The IVSC had proposed the restructuring in January 2007 (see our IVSC Page
Key features of the IVSC restructuring plan are as follows:
- IVSC remains a non-profit organisation incorporated in United States.
- IVSC acronym is retained but the name changed to the International Valuation Standards Council.
- The organisation will have three main bodies:
- A Board of Trustees responsible for the strategic direction and funding of the IVSC.
- A Standards Board appointed by the Trustees, but with autonomy over its agenda and the creation and revision of standards.
- A Professional Board appointed by the Trustees to assist in the development of high quality practices by the world's valuers and development of the profession in developing countries.
- Membership of the IVSC will be broadened beyond national professional valuation institutes to include valuation companies, government, valuation end-users, and academia.
- Current IVSC directors remain in post for the transitional period November 2007 to May 2008, with responsibility for day to day management of the IVSC.
- During the November to May period, an advisory board, to be known as an interim Board of Trustees, will be established to oversee the IVSC restructuring process and business plan. Funds raised will be independently controlled by the group and released in accordance with the IVSC restructuring proposal. Michael Sharpe, former Chairman of the International Accounting Standards Committee, will be a Trustee. Mr Sharpe was also a member of IASC's Strategy Working Party that developed proposals leading to the creation of the IASB.
Click for IVSC Announcement (113k).