As part of its “historic” restructuring this year, the International Valuation Standards Committee (IVSC) has reviewed its Standards Board output. “The Board believed [it] was time to pause and consider the fundamentals of what…the IVSC is trying to achieve,” says Joseph Vella, in the latest IVSC E-News, “and how best to do it without being constrained by a perceived need to work within the structure and confines of the current [standards].”
The current International Valuation Standards (IVS) arose from various institutes around the world, primarily as their established guidance related to real property valuations. Now, “the demands of the global capital and financial markets are driving the development of the IVS,” Vella says. “They must be seen as…standards in their own right and in particular support the measurement requirements of other global reporting standards.”
To ensure this level of quality and consistent application, the IVSC commissioned a Critical Review Group, composed of preparers and users of valuation reports familiar with standard-setting procedures. The Group just turned over its report to the IVSC, which published a copy on its website and invites comments by October 31, 2007. The Committee will review all input and publish a final report as part of its restructuring, including the creation of a new Standards Board.
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