Financial instruments are the Achilles heel of valuation, according to Sir David Tweedie, chairman of the International Valuation Standards Council (IVSC). In a recent article in The Accountant, he points out that, while business and real state valuation standards are more developed, financial instruments carry a rampant risk. In response, the IVSC is creating a separate standard board only for financial instruments. "I've spoken to Hans [Hoogervorst] and the IASB has been very helpful in offering to do anything they can, some of it would probably be more disclosure," he says.

The new IVSC: During 2015, the IVSC redefined itself after some significant internal restructuring. Tweedie says the IVSC should be built on two cornerstones: the creation of a strong valuation profession and global standard setting of quality. "The problem with the valuation profession is that, at the moment, it is completely scattered. There are all sorts of credentials; nobody knows who the good guys are …," he says.