This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Collaboration planned between IVSC and IFRS Foundation

  • IFRS Foundation badge (dk green) Image
  • IVSC (International Valuation Standards Council) (lt green) Image

Mar 06, 2014

The International Valuation Standards Council (IVSC) and the IFRS Foundation announced that the two organizations will deepen their cooperation in the development of IFRSs and International Valuation Standards (IVSs). The main focus of the statement of protocols announced today is the coordination on fair value measurement.

The statement of protocols notes that the IVSC and the IFRS Foundation are independent bodies that share an interest in the consistent measurement of fair value for financial reporting and have a common interest in ensuring that standards and guidance developed by the IVSC on how to measure fair value are consistent with IFRSs (especially with IFRS 13 Fair Value Measurement) and are well-developed.

Therefore, the following commitments are objectives of the statement of protocols:

  • IVSC:
    • Provide input to the IASB on proposed amendments to IFRSs and developments in financial reporting that are relevant to fair value.
    • Consider the IASB's comments in developing IVSs and valuation requirements for financial reporting in general.
    • Provide the IASB with the opportunity to be included in IVSC consultative groups, committees, and task forces on fair value measurement.
    • Inform the IASB when the IVSC becomes aware of diversity in practice concerning fair value measurement.
  • IASB:
    • Provide input to the IVSC on proposed amendments to standards and developments in valuation that are relevant to financial reporting.
    • Consider the IVSC's comments in developing IFRSs.
    • Provide the IVSC with the opportunity to be included in the IASB's advisory and consultative groups, committees, and task forces.
    • Inform the IVSC when the IASB becomes aware of diversity in practice concerning fair value measurement in financial reports.

Both parties also commit to keeping abreast of developments and informing each other about emerging and divergent practice issues and research in determining fair value and to organizing, when necessary, discussion sessions of both parties in order to highlight any relevant issues that may affect their work and the standards they publish.

The statement of protocols and a corresponding press release are available on the IASB's Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.