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International Valuation Standards

The document discusses international valuation standards. It describes the International Valuation Standards Committee (IVSC) as an incorporated association comprising valuation associations from 52 countries that sets standards for property valuers. The IVSC aims to facilitate cross-border transactions and ensure consistency with financial reporting standards. The International Valuation Standards (IVS) developed by the IVSC seek to promote transparency, serve as benchmarks for valuers globally, and meet needs of emerging markets. The IVS define a professional property valuer as someone qualified to estimate property values for various purposes like transactions and litigation.

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405 views1 page

International Valuation Standards

The document discusses international valuation standards. It describes the International Valuation Standards Committee (IVSC) as an incorporated association comprising valuation associations from 52 countries that sets standards for property valuers. The IVSC aims to facilitate cross-border transactions and ensure consistency with financial reporting standards. The International Valuation Standards (IVS) developed by the IVSC seek to promote transparency, serve as benchmarks for valuers globally, and meet needs of emerging markets. The IVS define a professional property valuer as someone qualified to estimate property values for various purposes like transactions and litigation.

Uploaded by

Al Marzol
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
  • International Valuation Standards: Explores the standards and frameworks set by the International Valuation Standards Committee and their application across the real estate industry.

Philippine Association of Realty Appraisers, Inc.

PARA
Comprehensive Real Estate Appraisal Seminar and Training CREASA
T
2016

INTERNATIONAL VALUATION STANDARDS

THE INTERNATIONAL VALUATION STANDARDS COMMITTEE


• The IVSC is an incorporated association, comprising professional valuation
associations from around the world.
• The IVSC is an international body in terms of both its membership and mission. As of
the year 2007 membership of the IVSC include associations with member or
observer status representing 52 countries.
• Member associations in these countries subscribe to IVSC objectives concerning
valuation and must have a sufficient number of their members capable of
conducting valuations that comply with Standards.
• The IVSC’s international headquarters are in London: 12 Great George Street,
London, United Kingdom
• IVSC provides the accounting profession with advice and counsel relating to
valuation, seeks to coordinate its Standards and work programs with those related
professional discipline in the public interest, and cooperates international bodies in
determining and promulgating new Standards.
• In order to ensure that the international standards governing valuation practice are
consistent with the requirements of Valuers under international financial reporting
standards, the IVSC annually reviews each new edition of the International
Financial Reporting Standards (IFRSs), which include the International Accounting
Standards (IASs), promulgated by the International Accounting Standards Board
(IASB), and the International Public Sector Accounting Standards (IPSAS),
promulgated by the International Public Sector Accounting Standards Board.

THE INTERNATIONAL VALUATION STANDARDS (IVS)


The development of the International Valuation Standards (IVS) has been guided by
three principal objectives:
• To facilitate cross-border transactions and contribute to the viability of international
property markets by promoting transparency in financial reporting as well as the
reliability of valuations performed to secure loans and mortgages, for transactions
involving transfers of ownership, and for settlements in litigation or tax matters;
• To serve as a professional benchmark, or beacon, for Valuers around the world,
thereby enabling them to respond to the demands of international property
markets for reliable valuations and to meet the financial reporting requirements of
the global business community; and
• To provide Standards of valuation and financial reporting that meet the needs of
emerging and newly industrialized countries.

The IVS describes a A Professional Property Valuer -


• is a person who possesses the necessary qualifications, ability, and experience to
estimate property value for a diversity of purposes including transactions involving
transfers of property ownership, property considered as collateral to secure loans
and mortgages, property subject to litigation or pending settlement of taxes, and
property treated as fixed assets in financial reporting.
• may also possess the specific expertise to perform valuations of other categories of
property, i.e., personal property, businesses, and financial interests.

Page 80 INTERNATIONAL VALUATION STANDARDS

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