The major surveying firms are backing the International Valuation Standards Committee (IVSC) in its bid to develop a set of international valuation standards and guidance by the year 2002.
The ISVC has 18 organisations which have contributed $300,000 in total to kick-start the project following a meeting in London. These organisations include CB Richard Ellis, Chesterton, DTZ Debenham Tie Leung, FPD Savills, Healey & Baker, Insignia Richard Ellis, Jones Lang LaSalle, King Sturge, Knight Frank and Weatherall Green & Smith.
Robert Peto, chairman of DTZ Debenham Tie Leung (UK) who hosted the meeting, said: “Last week, the European Commission announced that it intends to introduce a legislative proposal to mandate International Accounting Standards (IAS) for all listed EU companies by 2005 at the latest. The development of international valuation standards that support IAS is crucial. Those meeting in London, by agreeing to acts as sponsors to the IVSC, have recognised the importance of the work of the IVSC to the global valuation profession.”
Other sponsors include Lend Lease Real Estate Investments, PricewarehouseCoopers and Institut Francais de l’Expertise Immobilière.
