International Valuation Standards Council update
An update of recent developments in relation to the International Valuation Standards Council (IVSC), including access to IVSC standards, collaboration with the IASB, code of ethical principles and the IVSC work plan.
- Access to IVSC standards. Electronic access is now available to the International Valuation Standards published in July 2011. The standards can be accessed here (registration required) ahead of a comprehensive online service to be introduced at a later time
- Collaboration with the IASB. The IVSC will participate in the IASB expert advisory group to assist in the development of educational material to support the implementation of IFRS 13 Fair Value Measurement and acknowledges each entity's respective pronouncements must be consistent to avoid causing confusion
- Code of Ethical Principles. The Professional Board has approved the Code of Ethical Principles for Professional Valuers which has been updated to reflect the comments received on the Second Exposure Draft
- IVSC work plan. The IVSC has appointed working groups on six projects and has agreed to add a project on investment property. Three Technical Information Papers on discounted cash flow, the cost approach for tangible assets and intangible assets are near completion and should be published in early 2012. Publication of Exposure Drafts on guidelines for fairness opinions and a Technical Information Paper on contributory asset charges is also expected soon.
There have also been a number of new board appointments. Click for more information (link to IVSC website).