In November 2011 the Board agreed the project in principle. A project brief was prepared and a public call for nominations to an expert Working Group was made at the beginning of February 2012. At its meeting in March the Board approved the Brief and the composition of the Working Group.

After consideration of the issues that were seen as causing difficultes or inconsistency in the valuation of investment property in various different parts of the world the Working Group prepared a Discussion Paper setting out those that were most prevalent. The Standards Board approved the Discussion Paper at its meeting in October 2012 and the paper released on 30 November. The public comment period closed on 1 March 2013, and the comment letters received may be viewed here.

After analysis of the comments received on the Discussion Paper the Board tentatively agreed that the issues identified were best dealt with by making amendments to IVS 230 Real Property Interests and IVS 300 Valuations for Financial Reporting. At the same time consideration should be given to the retirement of IVS 233 Investment Property under Construction and its replacement with broad scope guidance on the valuation of all property under development.

In January 2014 two Exposure Drafts were issued. The first detailed proposed amendments to IVS 230 and IVS 300 to address issues that had been raised specifically in relation to the valuation of investment property. The second was of a proposed replacement for IVS 233, a Technical Information Paper on Development Property. The closing date for comments on both of these drafts was 30 April 2014 and the comment letters received may be viewed here. An analysis report of the comments received is available on this page.

From 1 February 2014 this project was divided. The proposed amendments to IVS 230 and IVS 300 continue under the Investment Property project. A separate project has been created for Development Property in view of its applicability to real property that is not held or classified as investment property. To view details of this project, including the Exposure Draft, please follow this link.

At its meeting in June 2014 the Board considered the responses received and asked the Working Gropu to consider certain changes to the paper to reflect the comments received. In October 2014 the Board considered a revised paper recommended by the Working Group and approved this for issue as part of the 2015 review of the IVSs.