Last year, the International Valuation Standards Council (IVSC) commissioned an independent IVS 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.

Change necessary: 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 fulfil 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.

After reviewing the report, the IVSC may form a council made up of selected trustees and the IVS review group to oversee the upcoming transitional phase.