International Valuation Standards Council
The International Valuation Standards Council (IVSC) is an independent, not-for-profit, private sector standards organisation incorporated in the United States and with its operational headquarters in London, UK. IVSC develops international technical and ethical standards for valuations on which investors and others rely.
 | |
| Formation | 1981 |
|---|---|
| Headquarters | London, UK |
| Website | |
IVSC is responsible for developing the International Valuation Standards and associated technical guidance. To ensure that the public interest is effectively protected, it also engages with other bodies active in the regulation of the financial markets to ensure that valuation issues are properly understood and reflected. IVSC works cooperatively with national professional valuation institutes, users and preparers of valuations, governments, regulators and academic bodies, all of whom can become members of IVSC and play a role in advising the Boards on their agenda priorities.
In developing its standards and technical guidance, IVSC follows a process of issuing discussion papers and exposure drafts for public comment.
The IVSC is recognised by the United Nations Department of Economic and Social Affairs.
Objectives and activities
editThe objectives of the IVSC are to strengthen the worldwide valuation profession by:
- Developing high-quality international standards and supporting their adoption and use
- Facilitating collaboration and cooperation among its member organisations
- Collaborating and cooperating with other international organisations and regulatory authorities
- Serving as the international voice for the valuation profession
Boards
editBoard of trustees
editThe IVSC is governed by a board of trustees responsible for the strategic direction and funding of the organisation. The trustees are also responsible for the appointment of the Standards Boards and Membership and Standards Recognition Board.[1]
The current board of trustees comprises:[2]
- Lim Hwee Hua (Chair)
- Marcelo Barbosa
- Professor Mary E. Barth
- Jacque Potdevin
- Zhang Genghua
- Narayan Seshadri
- Ranjit Ajit Singh
- Iseo Pasquali
- Linda de Beer
- Japheth Katto
- Aiko Sekine
Notable former members:
- Michel Prada (Chair 2009 - 2011)
- Roel Campos (Interim Chair 2012)
- Sir David Tweedie (Chair 2012 - 2019)
- Alistair Darling (Chair 2019 - 2023)
History
editThe origins of IVSC lie in the International Assets Valuation Standards Committee (TIAVSC) that was formed in 1981 with the objective of developing consistent standards across national borders. The founder members were a number of professional institutes mainly concerned with real property valuation. The Committee changed its name in 1994 to the International Valuation Standards Committee, and from the late 1990s started to include member organisations concerned with the valuation of assets other than real property.
Following a restructuring of the organization in 2008, its name was again changed, this time to the International Valuation Standards Council. As of 2022, the IVSC has over 180 organisations in membership from around the world.[3] The organisations in membership accredit and regulate the conduct of individual valuers who specialize in the valuation of many different types of assets and liabilities, such as business interests, real property, intangibles, capital equipment and financial instruments.
The IVSC and the International Organization of Securities Commissions (IOSCO) announced a Cooperation Agreement in 2022 with a focus on enhancing international valuation standards and professionalism.
The International Valuation Standards
editThe International Valuation Standards (IVS) are international standards that consist of various actions required during the undertaking of a valuation assignment supported by technical information and guidance. The IVSC's technical boards are responsible for the development and maintenance of the International Valuation Standards. The boards are independent and solicit public comment by issuing discussion papers and exposure drafts.[4]
The latest version of the Standards (IVS 2022) was published in January 2024 and come into effect January 2025.[5]
Objective of IVS
editThe objective of the International Valuation Standards (IVS) is to increase the confidence and trust of users of valuation services by establishing transparent and consistent valuation practices. A standard within IVS will do one or more of the following:
- identify or develop globally accepted principles and definitions,
- identify and promulgate considerations for the undertaking of valuation assignments and the reporting of valuations,
- identify specific matters that require consideration and methods commonly used for valuing different types of assets or liabilities.
The IVS consist of mandatory requirements that must be followed in order to state that a valuation was performed in compliance with the IVS. Certain aspects of the standards do not direct or mandate any particular course of action, but provide fundamental principles and concepts that must be considered in undertaking a valuation.
IVS structure
editIVS Glossary
editThe glossary defines certain terms used in the International Valuation Standards, but does not attempt to define basic valuation, accounting or finance terms, as valuers are assumed to have an understanding of such terms. Defined terms are Asset/Assets, Client, Jurisdiction, May, Must, Participant, Purpose, Should, Significant and/or Material, Subject or Subject Asset, Valuation Purpose or Purpose of Valuation, Valuation Reviewer, Valuer, Weight and Weighting.
IVS Framework
editThis serves as a preamble to the IVS. The IVS Framework consists of general principles for valuers following the IVS regarding objectivity, judgement, competence and acceptable departures from the IVS. The contents contain information on Compliance with Standards, Assets and Liabilities, Valuer, Objectivity, Competence and Departures.
General Standards
editThe five General Standards set forth requirements for the conduct of all valuation assignments, including establishing the terms of a valuation engagement, bases of value, valuation approaches and methods, and reporting. They are designed to be applicable to valuations of all types of assets and for any valuation purpose. The General Standards are IVS 101 Scope of Work, IVS 102 Investigations and Compliance, IVS 103 Reporting, IVS 104 Bases of Value and IVS 105 Valuation Approaches and Methods.
Asset Standards
editThe Asset Standards include requirements related to specific types of assets. These requirements must be followed in conjunction with the General Standards when performing a valuation of a specific asset type. The Asset Standards include certain background information on the characteristics of each asset type that influence value, and additional asset-specific requirements on common valuation approaches and methods used. The Asset Standards are IVS 200 Business and Business Interests, IVS 210 Intangible Assets, IVS 300 Plant and Equipment, IVS 400 Real Property Interests, IVS 410 Development Property and IVS 500 Financial Instruments.
Revisions to IVS
editThe IVSC Standards Board intends to continuously review the IVS and update or clarify the standards as needed to meet stakeholder and market needs. The board has continuing projects that may result in additional standards being introduced or amendments being made to the standards in this publication at any time.[6]
Members
editThe IVSC has an internationally diverse array of member organisations, which they classify as Valuation Professional Organizations (VPO), Associate Valuation Professional Organizations (AVPO), Institutional Members (IM), Corporate Members (CM), and Academic Members (AM).
Members can be sorted by country, name and member type by clicking on the buttons in the header of the columns.
| Country | Member | Type |
|---|---|---|
 Australia
|
Australian Property Institute | VPO |
| Australia
|
Australian Valuers' Institute | IM |
| Australia
|
CPA Australia | IM |
| Australia
|
Australian Institute of Business Brokers | AVPO |
| Australia
|
Chartered Accountants of Australia and New Zealand | IM |
 Austria
|
WU (Vienna University of Economics & Business) Financial Accounting and Auditing Group | AM |
| Austria
|
Austrian Chamber of Tax Advisors and Public Accountants | IM |
 Azerbaijan
|
Azerbaijan Society of Appraisers | AVPO |
 Bahrain
|
Real Estate Regulatory Authority, Bahrain | IM |
 Bangladesh
|
Institute of Chartered Valuers Bangladesh | AVPO |
| Bangladesh
|
Bangladesh Survey & Valuation Companies, Firms & Individual Concerns Associationi | AVPO |
| Bangladesh
|
Financial Reporting Council Bangladesh | IM |
| Bangladesh
|
Institute of Chartered Accountants of Bangladesh | IM |
 Belgium
|
European Mortgage Federation - European Covered Bond Council | IM |
| Belgium
|
Institut des réviseurs d’entreprises (IRE) – Instituut van de bedrijfsrevisoren (IBR) (Institute of Registered Auditors) | IM |
 Bosnia and Herzegovina
|
Association of Certified Appraisers in Bosnia and Herzegovina | VPO |
| Bosnia and Herzegovina
|
Union of Accountants, Auditors & Financial Workers of Federation of Bosnia & Herzegovina | IM |
| Bosnia and Herzegovina
|
Bosnian & Herzegovinian Property Association | VPO |
 Botswana
|
Real Estate Institute of Botswana | VPO |
 Brazil
|
Instituto Brasileiro Avaliacoes | VPO |
| Brazil
|
Panamerican Union of Valuation Associations | AVPO |
| Brazil
|
Mynarski International Valuation | CM |
| Brazil
|
Conselho Federal de Corretores de Imóveis | IM |
 Bulgaria
|
Chamber of Professional Valuers | IM |
 Canada
|
Appraisal Institute of Canada | VPO |
| Canada
|
CBV Institute | VPO |
| Canada
|
International Association of Consultants, Valuators and Analysts | CM |
| Canada
|
International Institute of Business Valuators | AM |
 China
|
China Appraisal Society | VPO |
| China
|
Shanghai Orient Appraisal Company | CM |
 Colombia
|
Registro Nacional de Avaluadores | VPO |
 Costa Rica
|
Costa Rican Valuation Institute | VPO |
 Croatia
|
Croatian Society of Valuers | VPO |
 Czech Republic
|
University of Economics, Prague | AM |
 Egypt
|
Egyptian Association of Real Estate Appraisers | VPO |
| Egypt
|
Claro Real Estate Company | CM |
 Finland
|
Finnish Association for Real Estate Valuation | VPO |
 France
|
Fédération Française des Experts en Evaluation | IM |
| France
|
Real Quality Rating (RQR) | CM |
| France
|
Compagnie Nationale des Commissaires aux Comptes (CNCC) | IM |
| France
|
73 Strings SAS | CM |
 Georgia
|
Association of Professionals on Land and Realty | VPO |
| Georgia
|
Expertise Institute for Valuation of Assets of Georgia | VPO |
| Georgia
|
National Forensic Bureau of Georgia | IM |
| Georgia
|
Valuers & Experts Professional Development Centre | IM |
 Germany
|
Institut der Wirtschaftsprufer | IM |
| Germany
|
European Association of Certified Valuators and Analysts | VPO |
| Germany
|
HypZert GmbH | VPO |
| Germany
|
Institute for Mergers, Acquisitions and Alliances GmbH | AM |
 Hong Kong
|
Greater China Appraisal Ltd | CM |
| Hong Kong
|
Hong Kong Institute of Surveyors | VPO |
| Hong Kong
|
Chartered Valuation Analyst Institution | AVPO |
| Hong Kong
|
AVISTA Valuation Advisory Ltd | CM |
 India
|
The Practising Valuers Association of India | VPO |
| India
|
Institute of Chartered Accountants of India | IM |
| India
|
Institute of Cost Accountants of India | IM |
| India
|
Institution of Valuers of India | VPO |
| India
|
Techno India University, West Bengal | AM |
| India
|
Indian Inst of Corporate Affairs | AM |
| India
|
ICMAI Registered Valuers Organisation | AM |
| India
|
IIV India Registered Valuers Foundation | AVPO |
| India
|
Divya Jyoti Valuers Foundation | AVPO |
| India
|
All India Institute of Valuers Foundation | AVPO |
| India
|
Institute of Company Secretaries of India | IM |
| India
|
Institution of Valuers India Registered Valuers Foundation | VPO |
| India
|
CEV Integral Appraisers Foundation | VPO |
 Indonesia
|
Indonesian Society of Appraisers | VPO |
 Ireland
|
Technology University Dublin, School of Surveying and Construction Management | AM |
| Ireland
|
Society of Chartered Surveyors Ireland | VPO |
 Israel
|
Israel Real Estate Appraisers Association (IREAA) | VPO |
 Italy
|
Consiglio Nazionale Geometri | VPO |
| Italy
|
Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili | IM |
| Italy
|
SIDREA (Italian Association of Professors in Accounting & Business Administration) | AM |
 Japan
|
Japanese Institute of Certified Public Accountants | IM |
| Japan
|
Japanese Association of Real Estate Appraisal | VPO |
| Japan
|
Tokyo Financial Advisors Co Ltd | CM |
 Kazakhstan
|
Chamber of Professional Appraisers of Kazakhstan | VPO |
| Kazakhstan
|
Republican Chamber of Appraisers of Kazakhstan | VPO |
 Kenya
|
Institution of Surveyors of Kenya (ISK) | VPO |
 South Korea
|
Korean Institute of Certified Public Accountants | IM |
 Kosovo
|
KAF Institute | AVPO |
 Kuwait
|
Kuwait Real Estate Association | IM |
| Kuwait
|
International Real Estate Valuer, owned by Emad Alfaraj | CM |
 Latvia
|
Latvian Association of Appraisers | VPO |
 Lithuania
|
The Authority of Audit, Accounting, Property Valuation and Insolvency Management Lithuania | IM |
 Malawi
|
University of Malawi - The Polytechnic | AM |
 Malaysia
|
The Royal Institution of Surveyors, Malaysia | VPO |
| Malaysia
|
Malaysian Institute of Accountants | IM |
 Mexico
|
Federación de Colegios de Valuadores, A.C. (FECOVAL) | VPO |
 Moldova
|
Agency for Land Relations and Cadastre of the Republic of Moldova | IM |
 Mongolia
|
Mongolian Institute of Certified Appraisers | VPO |
 Montenegro
|
Chamber of Valuers of Montenegro | VPO |
| Montenegro
|
Institute of Certified Accountants of Montenegro | VPO |
 Namibia
|
Ministry of Land Reform | IM |
 Nepal
|
Nepal Valuers' Association | AVPO |
 Netherlands
|
NRVT | VPO |
 New Zealand
|
Property Institute of New Zealand (PINZ) | VPO |
 Nigeria
|
Nigerian Institution of Estate Surveyors and Valuers | VPO |
| Nigeria
|
Estate Surveyors and Valuers Registration Board of Nigeria | IM |
 North Macedonia
|
Bureau for Court Expertise, Republic of North Macedonia | VPO |
| North Macedonia
|
Chamber of Valuation of the Republic of North Macedonia | VPO |
 Norway
|
Norges Takseringsforbund | VPO |
 Oman
|
Al Muheet Institute | AM |
 Peru
|
Technical Appraisers Corps of Peru (Cuerpo Tecnico de Tasaciones del Peru) | AVPO |
 Philippines
|
Institute of Philippine Real Estate Appraisers (IPREA) | VPO |
| Philippines
|
Philippines Bureau of Local Government Finance | IM |
| Philippines
|
Philippines Association of Realty Appraisers | AVPO |
 Qatar
|
Al Asmakh Real Estate | CM |
 Poland
|
The Polish Federation of Valuer’s Associations | VPO |
 Romania
|
The National Association of Romanian Valuers | VPO |
 Russian Federation
|
Russian Society of Appraisers | VPO |
| Russian Federation
|
Self-Regulated Inter-Regional Appraisers Association (SIAA | VPO |
 Rwanda
|
Institute of Real Property Valuers in Rwanda | AVPO |
 Saudi Arabia
|
Public Investment Fund | CM |
| Saudi Arabia
|
Saudi Authority for Accredited Valuers (Taqeem) | IM |
 Serbia
|
National Association of Valuers of Serbia | VPO |
 Singapore
|
Singapore Institute of Surveyors and Valuers | VPO |
| Singapore
|
Institute of Valuers & Appraisers of Singapore | VPO |
| Singapore
|
United Overseas Bank Ltd | CM |
| Singapore
|
Sea Ltd | CM |
| Singapore
|
DBS Bank Ltd | CM |
| Singapore
|
OCBC Bank | CM |
 Slovenia
|
Slovenian Institute of Auditors | VPO |
 South Africa
|
South African Institute of Valuers | VPO |
| South Africa
|
South African Council for Property Valuers Profession (SACPVP) | IM |
| South Africa
|
South African Institute of Chartered Accountants (SAICA) | IM |
| South Africa
|
Office of the Valuer General (South Africa) | VPO |
 Spain
|
Asociación Profesional de Sociedades de Valoración (ATASA) | VPO |
| Spain
|
Asociación Espanola de Analisis de Valor (AEV) | IM |
 Sri Lanka
|
Institute of Valuers of Sri Lanka | VPO |
 Sudan
|
Pro Serve Engineering Consulting Co Ltd | CM |
 Sweden
|
ASPECT - Association for Chartered Surveying, Property Evaluation and Transactions | VPO |
 Switzerland
|
Swiss Institute of Real Estate Appraisal (SIREA) | AM |
| Switzerland
|
Institute of Finance, University of Applied Science and Arts Northwestern Switzerland | AM |
 Thailand
|
Thai Valuers Association | VPO |
 Turkey
|
Real Estate Development and Management, Ankara University | AM |
| Turkey
|
Turkish Appraisers Association | VPO |
| Turkey
|
ACCYBER | CM |
 Turkmenistan
|
Union of Economists of Turkmenistan | AVPO |
 Uganda
|
Institute of Surveyors of Uganda | IM |
 Ukraine
|
Ukrainian Society of Appraisers | VPO |
| Ukraine
|
Pan-Ukrainian Association of Valuation Specialists (PUAVS) | AVPO |
 United Arab Emirates
|
Abu Dhabi Municipality, Property Registration Section | IM |
| United Arab Emirates
|
Dubai Land Dept, Taqyeem (Real Estate Appraisal Centre) | IM |
 United Kingdom
|
Royal Institution of Chartered Surveyors | VPO |
| United Kingdom
|
Institute of Chartered Accountants in England and Wales (ICAEW) | IM |
| United Kingdom
|
Brand Finance | CM |
| United Kingdom
|
Savills (UK) Ltd | CM |
| United Kingdom
|
DFK International | CM |
 United States
|
Appraisal Foundation | IM |
| United States
|
International Association of Assessing Officers | IM |
| United States
|
Appraisal Institute (AI) | VPO |
| United States
|
American Society of Appraisers (ASA) | VPO |
| United States
|
American Institute of Certified Public Accountants (AICPA) | VPO |
| United States
|
Berkeley Research Group (BRG) | CM |
| United States
|
Business Valuation Resources | CM |
| United States
|
CFA Institute | VPO |
| United States
|
Harvest Investments Ltd | CM |
| United States
|
International Finance Corporation (IFC) | IM |
| United States
|
National Council for Real Estate Investment Fiduciaries (NCREIF) | IM |
| United States
|
Jones Lang LaSalle | CM |
| United States
|
Leventhal School of Accounting, University of S California | AM |
| United States
|
Lincoln International LLP | CM |
| United States
|
Valuation Research Corporation | CM |
| United States
|
414 Capital Inc | CM |
 Uzbekistan
|
Association of Appraisal Organisations of Uzbekistan | IM |
 Vietnam
|
Price Control Department, Ministry of Finance | IM |
Sponsors
editThe following organizations are listed as sponsors of the IVSC in 2022/23:[7]
- American Institute of Certified Public Accountants
- American Society of Appraisers
- The Appraisal Foundation
- Appraisal Institute
- Appraisal Institute of Canada
- BDO Global
- Bloomberg L.P.
- CBV Institute
- CFA Institute
- China Appraisal Society
- DBS Bank
- Deloitte
- Ernst & Young
- Grant Thornton International
- Houlihan Lokey
- International Finance Corporation
- KPMG
- Kroll
- Lincoln International
- Mazars
- Multilateral Investment Guarantee Agency
- OCBC Bank
- Organismo Italiano di Valutazione (OIV)
- Public Investment Fund
- PricewaterhouseCoopers
- Royal Institution of Chartered Surveyors
- Saudi Authority for Accredited Valuers (Taqeem)
- Sea Group Ltd
- Stout
- United Overseas Bank
References
edit- ^ "Boards". IVSC. Retrieved 21 June 2017.
- ^ "Members of the Board of Trustees". IVSC. Retrieved 21 June 2017.
- ^ "Our Members". IVSC. Retrieved 21 June 2017.
- ^ "International Valuation Standards". IVSC. Retrieved 21 June 2017.
- ^ "IVSC launches new global standards for valuation professions". IVSC. Retrieved 21 June 2017.
- ^ "IVS Open Consultations". IVSC. Retrieved 21 June 2017.
- ^ "Sponsors". IVSC. Retrieved 21 June 2017.