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.

International Valuation Standards Council
Formation1981
HeadquartersLondon, 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

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The 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

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Board of trustees

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The 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:

History

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The 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

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The 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

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The 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

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IVS Glossary

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The 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

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This 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

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The 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

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The 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

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The 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

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The 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

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The following organizations are listed as sponsors of the IVSC in 2022/23:[7]

References

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  1. ^ "Boards". IVSC. Retrieved 21 June 2017.
  2. ^ "Members of the Board of Trustees". IVSC. Retrieved 21 June 2017.
  3. ^ "Our Members". IVSC. Retrieved 21 June 2017.
  4. ^ "International Valuation Standards". IVSC. Retrieved 21 June 2017.
  5. ^ "IVSC launches new global standards for valuation professions". IVSC. Retrieved 21 June 2017.
  6. ^ "IVS Open Consultations". IVSC. Retrieved 21 June 2017.
  7. ^ "Sponsors". IVSC. Retrieved 21 June 2017.
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