The world’s biggest independent valuation consultancy, American Appraisals Associates (AAA), has decided to help fund the International Valuation Standards Committee’s (IVSC) drive for global standards.
AAA joins another 22 organisations which have pledged a total of more than (£545,000) US$800,000 to the campaign.
The move follows a meeting of the company’s board of directors where Ronald M Goergen, president and CEO of AAA, said: “The development of global standards for the profession is essential if the profession is to respond to the needs of an increasingly global market.”
The IVSC, which represents valuation professionals from 52 countries, is in the middle of a three-year programme to overhaul its existing standards by 2002.
It aims to produce transparent, harmonised, and accepted standards which will facilitate global business, in the manner of International Accounting Standards.
The IVSC also argues that international valuation standards will enhance the reputation of the property profession worldwide and aid the recognition of the industry as part in the global financial picture.
Welcoming AAA’s decision, IVSC chairman Greg McNamara said: “The demand for unifying standards, I believe, is now stronger than ever before. I very much support the decision by American Appraisal Associates to support the worldwide effort by the valuation profession to develop international valuation standards.”
EGi News 09/10/01
