IVSC has launched IVS 2017 marking an important milestone towards harmonising valuation practice across the world.
IVS 2017 will serve as the key guidance for valuation professionals globally and will underpin consistency, transparency and confidence in valuations which are key to investment decisions as well as financial reporting.
The launch is the latest step in IVSC’s mission to raise standards of international valuation practice as a core part of the financial system, for the benefit of capital markets and the public interest.
The Standards have been created following an extensive consultation process from April to October 2016. More than 100 official comment letters on the initial drafts of IVS 2017 were received from a range of stakeholders, including valuation profession organisations, individual professionals and academics.
IVS 2017 comprises five General Standards and six Asset Standards. The General Standards set requirements for the conduct of all valuation assignments including establishing the terms of a valuation engagement, bases of value, valuation approaches and methods, and reporting.
The Asset Standards include requirements related to specific types of assets, including background information on the characteristics of each asset type that influence value and additional asset-specific requirements regarding common valuation approaches and methods used.
The latest version of the Standards bring greater depth to IVS, as was requested by members, including the major accountancy firms and other stakeholders.
As IVS 2017 has only just been provided to members and sponsors, it will doubtless take some time for organisations to make available, so we ask for your patience whilst this is worked through.
From Wednesday (18 January) evening, you can order a hard copy from the IVSC Bookstore at a cost of £80 per copy.
While this is an increase in price to reflect rising costs, it is cheaper than buying IVS 2013 and the associated Technical Information Papers (TIPs). Relevant parts of TIPs are now incorporated into IVS 2017.