The Leaders' communique after the G20 meeting in London in April 2009 identified valuation uncertainty as a contributory factor to the financial crisis and called for improved standards for disclosure. Various regulatory bodies and the International Accounting Standards Board also started to examine the impact of valuation uncertainty in the context of solvency ratios and financial reporting. IVS 103 Reporting requires any "material uncertainty" to be disclosed in valuation reports. In the light of all of these matters the IVSC Standards Board approved a project in late 2009 to examine the nature, causes and disclosure of valuation uncertainty and the need for guidance on its identification and disclosure.

A Discussion Paper was published in September 2010 with a comment period to 24 December. The comments received confirmed the need for guidance on this topic.

The Board suspended further consideration of the project pending the completion of the IVS Improvements Project. In June 2011 it approved a Brief to develop guidance. A working group of valuation specialists from different sectors and world regions was approved in November 2011. The Board approved an Exposure Draft for public comment at its meeting in October 2012. The Draft was published on 12 November with a comment period closing on 15 February 2013. The comment letters can be viewed here.

The Board considered the comments received and requested various amendments be made to to the proposed guidance. It approved a final document at its meeting in November 2013. This is to be published as Technical Information Paper 4 in January 2014.

Working Group:

Board members



Ana Castaneda - Chairman

Standards Board


Thomas Boyle

Standards Board


Paul Hawkes

Standards Board


External Experts



Professor Neil Crosby

University of Reading

United Kingdom

Larry Dybvig

Grover Elliot & Co


Angelos Malamidis

NBG Property Services


David Larsen

Duff & Phelps (representing IPEV Board)


Professor Richard Reed

Deakin University


Professor Tony Van Zijl

Victoria University of Wellington

New Zealand

Sarah Von Helfenstein

Value Analytics & Design, LLC


November 2009: Start date.

September 2010: Discussion Paper Published

December 2010: Comment Period ended.

June 2011: Brief for project to develop guidance approved by Board.

November 2011: Work Group formed to assist in preparation of Technical Information Paper.

November 2012: Exposure Draft publiushed.

February 15 2013 - comment period closed.

Q3 2013 target for publication of Technical Infornation Paper:

An Exposure Draft was publised on 12 November 2012.

Exposure Draft - Valuation Uncertainty

Comments were invited before 15 February 2013. The comments recieved can be viewed here.

07-03-2013 015 Malaysian Accounting Standards Board
21-02-2013 014 Association Professionalle des Valorisateurs d'Instruments Financiers
21-02-2013 013 Duff & Phelps
21-02-2013 012 Australian Property Institute
21-02-2013 011 Institute of Chartered Accountants in England & Wales
21-02-2013 010 PricewaterhouseCoopers
21-02-2013 009 FFEE - Financial Instruments
21-02-2013 008 FFEE - Real Estate
21-02-2013 007 IACVA
21-02-2013 006 RICS
21-02-2013 005 Aalto University Finland
21-02-2013 004 Canadian Institute of Chartered Business Valuators
21-02-2013 003 Property Institute of New Zealand
21-02-2013 002 Appraisal Institute
21-02-2013 001 Hong Kong Association of Bank

A Discussion Paper was published in September 2010.

Discussion Paper - Valuation Uncertainty

Comment Letters received on Discussion Paper published in September 2010:

28-06-2012 021 Malaysian Accounting Standards Board
28-06-2012 020 Centre for Appraisal Studies Philippines
28-06-2012 019 American Appraisal Associates
28-06-2012 018 Italian Permanent Committee on Business Valuation Guidelines
28-06-2012 017 Canadian Institute of Chartered Business Valuators
28-06-2012 016 A Butters
28-06-2012 015 PricewaterhouseCoopers
28-06-2012 014 Hong Kong Land
28-06-2012 013 RICS Americas
28-06-2012 012 World Citizen Consulting
28-06-2012 011 Ernst & Young
28-06-2012 010 Australian Property Institute
28-06-2012 009 UBS Ag
28-06-2012 008 Hong Kong Institute of Certified Public Accountants
28-06-2012 007 Duff & Phelps
28-06-2012 006 Institute of Chartered Accountants in Australia
28-06-2012 005 KPMG IFRG
28-06-2012 004 IACVA
28-06-2012 003 Department of Treasury and Finance (Australia)
28-06-2012 002 Royal Institution of Chartered Surveyors
28-06-2012 001 New Zealand Valuation Standards Board