In this edition:
- Dates for your diary
- IVS Online - your one stop destination for the latest standards
- Professional Insight: China embraces IVS
- Valuation in financial reporting - IVSC & IASB meeting
- Update from the IVSC standards boards
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Access the International Valuation Standards online
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Subscribing to IVS Online gives you access to the latest IVS standards and publications, including translations produced by valuation professional organisations.
Click here to find out more.
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Professional Insight: China embraces IVS
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Dr Zhang is Secretary General of the China Society of Appraisers, the state-backed organisation accrediting more than 35,000 appraisers in China.
A former representative of the Ministry of Finance and Fiscal Commissioner to the Chinese Embassy in Washington DC, Dr Zhang is certain that professionalisation and alignment in valuation practice has set the foundations for China's international growth.
"With the further promotion of the government's One Belt One Road strategy, China's foreign investment will continue to grow. As it does, the valuation profession will play a vital role in guiding the rational allocation of resources"
You can read the full interview with Dr Zhang here.
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Valuation in financial reporting: IVSC meeting with IASB
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Earlier this month, members of the IVSC's Standards Review Board and representatives of the International Accounting Standards Board (IASB) met at the IVSC offices in London to share updates on their work programmes and to discuss the role of valuation in the financial reporting process.
The IASB is the organisation responsible for setting and administering the International Financial Reporting Standards (IFRS), which are prescribed in law in more than 140 countries throughout the world.
With valuation quality so important in financial reporting, both organisations have agreed to share regular updates on their standards-development work in an effort to enhance valuation practices.
Although the activities of the IVSC (and its various standard setting boards) and the IASB are independent, both bodies have a shared interest in the consistent measurement of fair value for financial reporting.
The IVSC and the IASB have signed a statement of protocols which acts as a framework for ongoing collaboration.
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Update from the IVSC standards boards
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The IVSC's technical standards' boards met in London earlier this month to consider updates to the IVS following last year's Invitation to Comment consultation.
The Business Valuation, Tangible Assets and Standards Review boards met over three days, including two days of meetings which were open to the public.
Board experts joined from France, Australia, Germany, US, Canada, Japan, Hong Kong, New Zealand, Saudi Arabia, Italy, Indonesia and the UK.
The boards discussed wide-ranging issues from minor edits and clarifications to the wording of IVS; through to proposals for new standards and updates reflecting emerging influences on the valuation profession, including the growing prevalence of cryptocurrencies and biological asset valuation.
Key outcomes during the meetings include:
1. The Business Valuation Board will publish an Exposure Draft on Non-Financial Liabilities later this year. Additionally, both the Business Valuation and Tangible Assets boards will continue to investigate and where appropriate publish discussion papers on Valuation of Extractive Industries, AVMs and Valuation of Biological Assets, with a view to potentially hosting industry roundtables and updating IVS.
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2. The Standards Review Board agreed a number of small edits to the wording of IVS which, while not amending the substantive meaning of the standards, aim to improve clarity and consistency. These edits will be incorporated into 2017 from July 2018.
3. With the assistance of the Tangible Assets Board and the Business Valuation Board the Standards Review Board are reviewing the glossary of terms with a view to amending some wording relating to Discount Rates and Development Property. Where amendments are proposed they will be shared through consultation before any decision is taken regarding their application.
Do you want to join the next meeting of the IVSC technical standards boards?
Each of the technical standards' boards, as well as the overarching Standards Review Board, welcome observers to their meetings as part of an open and transparent standards-setting process. Anyone interested in the International Valuation Standards is welcome to register as an observer.
The next opportunity to observe will be in July when all boards meet in Vancouver, Canada. Observers can attend the meetings in person or remotely and will need to register in advance, from April 2018, through the IVSC website.
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