The International Valuation Standards Council (IVSC) would like to express its thanks and appreciation to a group of exceptional board members who have reached the end of their maximum two terms. These dedicated individuals have been instrumental in the development and promotion of the International Valuation Standards, and have played a vital role in supporting the IVSC’s mission to advance valuation in the public interest.
The departing board members are:
- Mark Zyla (Chair of the Standards Review Board, United States, Zyla Valuation Advisors)
- Ben Elder (Chair of the Tangible Assets Board, UK, RICS)
- Ahmad Sabry (member of the Standards Review Board, Saudi Arabia, Taqeem)
- Dirk Hennig (member of the Tangible Assets Board, Germany, PwC)
- Rengganis Kartomo (member of the Tangible Assets Board, Indonesia, KJPP Rengganis, Hamid & Partners)
- Bob Boulton (member of the Business Valuation Board, Canada, CBV Institute)
- Diana Nikolaeva (member of the Business Valuation Board, Bulgaria, EY)
From the inception of their respective boards, each of these outstanding professionals has made significant contributions to the IVSC, forging important connections with standards-setting and professional organisations around the world. Their tireless efforts have helped to promote consistency, transparency, and professionalism in the global valuation industry.
In addition, the IVSC would like to extend a warm thank you to the employers of these board members, whose endorsement and support have been crucial in allowing these board members to bring their invaluable expertise to the IVSC.
”The IVSC sincerely appreciates the incredible contributions made by each of these board members. Their collective wisdom, experience, and dedication to the development of IVS have been essential in advancing valuation professionalism across the globe. We offer our thanks to both them and their organisations for their service, and we hope they will continue to be involved in helping IVSC to advance the standards and the profession in other ways.Nick TalbotIVSC Chief Executive
”We are truly grateful for the commitment and expertise of these board members, as well as the backing of their respective organisations. Their combined efforts have played a key role in shaping International Valuation Standards, and we can't thank them enough for their contributions.Alistair DarlingIVSC Chair
”It has been a great honour to lead the IVSC TAB for the last 6 years. It gave me the opportunity to work with the most talented individuals both on the TAB and also the Standards Board. There were lots of highlights on the journey but the two achievements that stand out for me are:Ben ElderChair, IVSC Tangible Assets Board
1. the changes we actioned to accommodate the recognition of interests held in informal or un-registered tenures allowing millions of the poorest people in the world to have access the assurance provided by the International Valuation Standards, and 2. the successful alignment of Tangible Asset valuation processes with those of Financial Instruments and Business Valuation that reduces risk and makes a significant contribution to global financial stability.
”I am particularly proud, as a CBV, that CBV Institute has presented to its member CBVs the adoption of IVS in recognition of their high quality and growing international acceptance. Another high point of my time on the Business Valuation Standards Board was the impact of our perspective papers concerning the enduring nature of goodwill in assisting financial reporting regulators make informed decisions related to continuing an impairment testing regime.Bob BoultonIVSC Business Valuation Board
”It has been a huge privilege to be a member of the IVSC Tangible Assets Board and to work on the development of valuation standards for stakeholders around the world. My time on the board has underlined to me how important the IVS are and how vital it is that the valuation profession is built upon transparent valuations for the benefit of investors and the public at large. Among my highlights I have been proud to be a part of the complete rework of IVS 300 plant, machinery and infrastructure, which was a long term objective. I was also proud to be involved in the Board’s first perspective paper on ESG in real estate valuation, a topic will have a significant impact in the real estate world.Dirk HennigIVSC Tangible Assets Board
”In this digital era the valuation profession has recently been challenged by the AI-automated valuation model, applied technology in investigation, the integration between asset classes, as well as challenges from stakeholders such as Prudential Value in Basel 3.1, the demand for higher accuracy, accountability and possession of an in-depth market knowledge underlying valuation. The future for IVS will be to continue to respond to these challenges and provide guidance to navigate the valuers as well as the users, through the valuation process, and assuring the reliability and consistency of the valuation practice which remains one of the important pillars in the global financial system.Rengganis KartomoIVSC Tangible Assets Board
”It was an honor to serve as a member of the SRB for six consecutive years contributing to four editions of the IVS, and I hope that I added a value. Standards Review is a participatory decision-making process leveraging collaborative actions from IVSC technical board, SRB, VPOs, and all members. I believe it is an exemplar on how governance should work to sustain stakeholders’ engagement, improve accountability of representatives, ensure answerability to principles and eventually adoption of the standards. I am grateful for all board members for their time, devotion and for making one voice count. With increased complexities of valuations, use of technology, big data, service providers, environmental, social and governance requirements, I am confident that IVS will continue building public trust in global valuation, embrace evolutions, and set quality controls to address the associated risks in alignment with the valuation process.Ahmad SabryIVSC Standards Review Board
”The IVSC has been extremely influential in assisting with the recognition of valuation as truly a global profession. I am honored to have served on the Standards Review Board with a such group of distinguished and impressive individuals.Mark ZylaChair, IVSC Standards Review Board
”Membership in the Business Valuation Board has been an exciting journey for me. Working with experienced professionals from geographies of different economic environment, all united by a common passion to contribute to the development of the valuation profession, has been a rewarding experience. I am most proud of the thought leadership which the board has provided regarding the understanding of intangible assets and goodwill, topics which are attracting more and more attention by various stakeholders. But above all, I value the friendship with fellow members of IVSC boards which I trust will continue in the future.Diana NikolaevaIVSC Business Valuation Board
Departing board members were thanked by IVSC Chief Executive, Nick Talbot, for their contribution to the development of the International Valuation Standards during the recent board meetings.
In April, the IVSC will publish an Exposure Draft outlining proposed updates to the International Valuation Standards. The consultation, which will run for 12-weeks, will seek feedback on changes including new standards for ‘data and inputs’ and explicit references to ‘ESG’ within the valuation process. An updated version of IVS is expected to be published in 2024.