International Valuation Standards Council

Last updated
International Valuation Standards Council
Formation1981
Headquarters London, UK
Website

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.

Contents

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

The objectives of the IVSC are to strengthen the worldwide valuation profession by:

Boards

Board of trustees

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

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

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

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:

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

IVS Glossary

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

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

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

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

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

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.

CountryMemberType
Flag of Australia (converted).svg  Australia Australian Property InstituteVPO
Flag of Australia (converted).svg  Australia Australian Valuers' InstituteIM
Flag of Australia (converted).svg  Australia CPA AustraliaIM
Flag of Australia (converted).svg  Australia Australian Institute of Business BrokersAVPO
Flag of Australia (converted).svg  Australia Chartered Accountants of Australia and New ZealandIM
Flag of Austria.svg  Austria WU (Vienna University of Economics & Business) Financial Accounting and Auditing GroupAM
Flag of Austria.svg  Austria Austrian Chamber of Tax Advisors and Public AccountantsIM
Flag of Azerbaijan.svg  Azerbaijan Azerbaijan Society of AppraisersAVPO
Flag of Bahrain.svg  Bahrain Real Estate Regulatory Authority, BahrainIM
Flag of Bangladesh.svg  Bangladesh Institute of Chartered Valuers BangladeshAVPO
Flag of Bangladesh.svg  Bangladesh Bangladesh Survey & Valuation Companies, Firms & Individual Concerns AssociationiAVPO
Flag of Bangladesh.svg  Bangladesh Financial Reporting Council BangladeshIM
Flag of Bangladesh.svg  Bangladesh Institute of Chartered Accountants of BangladeshIM
Flag of Belgium (civil).svg  Belgium European Mortgage Federation - European Covered Bond CouncilIM
Flag of Belgium (civil).svg  Belgium Institut des réviseurs d’entreprises (IRE) – Instituut van de bedrijfsrevisoren (IBR) (Institute of Registered Auditors)IM
Flag of Bosnia and Herzegovina.svg  Bosnia and Herzegovina Association of Certified Appraisers in Bosnia and HerzegovinaVPO
Flag of Bosnia and Herzegovina.svg  Bosnia and Herzegovina Union of Accountants, Auditors & Financial Workers of Federation of Bosnia & HerzegovinaIM
Flag of Bosnia and Herzegovina.svg  Bosnia and Herzegovina Bosnian & Herzegovinian Property AssociationVPO
Flag of Botswana.svg  Botswana Real Estate Institute of BotswanaVPO
Flag of Brazil.svg  Brazil Instituto Brasileiro AvaliacoesVPO
Flag of Brazil.svg  Brazil Panamerican Union of Valuation AssociationsAVPO
Flag of Brazil.svg  Brazil Mynarski International ValuationCM
Flag of Brazil.svg  Brazil Conselho Federal de Corretores de ImóveisIM
Flag of Bulgaria.svg  Bulgaria Chamber of Professional ValuersIM
Flag of Canada (Pantone).svg  Canada Appraisal Institute of CanadaVPO
Flag of Canada (Pantone).svg  Canada CBV Institute VPO
Flag of Canada (Pantone).svg  Canada International Association of Consultants, Valuators and AnalystsCM
Flag of Canada (Pantone).svg  Canada International Institute of Business ValuatorsAM
Flag of the People's Republic of China.svg  China China Appraisal SocietyVPO
Flag of the People's Republic of China.svg  China Shanghai Orient Appraisal CompanyCM
Flag of Colombia.svg  Colombia Registro Nacional de AvaluadoresVPO
Flag of Costa Rica.svg  Costa Rica Costa Rican Valuation InstituteVPO
Flag of Croatia.svg  Croatia Croatian Society of ValuersVPO
Flag of the Czech Republic.svg  Czech Republic University of Economics, PragueAM
Flag of Egypt.svg  Egypt Egyptian Association of Real Estate AppraisersVPO
Flag of Egypt.svg  Egypt Claro Real Estate CompanyCM
Flag of Finland.svg  Finland Finnish Association for Real Estate ValuationVPO
Flag of France.svg  France Fédération Française des Experts en EvaluationIM
Flag of France.svg  France Real Quality Rating (RQR)CM
Flag of France.svg  France Compagnie Nationale des Commissaires aux Comptes (CNCC)IM
Flag of France.svg  France 73 Strings SASCM
Flag of Georgia.svg  Georgia Association of Professionals on Land and RealtyVPO
Flag of Georgia.svg  Georgia Expertise Institute for Valuation of Assets of GeorgiaVPO
Flag of Georgia.svg  Georgia National Forensic Bureau of GeorgiaIM
Flag of Georgia.svg  Georgia Valuers & Experts Professional Development CentreIM
Flag of Germany.svg  Germany Institut der WirtschaftspruferIM
Flag of Germany.svg  Germany European Association of Certified Valuators and AnalystsVPO
Flag of Germany.svg  Germany HypZert GmbHVPO
Flag of Germany.svg  Germany Institute for Mergers, Acquisitions and Alliances GmbHAM
Flag of Hong Kong.svg  Hong Kong Greater China Appraisal LtdCM
Flag of Hong Kong.svg  Hong Kong Hong Kong Institute of SurveyorsVPO
Flag of Hong Kong.svg  Hong Kong Chartered Valuation Analyst InstitutionAVPO
Flag of Hong Kong.svg  Hong Kong AVISTA Valuation Advisory LtdCM
Flag of India.svg  India The Practising Valuers Association of IndiaVPO
Flag of India.svg  India Institute of Chartered Accountants of IndiaIM
Flag of India.svg  India Institute of Cost Accountants of IndiaIM
Flag of India.svg  India Institution of Valuers of IndiaVPO
Flag of India.svg  India Techno India University, West BengalAM
Flag of India.svg  India Indian Inst of Corporate AffairsAM
Flag of India.svg  India ICMAI Registered Valuers OrganisationAM
Flag of India.svg  India IIV India Registered Valuers FoundationAVPO
Flag of India.svg  India Divya Jyoti Valuers FoundationAVPO
Flag of India.svg  India All India Institute of Valuers FoundationAVPO
Flag of India.svg  India Institute of Company Secretaries of IndiaIM
Flag of India.svg  India Institution of Valuers India Registered Valuers FoundationVPO
Flag of India.svg  India CEV Integral Appraisers FoundationVPO
Flag of Indonesia.svg  Indonesia Indonesian Society of AppraisersVPO
Flag of Ireland.svg  Ireland Technology University Dublin, School of Surveying and Construction ManagementAM
Flag of Ireland.svg  Ireland Society of Chartered Surveyors IrelandVPO
Flag of Israel.svg  Israel Israel Real Estate Appraisers Association (IREAA)VPO
Flag of Italy.svg  Italy Consiglio Nazionale GeometriVPO
Flag of Italy.svg  Italy Consiglio Nazionale dei Dottori Commercialisti e degli Esperti ContabiliIM
Flag of Italy.svg  Italy SIDREA (Italian Association of Professors in Accounting & Business Administration)AM
Flag of Japan.svg  Japan Japanese Institute of Certified Public AccountantsIM
Flag of Japan.svg  Japan Japanese Association of Real Estate AppraisalVPO
Flag of Japan.svg  Japan Tokyo Financial Advisors Co LtdCM
Flag of Kazakhstan.svg  Kazakhstan Chamber of Professional Appraisers of KazakhstanVPO
Flag of Kazakhstan.svg  Kazakhstan Republican Chamber of Appraisers of KazakhstanVPO
Flag of Kenya.svg  Kenya Institution of Surveyors of Kenya (ISK)VPO
Flag of South Korea.svg  South Korea Korean Institute of Certified Public AccountantsIM
Flag of Kosovo.svg  Kosovo KAF InstituteAVPO
Flag of Kuwait.svg  Kuwait Kuwait Real Estate AssociationIM
Flag of Kuwait.svg  Kuwait International Real Estate Valuer, owned by Emad AlfarajCM
Flag of Latvia.svg  Latvia Latvian Association of AppraisersVPO
Flag of Lithuania.svg  Lithuania The Authority of Audit, Accounting, Property Valuation and Insolvency Management LithuaniaIM
Flag of Malawi.svg  Malawi University of Malawi - The PolytechnicAM
Flag of Malaysia.svg  Malaysia The Royal Institution of Surveyors, MalaysiaVPO
Flag of Malaysia.svg  Malaysia Malaysian Institute of AccountantsIM
Flag of Mexico.svg  Mexico Federación de Colegios de Valuadores, A.C. (FECOVAL)VPO
Flag of Moldova.svg  Moldova Agency for Land Relations and Cadastre of the Republic of MoldovaIM
Flag of Mongolia.svg  Mongolia Mongolian Institute of Certified AppraisersVPO
Flag of Montenegro.svg  Montenegro Chamber of Valuers of MontenegroVPO
Flag of Montenegro.svg  Montenegro Institute of Certified Accountants of MontenegroVPO
Flag of Namibia.svg  Namibia Ministry of Land ReformIM
Flag of Nepal.svg    Nepal Nepal Valuers' AssociationAVPO
Flag of the Netherlands.svg  Netherlands NRVTVPO
Flag of New Zealand.svg  New Zealand Property Institute of New Zealand (PINZ)VPO
Flag of Nigeria.svg  Nigeria Nigerian Institution of Estate Surveyors and ValuersVPO
Flag of Nigeria.svg  Nigeria Estate Surveyors and Valuers Registration Board of NigeriaIM
Flag of North Macedonia.svg  North Macedonia Bureau for Court Expertise, Republic of North MacedoniaVPO
Flag of North Macedonia.svg  North Macedonia Chamber of Valuation of the Republic of North MacedoniaVPO
Flag of Norway.svg  Norway Norges TakseringsforbundVPO
Flag of Oman.svg  Oman Al Muheet InstituteAM
Flag of Peru.svg  Peru Technical Appraisers Corps of Peru (Cuerpo Tecnico de Tasaciones del Peru)AVPO
Flag of the Philippines.svg  Philippines Institute of Philippine Real Estate Appraisers (IPREA)VPO
Flag of the Philippines.svg  Philippines Philippines Bureau of Local Government FinanceIM
Flag of the Philippines.svg  Philippines Philippines Association of Realty AppraisersAVPO
Flag of Qatar.svg  Qatar Al Asmakh Real EstateCM
Flag of Poland.svg  Poland The Polish Federation of Valuer’s AssociationsVPO
Flag of Romania.svg  Romania The National Association of Romanian ValuersVPO
Flag of Russia.svg  Russian Federation Russian Society of AppraisersVPO
Flag of Russia.svg  Russian Federation Self-Regulated Inter-Regional Appraisers Association (SIAAVPO
Flag of Rwanda.svg  Rwanda Institute of Real Property Valuers in RwandaAVPO
Flag of Saudi Arabia.svg  Saudi Arabia Public Investment FundCM
Flag of Saudi Arabia.svg  Saudi Arabia Saudi Authority for Accredited Valuers (Taqeem)IM
Flag of Serbia.svg  Serbia National Association of Valuers of SerbiaVPO
Flag of Singapore.svg  Singapore Singapore Institute of Surveyors and ValuersVPO
Flag of Singapore.svg  Singapore Institute of Valuers & Appraisers of SingaporeVPO
Flag of Singapore.svg  Singapore United Overseas Bank LtdCM
Flag of Singapore.svg  Singapore Sea LtdCM
Flag of Singapore.svg  Singapore DBS Bank LtdCM
Flag of Singapore.svg  Singapore OCBC BankCM
Flag of Slovenia.svg  Slovenia Slovenian Institute of AuditorsVPO
Flag of South Africa.svg  South Africa South African Institute of ValuersVPO
Flag of South Africa.svg  South Africa South African Council for Property Valuers Profession (SACPVP)IM
Flag of South Africa.svg  South Africa South African Institute of Chartered Accountants (SAICA)IM
Flag of South Africa.svg  South Africa Office of the Valuer General (South Africa)VPO
Flag of Spain.svg  Spain Asociación Profesional de Sociedades de Valoración (ATASA)VPO
Flag of Spain.svg  Spain Asociación Espanola de Analisis de Valor (AEV)IM
Flag of Sri Lanka.svg  Sri Lanka Institute of Valuers of Sri LankaVPO
Flag of Sudan.svg  Sudan Pro Serve Engineering Consulting Co LtdCM
Flag of Sweden.svg  Sweden ASPECT - Association for Chartered Surveying, Property Evaluation and TransactionsVPO
Flag of Switzerland (Pantone).svg   Switzerland Swiss Institute of Real Estate Appraisal (SIREA)AM
Flag of Switzerland (Pantone).svg   Switzerland Institute of Finance, University of Applied Science and Arts Northwestern SwitzerlandAM
Flag of Thailand.svg  Thailand Thai Valuers AssociationVPO
Flag of Turkey.svg  Turkey Real Estate Development and Management, Ankara UniversityAM
Flag of Turkey.svg  Turkey Turkish Appraisers AssociationVPO
Flag of Turkey.svg  Turkey ACCYBERCM
Flag of Turkmenistan.svg  Turkmenistan Union of Economists of TurkmenistanAVPO
Flag of Uganda.svg  Uganda Institute of Surveyors of UgandaIM
Flag of Ukraine.svg  Ukraine Ukrainian Society of AppraisersVPO
Flag of Ukraine.svg  Ukraine Pan-Ukrainian Association of Valuation Specialists (PUAVS) AVPO
Flag of the United Arab Emirates.svg  United Arab Emirates Abu Dhabi Municipality, Property Registration SectionIM
Flag of the United Arab Emirates.svg  United Arab Emirates Dubai Land Dept, Taqyeem (Real Estate Appraisal Centre)IM
Flag of the United Kingdom.svg  United Kingdom Royal Institution of Chartered Surveyors VPO
Flag of the United Kingdom.svg  United Kingdom Institute of Chartered Accountants in England and Wales (ICAEW)IM
Flag of the United Kingdom.svg  United Kingdom Brand FinanceCM
Flag of the United Kingdom.svg  United Kingdom Savills (UK) LtdCM
Flag of the United Kingdom.svg  United Kingdom DFK InternationalCM
Flag of the United States.svg  United States Appraisal FoundationIM
Flag of the United States.svg  United States International Association of Assessing OfficersIM
Flag of the United States.svg  United States Appraisal Institute (AI)VPO
Flag of the United States.svg  United States American Society of Appraisers (ASA)VPO
Flag of the United States.svg  United States American Institute of Certified Public Accountants (AICPA)VPO
Flag of the United States.svg  United States Berkeley Research Group (BRG)CM
Flag of the United States.svg  United States Business Valuation ResourcesCM
Flag of the United States.svg  United States CFA InstituteVPO
Flag of the United States.svg  United States Harvest Investments LtdCM
Flag of the United States.svg  United States International Finance Corporation (IFC)IM
Flag of the United States.svg  United States National Council for Real Estate Investment Fiduciaries (NCREIF)IM
Flag of the United States.svg  United States Jones Lang LaSalleCM
Flag of the United States.svg  United States Leventhal School of Accounting, University of S CaliforniaAM
Flag of the United States.svg  United States Lincoln International LLPCM
Flag of the United States.svg  United States Valuation Research CorporationCM
Flag of the United States.svg  United States 414 Capital IncCM
Flag of Uzbekistan.svg  Uzbekistan Association of Appraisal Organisations of UzbekistanIM
Flag of Vietnam.svg  Vietnam Price Control Department, Ministry of FinanceIM

Sponsors

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

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References

  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.