The consultation process for this IVS agenda consultation is now open. Accordingly, the Standards Review Board encourages participation within the 90 day consultation period ending 15^th August 2017 from all individuals and organisations.

The purpose of this Invitation to Comment (ITC) Consultation is to solicit feedback about:

1. The valuation topics that IVSC should address as part of its current agenda, and
2. Additional valuation topics that stakeholders feel should be prioritised or added to IVSC’s agenda.

IVSC recently issued IVS 2017, which represented its efforts to harmonise and improve the entirety of IVS. In February 2017, IVSC published IVS 2017 Bases of Conclusions, which represents the culmination of these existing efforts. As such, with the completion of these major projects, IVSC has begun to consider other major projects and additional targeted improvements to IVS.

Unlike future editions of the ITC, in this instance the Board felt that it was important to include introductory chapters providing an overview of the new board structure and standard setting process for information purposes.

On the basis of IVSC’s “Gap Analysis” (as discussed in additional detail in the Gap Analysis section below) and other input from stakeholders submitted as part of the IVS 2017 consultation process, IVSC has identified the following major valuation topics to include in this ITC:

1. Non-Financial Liabilities
2. Discount Rates
3. Early Stage Valuation
4. Biological Assets
5. Extractive Industries
6. Inventory

In addition to the above topics explicitly covered in this ITC, IVSC intends to make targeted improvements to certain areas of IVS 2017, including:

1. Control Premium and Discount for Lack of Control (IVS 200 para 90)
2. Capital Structure Considerations (IVS 200 para 130)
3. Development Value

The Boards determined that such updates do not warrant inclusion in this ITC as the scope of such projects is limited. Rather such projects will be included in future IVSC exposure drafts.

The Boards also identified certain topics for potential future projects.  Such projects represent medium to longer terms goals of IVSC, and have not been prioritised based on the Boards’ view that such topics have more limited application or diversity in practice.  Future projects for topics may include the issuance of exposure drafts, discussion papers, or guidance notes. These topics include:

1. Analysis of Commercial Lease Transactions
2. Specialised Public Service Assets
3. Sustainability and renewable energy
4. Automated valuation models and data analytics
5. Valuation of Personal Property including Art and Antiques
6. Recovery and Resolution
7. Price vs value
8. Distressed situations
9. Valuation in markets susceptible to change
10. Privatisation
11. Alternative Financing Arrangements

The Boards acknowledge that the above topics are unlikely to represent an exhaustive list of topics that are relevant to IVSC’s stakeholders.  As such, as part of this ITC, stakeholders are encouraged to provide feedback on other valuation issues not described in this ITC that IVSC should consider adding to its agenda.

IVSC is committed to a fully open and collaborative consultation process. Thus, all comments received as part of the consultation process will be published on IVSC’s website.