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IVSC meets with FASB

  • IVSC (International Valuation Standards Council) (lt green) Image

03 Apr 2006

Members of the International Valuation Standards Committee (IVSC) and representatives of The Appraisal Foundation and the Toronto Valuation Accord met with members and staff of the US Financial Accounting Standards Board on Friday 10 March 2006. Discussion concentrated on the role of the IVSC and the increased use of fair value measurement in financial reporting worldwide.

The discussion is reported in IVSC e-News April 2006 (PDF 130k). Here is an excerpt:

Both IVSC and FASB agree that as fair value measurement becomes more prevalent in financial statements, valuations that follow generally accepted valuation practices prepared by qualified valuation professionals will be needed. Accounting and valuation are two separate but complementary knowledge sets. Accounting and valuation professionals need a clear understanding of each others roles and responsibilities to foster increased synergy between the two professions.

At the meeting on 10 March, FASB discussed its preliminary plans to formally solicit input from all interested parties on the need for a single set of valuation standards with particular emphasis on who should develop valuation standards and provide related implementation guidance. In the interim, FASB encouraged the IVSC to provide continuing input on ways to adequately address valuation issues in the future, considering the potentially differing national approaches that exist currently.

Commenting after the meeting Joseph Vella, IVSC chairman, said, "The IVSC recognises the need to review its structure to ensure that the most appropriate mechanisms for delivering global valuation standards is in place. In the meantime the IVSC is to launch a project to develop the current international valuation standards to more adequately cover the valuation of intangible assets for financial reporting purposes."

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