Standards

International Valuation Standards

The International Association of Valuers requires its members to adhere to standards, guidelines and other protocols set out by their respective industry body, however, where there is a conflict in the standards of an originating profession (i.e. accountancy) and the International Valuation Standards (IVS), the IVS takes precedence for any work undertaken in the field of valuation.
IVSC: Access to the latest on-line versions of International Valuation Standards

Other standard setting bodies include:
International Accounting Standards: International Financial Reporting Standards (IFRS) are a set of accounting rules for the financial statements of public companies that are intended to make them consistent, transparent, and easily comparable around the world.

International Public Sector Accounting Standards Board: The International Public Sector Accounting Standards Board® (IPSASB®) works to improve public sector financial reporting worldwide through the development of IPSAS®, international accrual-based accounting standards, for use by governments and other public sector entities around the world.

International Organisation for Standardization: The ISO is an independent, non-governmental international organisation with a membership of 169 national standards bodies. Global standards for trusted goods and services

rEGIONAL STANDARDS

The International Association of Valuers recognises a number of countries and regions maintain their own localised set of valuation standards. Many have been formalised over time to reflect the unique business practices that occur in their economies. However, as the world of commerce continues to become global, there is pressure to develop consistency across all international boundaries. For this reason, the International Association of Valuers promotes the use of International Valuation Standards (IVS) but recognises that countries may adopt their own versions of these standards.

The following are just a few jurisdictions where general practice may be dictated by alternative authorities.

Appraisal Standards Board : Under the provisions of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), the Appraisal Standards Board (ASB) is responsible for writing, amending, and interpreting the Uniform Standards of Professional Appraisal Practice (USPAP). The ASB issues Exposure Drafts on proposed changes to USPAP and obtains feedback at public meetings throughout the year in various regions of the country (United States of America).

The European Group of Valuers Associations:: A pan-European association of professional bodies working for standards, ethics and quality in the real estate valuation market. Produces two sets of standards:

  • European Valuation Standards
  • European Business Valuation Standards

Royal Institution of Chartered Surveyors – Red Book Global Standards : First published in 1976, the Red Book Global Standards are updated regularly to reflect market changes and developments. It is recognised globally as one of the most rigorous sets of standards for valuation and, as such, serves as a key reference for global users and stakeholders.

  • Japanese Valuation Standards
  • Chinese Valuation Standards
  • Hong Kong Institute of Surveyors – Valuation Standards
  • Vietnam Valuation Standards
  • Malaysian Valuation Standards
  • Argentina National Valuation Standards