The International Valuation Standards

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THE INTERNATIONAL VALUATION STANDARDS

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THE INTERNATIONAL VALUATION STANDARDS (IVS)

The IVSC has been in existence for more than 25 years. Its origins were in the need identified by a number of professional bodies from around the world for uniformity in the valuation approaches used in real estate markets. Over the past decade it has evolved and expanded and now produces standards for many types of assets, including plant and equipment, intangible assets and businesses, and for different applications such as financial reporting and bank lending.

The International Valuation Standards (IVS) are already recognised and accepted by a wide range of organizations, such as:

• IVS adopted as national standards, for example, in Australia, New Zealand, Romania, Turkey, South Africa
• IVS adopted within national standards, for example, in UK and Ireland
• Countries working towards adoption of IVS include The Philippines and Columbia
• IVS recommended for use for real estate valuation for financial reporting purposes by European Public Real Estate Association and European Association for Investors in Non-listed Real Estate Vehicles. The Asian Public Real Estate Association is developing a best practices handbook that recommends use of IVS
• The UK Financial Services Authority required valuation reports for property companies to be prepared under either UK national standards or IVS
• Hong Kong Securities and Futures Commission Code on Real Estate Investment Trusts (REITs) requires valuations under HK national standards or IVS. Draft REITs legislation published by the Securities and Exchange Board of India proposes similar requirement
• In July 08, the Spanish Comisión Nacional del Mercado de Valores (CNMV) published recommendations to valuation companies and real estate companies stating, inter alia, that a valuation report must comply with requirements established by IVS and IFRS
• European Commission proposing draft regulation that for EU mortgage credit markets, member states have valuation standards that comply with IVS or European valuation standards
• IVS linked to IAS 40, Investment Property in the discussion on Guidance on Fair Value in the Basis for Conclusions

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