At the upcoming October 12 meeting in Paris of the International Valuation Standards Council (IVSC), the organization will likely adopt many of the recommendations of a special review group concerning a restructuring of the IVSC, according to Steven J. Sherman, chairman of the IVSC standards board. Sherman gave an IVSC update at the meeting of The Appraisal Foundation in Washington, D.C., earlier this week.
Reform needed: Last year, the IVSC commissioned an independent review group to do an assessment to ensure that the organization is equipped for the next phase of its development. The group focused on the governance, financial stability, processes, and output of the IVSC. In a Review Report, the group recognized the need for international valuation standards and that the IVSC is the most appropriate organization to develop them. However, the group concluded that “reform of the IVSC is needed if it is to fulfill its potential,” says the report.
The group makes specific recommendations, including taking steps to improve the organization’s financial long-term viability and its profile among key stakeholders. Also, the group urges the IVSC to review its staffing model and resources as well as establish a clearer definition of purpose and vision.
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