Last Friday, the Private Sector Taskforce of Regulated Professions and Industries released its final report to G-20 Deputies. The report responds to the G-20’s request for the International Valuation Standards Council (IVSC), a member of the Taskforce, to analyze the gaps in regulatory convergence. To close the gaps across financial professions and industries, the Taskforce’s report recommends that the G-20:

• Maintain its momentum and ambition for global regulatory reform and convergence;
• Discourage unilateral national regulatory reforms that are inconsistent with international standards;
• Support the development, adoption, and implementation of one set of globally accepted high-quality international standards for each of financial reporting, auditing, valuations, and actuarial services.

“The IVSC fully supports the analysis and recommendations of the Private Sector Taskforce,” says Michel Prada, chair of the IVSC board of trustees in the release. “The on-going economic turmoil confirms the need for a more efficient approach to the valuation of all types of assets,” and the IVSC will continue to actively pursue “a comprehensive set of international standards” that will restore confidence in financial markets worldwide. View The Taskforce’s full report here.

Convergence on PE and VC valuations is also a goal: The same release also announced that the IVSC had just signed a memorandum of understanding with the International Private Equity Valuations (IPEV) board. As part of their proposed cooperation, the two bodies plan to prepare and publish technical guidance and methodology for international PE and also venture capital valuations.