The International Valuation Standards Council (IVSC), the global standard setter for valuation practice and the valuation profession, has opened consultations on its latest sets of standards.
Exposure drafts of the latest international valuation standards and the newly created international professional standards are now available from the IVSC for review and input.
The consultations are seen as an important step forward for the IVSC in its aim to establish and maintain effective, high-quality international valuation and professional standards.
Steven Sherman, chair of the IVSC’s standards board, said: “The latest draft of the IVSs is the next step towards harmonising the currently fragmented valuation process.
“Without robust valuation standards, businesses, lenders and investors are at risk from unreliable financial information and improper understanding of real estate, intangibles, financial instruments and other assets which could cause significant problems for global markets.
“By refining and adopting these standards, we will boost the transparency of, and confidence in, valuations for the benefit of business and the public.”
Sir David Tweedie, chairman of the IVSC, added: “These two consultations reflect the IVSC’s continuing commitment to developing high quality international valuation standards which underpin consistency, transparency and confidence in valuations across the world.
“Valuations are relied upon in financial and other markets – it is no understatement to say they underpin the global economy. We therefore face enormous risks if businesses and real estate are incorrectly valued.
“The creation of the international professional standards is a particularly important step for the valuation profession. They will be vital in ensuring valuers act in the public interest, and will be instrumental in defining and promoting professionalism in the industry.
“We look forward to reading input from industry peers and stakeholders during the consultation process, and completing these important projects.”
