Yesterday the International Valuation Standards Committee (IVSC) announced its response to the FASB’s Invitation to Comment (ITC) on Valuation Guidance for Financial Reporting, issued earlier this year. (See BVWire # 52-3). The IVSC “welcomed the publication of the ITC, which it believes will help raise awareness of the critical importance of rigorous valuation standards and guidance to financial reporting.”
As valuation is a disciplined specialty, “the IVSC considers it essential that valuation standards are prepared, endorsed and followed by valuation experts. Further, the IVSC believes that a clear set of internationally recognized and accepted valuation standards, consistent approaches, methodologies and definitions would eliminate the need for constituents to consider guidance in multiple and sometimes contradictory national standards.” For the full text of the IVSC response, go to its web site, www.ivsc.org or FASB’s, www.fasb.org.
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