Convergence of global valuation standards
22 Jun 2006
The International Valuation Standards Committee (IVSC) and The Appraisal Foundation of the United States (TAF) have issued a memorandum of understanding that commits the two bodies to the ultimate goal of a single set of understandable and enforceable global valuation standards.
As a first step towards the goal, both parties are preparing to seek greater convergence of the Uniform Standards of Professional Appraisal Practice (USPAP) and the International Valuation Standards (IVS), and have appointed small working groups to identify current differences between the two sets of standards and to report by September 2006. Both organisations will then use their best efforts to progress towards the elimination of identified differences working within the due process procedures of each organisation. Click for:
- News Alert (PDF 72k).
- IVSC-TAF Memorandum of Understanding (PDF 49k).