We have to express disappointment with the proposals for change put forward in the Consultation paper. It appears that the Trustees have ignored many European concerns even though numerous proposals for change were put forward by many different European organisations.

Many organisations proposed finding means to have European constituents more involved in one way or another, but the proposals seem to us to be more in the direction of diluting the European involvement. It is all the more disappointing, therefore, that the proposals contained within the Constitutional Review document are so marginal in their response to the ideas put forward during the preceding consultative round, including the open meetings held during the course of 2004.

In 2004, the International Accounting Standards Board (IASB) made a number of significant changes to the accounting standards concerned with real estate and other fixed assets as part of its own improvements project. The IVSC has revised its standards in the 2005 edition to reflect these changes. The two standards most affected by the revised International Financial Reporting Standards are International Valuation Application 1, Valuation for Financial Reporting, and International Valuation Guidance Note 8, The Cost Approach for Financial Reporting - (DRC).