Yesterday the International Valuation Standards Council (IVSC) released an exposure draft of proposed new International Valuation Standards (IVS) for public comment.
The IVS are designed to:
- promote consistency and aid the understanding of valuations of all types by identifying or developing globally accepted principles and terminology,
- identify and promulgate common principles for the undertaking of valuation assignments and the reporting of valuations,
- identify the appropriate valuation objectives and solutions for the major purposes for which valuations are required,
- identify specific issues that require consideration when valuing different types of assets or liabilities,
- promote the convergence of existing valuation standards that are in use in different sectors and states.