The International Professional Standards (IPSs) are standards that govern the competency of valuation professionals, through codes and benchmarks for their conduct, capability and competency.
Exposure Drafts of the IPSs have been published and went through a 90-day public consultation process, which closed on 31 June 2016.
IPSs provide the framework for suitably trained valuation professionals acting in an ethical manner.
IPSs exist and are developed to:
- protect the public interest by ensuring that professional valuers observe high standards of professional and ethical conduct
- improve the credibility of the valuation profession and enhance public trust and confidence in the profession
- increase the supply and demand for qualified professional valuers in sectors or markets where the professional infrastructure is weak or non-existent.
The IPSs have been drafted and the Professional Board is now reviewing Comment Letters received on the Exposure Drafts.
IPS structure and contents
The IPSs are made up of three series covering separate areas of the standards: Initial Professional Development, Continuing Professional Development, and Compliance.
It sets out:
- IPSs framework
- Code of Ethical Principles
- Competence framework for professional valuers
100 series: Initial Professional Development - developing the competence of the candidate to the point of accreditation as a professional valuer
- IPS101 - Entry Requirements to Professional Valuer Accreditation Programmes
- IPS102 - Professional Skills and Ethics
- IPS103 - Technical Knowledge
- IPS104 - Practical Experience
- IPS105 - Assessment of Professional Competence
200 series: Continuing Professional Development
- IPS 201 - Continuing Professional Development
The IVSC Professional Board released the below documents on 31 March 2016 for comment and feedback within a 90-day consultation. The consultation has now closed, so further comment letters will not be considered.
Please click on the links below to access the individual documents that comprise the Exposure Draft:
- Framework for International Professional Standards
- IPS 101: Initial Professional Development – Entry Requirements to Professional Valuer Accreditation Programmes
- IPS 102: Initial Professional Development – Professional Skills and Ethics
- IPS 103: Initial Professional Development – Technical Knowledge
- IPS 104: Initial Professional Development – Practical Experience
- IPS 105: Initial Professional Development – Assessment of Professional Competence
- IPS 201: Continuing Professional Development
Notes for respondents
In order for us to analyse and give due weight to your comments, please observe the
- Responses should be made in letter format, where appropriate on your organisation’s letter heading.
- Comments should not be submitted on an edited version of the Exposure Draft.
- Unless anonymity is requested, all comments received may be displayed on the IVSC website.
- Comment letters should be sent as an e-mail attachment in either MS Word or an unlocked PDF format and no larger than 1mb. All documents will be converted to secured PDF files before being placed on the website.
- Your email should be sent to: firstname.lastname@example.org
Thank you to those who have responded to our Consultation on proposed International Professional Standards.
In accordance with our desire to operate our consultation processes in a transparent and co-operative manner, we have published all comment letters received, with the exception of letters from respondents who have requested that their comments not be published.
Each comment letter is available to download below.
- Acer Chang
- The Appraisal Institute
- The Appraisal Institute of Canada
- The American Institute of CPAs
- Australian Property Institute
- The Canadian Institute of Chartered Business Valuers
- The Chamber of Professional Valuers of Bulgaria
- European Association for Investors in Non-Listed Real Estate Vehicles (INREV)