The IVS were originally released in 2004 as a 400-page set of guidances at varying levels of detail. They were surprisingly quickly adapted by a variety of national valuation organizations in developing countries—largely because they were the only international standards available.
The first major revision, designed to shorten the document and focus on principals, was released in 2011.
Volunteers and staff (many of them "donated" by the Big Four accounting firms) have worked together via the IVSC Standards Board. A great deal of joint work on the update was accomplished in the public forums conducted the last two days on the outskirts of Paris. "We are very intent to not loose momentum," said Sir David Tweedie, the IVSC chair of the board. Tweedie was re-elected as chair for the next three years as well, so he'll be continuing his term. His background in leadership in international accounting standards makes him something of the ideal candidate to continue to advance the cause of global business valuation standards.
The exposure draft of the newest update is planned for January 2016, followed by a three-month review period. Standards Board chair Greg Forsythe says that the updated IVS should be effective by early summer 2016.
This timetable is somewhat more critical for the many emerging valuation professional organizations (VPOs) than it is perhaps in North America, where USPAP, SSVS-1, and the CICBV standards are already "competing." However, the various certifying organizations that currently comply with other established standards (CICBV, AICPA, ASA, NACVA, IACVA, and many more) will obviously benefit by working to maintain and improve alignment, if not coincidence, with the IVS.
In addition, efforts by the joint TAF working group to develop a certification in valuation for financial reporting or IIBV to create an additional certification for cross-border appraisal expertise will obviously need to stay closely aware of what IVS has to say.
"I'm an optimist," said one IVSC trustee. "The road to conformance [of international standards] is long and hard, but we'll get there."