One of the changes in the latest edition of the International Valuation Standards (IVS) is a revised glossary of terms. You can find a red-lined version that shows the changes from the prior glossary if you click here. Key point: The glossary defines certain terms used in the IVS, so it is only applicable to these particular standards. You’ll also see that it does not contain basic valuation, accounting, or finance terms.
The updated IVS have an effective date of Jan. 31, 2022. Valuers can use the updated standards before the effective date and will need to make clear which edition of the IVS they are using when preparing a valuation report. Among other revisions, there is a new chapter, “IVS 230 Inventory,” as part of the intangible asset standards. IVSC member and sponsor organizations are provided with digital copies of IVS. Nonmembers/sponsors can access IVS through the IVS Online portal.