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FOR IMMEDIATE RELEASE 1 JULY 2003

‘2003 Edition of INTERNATIONAL VALUATION STANDARDS’

The 2003 edition of the International Valuation Standards has been published. For the first time the standards can be freely viewed on the IVSC web site (www.ivsc.org), representing the commitment by the International Valuation Standards Committee to ensure that all valuers, from both developed and emerging economies, have access to its standards. The printed version is be available at a cost of US$50 (inclusive of postage and handling charges) and can be ordered on-line.

John Edge, Chairman of the International Valuation Standards Committee (IVSC) said, “The International Valuation Standards have an important role to play in the effective functioning of global markets. Wide and easy access to our standards will encourage global acceptance of the standards and will improve uniformity of practice by professional valuers throughout the world.”

Steps taken by national valuation standards setters throughout the world towards adopting IVS provide evidence of a growing consensus on the need for common valuation standards. For example, the 2004 edition of the Professional Practice Manual for valuers in Australia and New Zealand will reproduce the standards and applications from the IVS. The RICS Red Book (new edition effective 1 May 2003) calls on valuations for financial reporting and lending purposes to be in accordance with the IVS.

The outright adoption of International Financial Reporting Standards (IFRS, previously known as International Accounting Standards) or convergence with these standards is now a global phenomenon that is rapidly gathering pace. IFRS increasingly adopt a fair (market) value basis as opposed to historic cost, and IVSC has gained important recognition by the accounting world of the authority and benefits that international valuation standards bring to providing greater credibility to accounting at fair value.

END

NOTES TO EDITORS

1. For further details, please contact:
   John Edge - IVSC Chairman
   Tel +44 (0)207 629 8171
   
   Marianne Tissier - Executive Director, IVSC
   Tel: +44 (0)1442 879306;
   (please note during period July 4-18, please direct enquiries to John Edge)
   
2. The following extracts are examples of published comments supporting the use of the International Valuation Standards:
   • Deloitte Touche Tohmatsu: Model IAS Financial Statements (Dec 2002)
     “Land and buildings were revalued at 31 December 2002 by Messrs. Lacey &King, independent valuers not connected with the Group, on the basis of market value. The valuation conforms to International Valuation Standards.”
   • Deloitte & Touche: Investment Property – the future for UK property accounting under IAS (Feb 2002; available on global web site Feb 2003)
     “IVS will represent best practice in the valuation profession. IVS should therefore be followed by the valuers when revaluing investment property….”
   • PricewaterhouseCoopers: Applying IFRS (March 2003) An interactive electronic publication to illustrate how the standards should be applied in practice.
     “Management should consider the guidance provided by International Valuation Standards (IVS) issued by the International Valuation Standards Committee.”
   • European Public Real Estate Association: Best Practices Policy Recommendations (issued Oct 2001, update Jan 2003)
     “At present, there is no consistently agreed basis for valuing the assets held by public real estate companies based in Europe. …EPRA … defers to the work of the International Valuation Standards Committee.”
   • International Federation of Accountants Public Sector Committee: Study 14,Transition to the Accrual Basis of Accounting: Guidance for Governments and Government Entities. (April 2002)
     “The International Valuation Standards Committee issues internationally acceptable international valuation standards.”
   • RICS, 5th edition of Red Book (effective 1 May 2003)
     “Practice Statement 3.6 Financial Statements: Valuations for Financial Statements shall be in accordance with the IVSC International Valuation Application 1 (IVA 1).
     Practice Statement 3.7 Lending: valuations for lending purposes shall be in accordance with IVSC International Valuation Application 2 (IVA 2).”
     
3. For further details on the IVSC or to obtain a copy of the 2003 edition of International Valuation Standards, please contact the IVSC Executive Director (see above) or visit the IVSC web site – www.ivsc.org

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