International Valuation Standards Committee
Encyclopedia
The International Valuation Standards Council (IVSC) is charged with developing robust and transparent procedures for performing international valuations through a single set of globally recognized valuation standards, acceptable to the world’s capital markets organisations market participants and regulators, which will meet the challenges of a fast-changing global economy.
The IVSC is an independent, not for profit, private sector organisation incorporated in the US. Headquartered in London with the support of the City of London Corporation, IVSC has three main constituents:
(1) An independent global Board of Trustees responsible for the strategic direction and funding of the Council. The Board is chaired by Michel Prada
, former chairman of the Autorité des Marchés Financiers of France. He is a member of the IASB/FASB Financial Crisis Advisory Group and a former chair of the Executive Committee of the International Organisation of Securities Commissions. Other Trustees include Malcolm Knight, non-executive Vice Chairman of Deutsche Bank and former General Manager of the Bank for International Settlements, and Roel Campos, former Commissioner of the US Securities and Exchange Commission between 2002 - 2007.
(2) A Standards Board (IVSB) appointed by the Trustees and entrusted with the setting and revision of standards, and providing application guidance, and chaired by Steven J Sherman, Partner and Chair, Global Valuations, KPMG.
(3) A Professional Board (IVPB) appointed by the Trustees to promote professional and educational standards for valuation; to assist in the development of high quality practices by the world’s valuers and the development of the profession in emerging markets, and chaired by Jean-Florent Rérolle, Managing Director, Houlihan Lokey.
The IVSC works co-operatively with national professional valuation institutes, users and preparers of valuations, governments, regulators and academic bodies, all of whom can become members of the IVSC and have an important role to play in advising the Boards on agenda decisions and priorities in the work of the IVSC.
An Exposure Draft of proposed new “International Valuation Standards” (IVS) was issued on June 2 2010 that cover valuations for most types of asset, including for the first time a proposed standard for financial instruments. The standards also reflect current developments in the International Financial Reporting Standards, which increasingly require assets and liabilities to be valued. The IVS aim to identify concepts and principles that are applicable to all types of valuation in order to improve consistency, transparency and therefore confidence in the valuation process.
-- Academic Members--
The IVSC is an independent, not for profit, private sector organisation incorporated in the US. Headquartered in London with the support of the City of London Corporation, IVSC has three main constituents:
(1) An independent global Board of Trustees responsible for the strategic direction and funding of the Council. The Board is chaired by Michel Prada
Michel Prada
Michel Prada is a lawyer and administrator who became a French civil servant, holding a number of senior positions.-Background:Prada was born on 2 April 1940 in Bordeaux....
, former chairman of the Autorité des Marchés Financiers of France. He is a member of the IASB/FASB Financial Crisis Advisory Group and a former chair of the Executive Committee of the International Organisation of Securities Commissions. Other Trustees include Malcolm Knight, non-executive Vice Chairman of Deutsche Bank and former General Manager of the Bank for International Settlements, and Roel Campos, former Commissioner of the US Securities and Exchange Commission between 2002 - 2007.
(2) A Standards Board (IVSB) appointed by the Trustees and entrusted with the setting and revision of standards, and providing application guidance, and chaired by Steven J Sherman, Partner and Chair, Global Valuations, KPMG.
(3) A Professional Board (IVPB) appointed by the Trustees to promote professional and educational standards for valuation; to assist in the development of high quality practices by the world’s valuers and the development of the profession in emerging markets, and chaired by Jean-Florent Rérolle, Managing Director, Houlihan Lokey.
The IVSC works co-operatively with national professional valuation institutes, users and preparers of valuations, governments, regulators and academic bodies, all of whom can become members of the IVSC and have an important role to play in advising the Boards on agenda decisions and priorities in the work of the IVSC.
An Exposure Draft of proposed new “International Valuation Standards” (IVS) was issued on June 2 2010 that cover valuations for most types of asset, including for the first time a proposed standard for financial instruments. The standards also reflect current developments in the International Financial Reporting Standards, which increasingly require assets and liabilities to be valued. The IVS aim to identify concepts and principles that are applicable to all types of valuation in order to improve consistency, transparency and therefore confidence in the valuation process.
Valuation Organisation Members
- Argentina - Instituto Argentino de Tasaciones
- Australia - Australian Property Institute, Institute of Foresters of Australia
- Belarus - Belarusian Society of Valuers
- Brazil - Instituto Brasileiro Avaliacoes
- Canada - Appraisal Institute of Canada, Canadian Institute of Chartered Business Valuators
- China - China Appraisal Society
- Colombia - Registro Nacional de Avaluadores
- Czech Republic -The Czech Chamber of Appraisers
- Egypt - The Egyptian Association of Real Estate Appraisers
- Finland - Finnish Association of Real Estate Valuation
- Georgia - Association for Protection of Landowners Rights, Expertise Institute for Valuation of Assets of Georgia
- Greece -Body of Sworn-in Valuers of Greece
- Hong Kong, China -Hong Kong Institute of Surveyors
- India -The Practising Valuers Association of India
- Indonesia -Indonesian Society of Appraisers
- Ireland -The Society of Chartered Surveyors in the Republic of Ireland, The Irish Auctioneers and Valuers Institute
- Italy - Consiglio Nazionale Geometri
- Japan -Japanese Association of Real Estate Appraisal
- Kazakhstan -Chamber of Professional Appraisers of Kazakhstan, Republican Chamber of Appraisers of Kazakhstan
- Kenya - Institution of Surveyors of Kenya
- Korea - Korea Association of Property Appraisers, - Korea Appraisal Board
- Latvia -Latvian Association of Appraisers
- Lithuania -Lithuanian Association of Property Valuers
- Malawi -Surveyors Institute of Malawi
- Malaysia -The Institution of Surveyors, Malaysia
- Mexico -National Association of Mexican Valuation Institutes
- The Netherlands -Raad voor Onroerende Zaken (ROZ, the Real Estate Council)
- New Zealand -Property Institute of New Zealand (PINZ)
- Norway -Norges Takseringsforbund
- Nigeria -Nigerian Institution of Estate Surveyors and Valuers
- Philippines -Institute of Philippine Real Estate Appraisers (IPREA)
- Poland -The Polish Federation of Valuer’s Associations
- Romania -The National Association of Romanian Valuers
- Russia -The Russian Society of Appraisers, Russian Board of Appraisers, Self-Regulated Inter-regional Appraisers Association
- Serbia - National Association of Valuers of Serbia
- Slovenia- Slovenian Institute of Auditors
- South Africa -South African Institute of Valuers
- Spain -Association Espanola de Sociadades de Tasacion
- Sweden -ASPECT - Association for Chartered Surveying, Property Evaluation and Transactions
- Tanzania -Tanzania Institution of Valuers and Estate Agents
- Thailand -Thai Valuers Association
- Ukraine -Ukrainian Society of Appraisers
- United Kingdom -The Royal Institution of Chartered Surveyors
- United States -The Appraisal Institute, American Society of Appraisers
- Venezuela -Sociedad de Ingenieria de Tasaciones de Venezuel
Corporate Members
- International Association of Consultants, Valuators and Analysts(IACVA)
- BMI Appraisals
- Greater China Appraisal Ltd, Hong Kong, PRC
- Japan Valuers Co., Ltd
- Khong & Jaafar, Sdn Bhd, Malaysia
Institutional Members
- Federation Francaise des Experts en Evaluation
- Institute of Cost and Works Accountants of India
- Ministry of Lands and Resettlement, Namibia
- National Council for Real Estate Investment Fiduciaries (NCREIF), USA
- Price Control Department, Ministry of Finance, Vietnam
- Public Institution Auditing, Accounting and Property Valuation Institute of the Republic of Lithuania
- Securities and Exchange Commission of Pakistan
- South African Council for Property Valuers Profession
- Sri Lanka Accounting Standards Monitoring Board
- Taqyeem (Real Estate Appraisal Centre), Dubai Land Department
-- Academic Members--
- The State University - Higher School of Economics, Institution for Real Estate Economics, Moscow