page.
Following consideration of the responses to the Discussion Paper the Board agreed that it would proceed to propose changes to the IVSs necessary to make them more applicable to liabilities and then to develop guidance on the application of the standards to different types of liability. In March 2014 the Board tentatively agreed changes to the IVS Framework which will be exposed as part of the overall improvements proposed as part of the 2015 review of the IVSs.
Work will commence on developing guidance with a view to issuing an exposure draft in the first part of 2015.
Start Date: June 2011
Work Group formed: Mar 2012
Discussion Paper: Q1 2013
Amendments to IVSs: Q2 2015
Exposure Draft of Guidance: Q2 2015
End Date: Q4 2015
A Discussion Paper was approved by the Board for release on 1 February 2013.
The consultation period closed on 30 April 2013. Copies of the comment letters can be viewed here:
10 July 2013 017 Malaysian Institute of Certified Public Accountants
21 May 2013 015 Duff & Phelps
21 May 2013 014 Canadian Institute of Actuaries
21 May 2013 013 Property Institute of New Zealand
21 May 2013 012 Yvon Sauvageau
21 May 2013 011 Organismo Italiano di Valutazione
21 May 2013 010 KPMG
21 May 2013 009 American Society of Appraisers
21 May 2013 008 IACVA
21 May 2013 007 PricewaterhouseCoopers
21 May 2013 006 Chartered Institute of Candian Business Valuators
21 May 2013 005 International Actuarial Association
21 May 2013 004 RICS
21 May 2013 003 Board of Valuers, Appraisers and Estate Agents Malaysia
21 May 2013 002 Hong Kong Association of Banks
21 May 2013 001 American Appraisal Associates