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FOR IMMEDIATE RELEASE 22 JUNE 2001

‘A GROUNDSWELL OF SUPPORT FOR INTERNATIONAL VALUATION STANDARDS’

Australia and New Zealand have announced they will be reviewing national valuation standards with a view to convergence with the International Valuation Standards of the IVSC over the next two years. Robert Connolly, chairman of the Australian Valuation and Property Standards Board, said, “Since publication of the 2000 edition of International Valuation Standards, I have been impressed by their wide acceptance in international circles. On behalf of the Australian Valuation and Property Standards Board I congratulate the International Valuation Standards Committee and welcome the standardisation of many of our valuation and property standards. I believe that there is every chance that Australia and New Zealand will move to adopt the International Standards in the near future.”

The Australian Accounting Standards Board has a similar programme to converge with International Accounting Standards (IAS). The relationship between International Valuation and Accounting Standards was discussed at a seminar held in London on 21 June. Former Secretary-General of the International Accounting Standards Committee, David Cairns, said, “A number of companies revalue their investment and other properties in their IAS financial statements. In the same way that the accounting policies and disclosures in these financial statements comply with International Accounting Standards, so all the property valuations should be carried out in accordance with International Valuation Standards.”

Many leading companies throughout the world prepare their financial statements in accordance with IAS. The European Commission has recently announced proposals to make the use of IAS mandatory for all EU listed companies within four years at the latest. The relationship between national and international valuation standards is a major issue for all national valuation institutes.

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NOTES TO EDITORS

For further details, please contact:
Marianne Tissier, Executive Director, IVSC – Tel +44 (0) 1442 879306
Robert Connolly – Chairman, Australian Valuation & Property Standards Board
David Cairns is director, International Financial Reporting, and a Senior Visiting Fellow, London School of Economics and Political Sciences. He was Secretary-General, International Accounting Standards Committee from 1985 to 1994. He is the author of International Accounting Standards Survey 2000, Applying International Accounting Standards and joint author The Convergence Handbook – A comparison between IAS and UK financial reporting requirements. Website: www.cairns.co.uk; Tel; +44 (0)1491 412444
The IVSC is an unincorporated association comprising professional valuation associations from some 50 countries. It has published International Valuation Standards (IVS) since 1985. The IVSC is an NGO (Non Government Organisation) member of the United Nations. IVSC maintains liaison with international agencies, such as the Organisation for Economic Co-operation and Development (OECD), the World Bank, the International Monetary Fund, the World Trade Organisation, the European Commission, and the Bank for International Settlements. IVSC also maintains a close relationship with standard-setting bodies such as the International Accounting Standards Board, the International Federation of Accountants, and the International Organisation of Securities Commissions. The 2001 edition of International Valuation Standards will be published end July. For further details on the IVSC or to obtain a copy of IVS 2001, please contact the IVSC Executive Director.

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