International Valuation Standards Council (IVSC)
The information on this page is organised as follows:
- IVSC pronouncements
- Cooperation with the IFRS Foundation
- Contact information
- Related news
The International Valuation Standards Council (IVSC) is the established international standard setter for valuation. Through the International Valuation Standards Board, the IVSC develops and maintains standards on how to undertake and report valuations, especially those that will be relied upon by investors and other third party stakeholders. The IVSC also supports the need to develop a framework of guidance on best practice for valuations of the various classes of assets and liabilities and for the consistent delivery of the standards by properly trained professionals around the globe.
The IVSC has published International Valuation Standards (IVS) since 1985. Existing pronouncements are subject to biennial review and the IVSC also undertakes projects in other areas as circumstances warrant.
Membership of IVSC is open to organisations of users, providers, professional institutes, educators, and regulators of valuation services. IVSC members appoint the IVSC Board of Trustees.
The International Valuation Standards Board (IVSB) is the body that sets the standards for how to perform and report on valuations. In 2008, the IVSB replaced the former IVSC Standards Board. The IVSB shall not be less than six nor more than nine persons appointed for three-year terms (one renewal term allowed).
- Members of the IVSB (link to IVSC website)
The International Valuation Professional Board (IVPB) is responsible to promote the profession generally and to benchmark educational and professional standards for valuation. The IVPB shall not be less than six nor more than nine persons appointed for three-year terms (one renewal term allowed).
- Members of the IVPB (link to IVSC website)
Governance, oversight, and funding of the structure are the responsibility of the IVSC Board of Trustees. Among the specific responsibilities of the trustees are:
- appoint the members of the IVSB and IVPB
- review annually the strategy of the IVSC and its effectiveness
- review all applications for membership of the IVSC and put forward recommendations to the AGM
- approve amendments to the IVSC Bylaws
Trustees are appointed for a renewable term of three years. Each Trustee is expected to have a global perspective and an understanding of how the IVSC can best operating in the world economy, business and financial reporting environments. The Board of Trustees shall not be less than six nor more than eleven persons, and Trustees are drawn from geographically diverse areas.
- Trustees of the IVSC (link to IVSC website)
The IVSC produces the following pronouncements:
- IVS Framework - a preamble to the other pronouncements setting out generally accepted valuation principles and concepts, but does not contain any procedural requirements
- General Standards - general requirements for undertaking all valuation assignments, unless modified by specific Asset Standards or Valuation Applications
- Asset Standards - contain modifications and additions to the General Standards for specific classes of assets
- Valuation Applications - contain modification and additions to other standards when undertaking valuations for specific purposes
- Technical Information Papers - supports the application of other pronouncements through various means, e.g. how asset characteristics of asset impact valuations, appropriate valuation methods used in particular situations, and guidance on judgements required in developing valuations in specific situations.
In July 2013, the IVSC approved the 2013 edition of International Valuation Standards (IVSs). These pronouncements come into effect from January 2014. Subscription information is available on the IVSC 'IVSonline' website (all IVSC pronouncements issued since 2011 are available through this service). Printed versions of the IVSs are also available.
The International Valuation Standards
In March 2014, the IVSC and IFRS Foundation entered into an statement of protocols for cooperation on International Financial Reporting Standards and International Valuation Standards, acknowledging a common interest in ensuring that standards and guidance developed by the IVSC through its standard setting boards on how to measure fair value is consistent, where appropriate, with IFRS standards (for example IFRS 13 Fair Value Measurement), and is comprehensive and well-developed.
The key commitments included in the statement of protocols is outlined below:
|Commitments by the IVSC|
|Commitments by the IASB|
|Commitments by both parties|
The full statement of protocols is available on the IVSC website.
International Valuation Standards Council
1 King Street, London EC2V 8AU
Email: ivsc @ ivsc.org
Phone: +44 (0) 20 3178 7807
Email: mtissier @ ivsc.org