In June 2012 the Standards Board agreed to commence a project to consider what changes, if any, were required to the IVSs approved in 2011 in order to:

1. ensure that they remained up to date and
2. consider any changes required to improve clarity.

It was agreed that an invitation would be sent out via the eNews for any suggestions for such alterations, and that the IVSC staff would also produce initial proposals for consideration by the Board based on questions or comments received from users of the standards since their publication.

At the Board meeting in October 2012 an initial list of proposed changes was considered. It was agreed that these proposals would be worked up into an Exposure Draft. The Board approved an Exposure Draft for release on 1 February 2013, with comments invited before 30 April. The comment period is now closed. Comment letters can be viewed here.

The Board reviewed the comments received at its meeting on 5 June 2013. After agreeing some amendments to the proposals in the Exposure Draft to reflect comments received the Board approved the revisions. The updated standards are available to subscribers of IVSonline; a book containing the updated IVSs will be available in September 2013. The revised standards are effective from January 2014.

Project Commenced June 2012.

Invitation for suggested amendemnts issued September 2012.

Initial proposals considered by Board October 2012.

Exposure Draft Q1 2013

Amendments finalised and approved Q3 2013

An Exposure Draft of the proposed amendments was released on 1 February 2013, with a closing date for comments of 30 April.

Exposure Draft

The comment letters received can be viewed here.

21-05-2013 008 KPMG
21-05-2013 007 Australian Property Institute
21-05-2013 006 Ernst & Young
21-05-2013 05 IACVA
21-05-2013 004 Institute of Chartered Accountants in England and Wales
21-05-2013 003 Canadian Institute of Chartered Business Valuators
21-05-2013 002 RICS
21-05-2013 001 Hong Kong Association of Banks