The general standards offer guidance for all valuation assignments including terms of a valuation engagement, bases of value, valuation approaches and methods, and reporting. The asset standards include requirements related to specific types of assets. More information is available through the press release on the IVSC website. These words serve as exceptions.
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The latest edition of the International Valuation Standards IVS marks an important milestone towards harmonising valuation practice worldwide. IVS serve as the key guide for valuation professionals globally and will underpin consistency, transparency and confidence in valuations which are key to investment decisions, financial reporting and finacial market stability.
The Standards were drafted by the IVSC's independent technical boards and published following an extensive consultation process involving Valuation Profession Organisations, regulatory authorities, other standard setting organisations, valuation service providers, individual professionals, valuation end users, and academics.
The Asset Standards include requirements related to specific types of asset valuation, including background information on the characteristics of each asset type that influence value and additional asset-specific requirements regarding common valuation approaches and methods used.
The assets standards cover:. The latest version of the Standards bring greater depth to the IVS, as recommended by member organisation, including the major accountancy firms and Valuation Professional Organisations. Here are a few things you need to know about the latest version of IVS:.
IVS updated! What do the International Valuation Standards cover? However, the IVSC encourages early adoption from the date of publication. Valuers will need to make clear which edition of the IVS they are using when preparing a valuation report. Technical revisions : Updates also include the technical revisions consulted on throughout and Glossary : The IVS glossary has been updated to include new terms and to provide additional clarifications.
Why the changes? The Standards Review Board expects to publish a 'Basis of Conclusions' document, explaining the rationale for all updates to IVS, within the coming weeks. The IVSC will be working with these entities to support updates to existing translations.
In pursuit of these objectives the IVSC places paramount importance on protecting the public interest. The organisation is mainly funded through membership subscriptions and sponsorship by valuation professional bodies, valuation providers and valuation users;. Members are provided with a forum for participation in the work of the IVSC which can advise the Boards on agenda priorities. The IVSC currently has 74 member bodies from 54 countries. A number of leading global organisations share the belief that raising standards of international valuation practice benefits the capital markets, contributes to the growth of strong economies around the world and leads to improved confidence of investors and users of valuation services. The Committee, which was founded with a membership of twenty organisations, had grown by to include member organisations from more than fifty countries. As demand increased for valuation standards in different sectors and markets, it had become clear to the IVSC that its constitution and structure no longer could provide it with the legitimacy or resources required to meet these new challenges.
The IVSC develops and maintains standards on how to undertake and report valuations, especially those that will be relied upon by investors and other third party stakeholders. The IVSC also supports the need to develop a framework of guidance on best practice for valuations of the various classes of assets and liabilities and for the consistent delivery of the standards by properly trained professionals around the globe. Membership of IVSC is open to organisations of users, providers, professional institutes, educators, and regulators of valuation services. Trustees are appointed for a renewable term of three years. Each Trustee is expected to have a global perspective and an understanding of how the IVSC can best operating in the world economy, business and financial reporting environments.