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International Valuation Standards Council (IVSC)

IVSC (International Valuation Standards Council) (lt green)

The information on this page is organised as follows:

 

Background

International Valuation Standards Council

The International Valuation Standards Council (IVSC) is the established international standard setter for valuation. The IVSC develops and maintains standards on how to undertake and report valuations, especially those that will be relied upon by investors and other third party stakeholders. The IVSC also supports the need to develop a framework of guidance on best practice for valuations of the various classes of assets and liabilities and for the consistent delivery of the standards by properly trained professionals around the globe.

Membership of IVSC is open to organisations of users, providers, professional institutes, educators, and regulators of valuation services. IVSC members appoint the IVSC Board of Trustees.

IVSC Board of Trustees

Governance, oversight, and funding of the structure are the responsibility of the IVSC Board of Trustees. Trustees are appointed for a renewable term of three years. Each Trustee is expected to have a global perspective and an understanding of how the IVSC can best operating in the world economy, business and financial reporting environments. The Board of Trustees shall not be less than six nor more than eleven persons, and Trustees are drawn from geographically diverse areas.

 

IVSC pronouncements

The IVSC has published International Valuation Standards (IVS) since 1985.

The most recent update to the International Valuation Standards (IVS) was published in July 2019. This edition will replace IVS 2017 and becomes effective from 31 January 2020. The standards have been updated to incorporate edits and additions consulted on throughout 2018 and 2019. 

Subscription information is available on the IVSC 'IVSonline' website.

 

Cooperation with the IFRS Foundation

In March 2014, the IVSC and IFRS Foundation entered into an statement of protocols for cooperation on International Financial Reporting Standards and International Valuation Standards, acknowledging a common interest in ensuring that standards and guidance developed by the IVSC through its standard setting boards on how to measure fair value is consistent, where appropriate, with IFRS standards (for example IFRS 13 Fair Value Measurement), and is comprehensive and well-developed.

The key commitments included in the statement of protocols is outlined below:

Commitments by the IVSC
  • Provide input to the IASB on proposed amendments to IFRS standards and developments in financial reporting that are relevant to fair value, through regular exchanges of information, meetings and the IASB staff’s outreach processes for researching new issues.
  • Consider the IASB’s comments, as appropriate, in developing IVSs and valuation requirements for financial reporting in general, and providing feedback as appropriate.
  • Provide the IASB staff or members with the opportunity to be included in IVSC consultative groups, committees and task forces, which pertain to fair value measurement for the purposes of financial reporting, as appropriate, recognising that the IVSC determines the composition of these groups on a case-by-case basis.
  • Inform the IASB, through its staff, its working groups or other appropriate IFRS Foundation body, when the IVSC becomes aware of diversity in practice concerning fair value measurement in financial reports.
Commitments by the IASB
  • Provide input to the IVSC standards boards, as appropriate, on proposed amendments to standards and developments in valuation that are relevant to financial reporting, through regular exchanges of information, meetings and the IVSC staff’s outreach processes for researching new issues.
  • Consider the IVSC’s comments in the normal course of its work in developing IFRSs, and financial reporting in general containing fair value measures and providing feedback as appropriate.
  • Provide the IVSC’s staff or members with the opportunity to be included in the IASB’s advisory and consultative groups, committees and task forces, as appropriate, recognising that the IFRS Foundation determines the compositions of these groups on a case-by-case basis.
  • Inform the IVSC, through its staff, its working groups or other appropriate IVSC body, when the IASB becomes aware of diversity in practice concerning fair value measurement in financial reports.
Commitments by both parties
  • Keep abreast of developments, inform each other and exchange views about emerging and divergent practice issues and research in determining fair value for the purposes of financial reporting under IFRS.
  • Organise, as and where necessary, discussion sessions for the staff or members of both parties, in order to highlight any relevant issues that may impact upon their work and the standards they publish.

 

Contact information

International Valuation Standards Council
4 Lombard Street, London EC3V 9AA
United Kingdom

Website: www.ivsc.org

Email: contact @ ivsc.org
Phone: +44 (0) 20 3 968 5500

 

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