The new IVS update the previous version published in 2007, and cover valuation of a wide range of assets for financial reporting and other purposes.

The IVSC published an Exposure Draft of the proposed changes in June 2010. The new IVS:

• focus on principles rather than prescriptive requirements – 'Technical Information Papers' (TIPs) will provide detailed guidance in the future (draft TIPs have been released on real property and business valuations and depreciated replacement cost)
• remove the code of ethics, which are currently subject to a separate consultation
• introduce new requirements, including for financial instruments (see our earlier story) and investment property under construction
• streamline a number of requirements – merging or eliminating guidance notes on particular topics (particularly where existing IVSC projects are underway or planned), eliminating repetition, and removing the glossary in favour of definitions in individual standards where required.

The new IVS will be effective from January 2012 and can be ordered via the IVSC's website at www.ivsc.org. The individual standards are expected to be made electronically available on the IVSC website in due course.

Click for IVSC press release (link to the IVSC website).