The International Valuation Standards Council (IVSC) continues buildup toward global standards for the valuation process

BVWireIssue #78-1
March 4, 2009

Yesterday, the IVSC announced that Michel Prada, former chair of the Autorité des Marchés Financiers in Paris, will chair its restructured International Valuation Standards Council. Also on the IVSC Board are: Patrick Gounelle, former global managing partner at Ernst & Young and vice chairman of the Board of Trustees of the IVSC; Nicholas Brooke, chairman of Professional Property Services Limited in Hong Kong; Roel Campos, partner in charge of the Washington, D.C. office of law firm Cooley Godward Kronish, and former Commissioner of the US Securities and Exchange Commission; Brad Dalgliesh, recently retired as senior partner of KPMG’s Canadian Valuation Services Practice and currently senior counsel to the firm; Lee Hackett, executive vice-president, global operations with American Appraisal Associates Inc.; and Madame Liu, Secretary General of the China Appraisal Society.
Following the first meeting of the Board of Trustees held in January, Prada said:

Now more than ever, there is a global need for clarity around valuation standards, across all business sectors. [Standardized] valuation, delivered under the auspices of an independent and global body, is vital for reducing investment risk, adding confidence to financial reporting, and providing a consistent approach to portfolio and asset valuation.” Prada added: “Unless such standards are established through a strong global standard setter there is a fear of disparate responses arising from the current crisis ending up with multiple sets of standards – for different asset classes and for different purposes. The IVSC intends to work in close cooperation with other standard setters and international regulatory [organizations.]

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