International Valuation Standards Council


The International Valuation Standards Council is an independent, not-for-profit, private sector standards organisation incorporated in the United States and with its operational headquarters in London, UK. IVSC develops international technical and ethical standards for valuations on which investors and others rely.
IVSC is responsible for developing the International Valuation Standards and associated technical guidance. To ensure that the public interest is effectively protected it also engages with other bodies active in the regulation of the financial markets to ensure that valuation issues are properly understood and reflected. IVSC works cooperatively with national professional valuation institutes, users and preparers of valuations, governments, regulators and academic bodies, all of whom can become members of IVSC and play a role in advising the Boards on their agenda priorities.
In developing its standards and technical guidance, IVSC follows a process of issuing discussion papers and exposure drafts for public comment.
The IVSC is recognised by the United Nations Department of Economic and Social Affairs.

Objectives and activities

The objectives of the IVSC are to strengthen the worldwide valuation profession by:

Board of Trustees

The IVSC is governed by a Board of Trustees responsible for the strategic direction and funding of the organisation. The Trustees are also responsible for the appointment of the Standards Boards and Membership and Standards Recognition Board.
The current Board of Trustees comprises:
Notable former members:
The origins of IVSC lie in the International Assets Valuation Standards Committee that was formed in 1981 with the objective of developing consistent standards across national borders. The founder members were a number of professional institutes mainly concerned with real property valuation. The Committee changed its name in 1994 to the International Valuation Standards Committee, and from the late 1990s started to include member organisations concerned with the valuation of assets other than real property.
Following a restructuring of the organization in 2008, its name was again changed, this time to the International Valuation Standards Council. As of 2019, the IVSC has over 120 organisations in membership from around the world. The organisations in membership accredit and regulate the conduct of individual valuers who specialize in the valuation of many different types of assets and liabilities, such as business interests, real property, intangibles, capital equipment and financial instruments.

The International Valuation Standards

The International Valuation Standards are international standards that consist of various actions required during the undertaking of a valuation assignment supported by technical information and guidance. The are responsible for the development and maintenance of the International Valuation Standards. The boards are independent and solicit public comment by issuing discussion papers and exposure drafts.
The latest version of the Standards was published in January 2017 and came into effect on 1 July 2017.

Objective of IVS

The objective of the International Valuation Standards is to increase the confidence and trust of users of valuation services by establishing transparent and consistent valuation practices. A standard within IVS will do one or more of the following:
The IVS consist of mandatory requirements that must be followed in order to state that a valuation was performed in compliance with the IVS. Certain aspects of the standards do not direct or mandate any particular course of action, but provide fundamental principles and concepts that must be considered in undertaking a valuation.

IVS structure

IVS Glossary

The glossary defines certain terms used in the International Valuation Standards, but does not attempt to define basic valuation, accounting or finance terms, as valuers are assumed to have an understanding of such terms. Defined terms are Asset/Assets, Client, Jurisdiction, May, Must, Participant, Purpose, Should, Significant and/or Material, Subject or Subject Asset, Valuation Purpose or Purpose of Valuation, Valuation Reviewer, Valuer, Weight and Weighting.

IVS Framework

This serves as a preamble to the IVS. The IVS Framework consists of general principles for valuers following the IVS regarding objectivity, judgement, competence and acceptable departures from the IVS. The contents contain information on Compliance with Standards, Assets and Liabilities, Valuer, Objectivity, Competence and Departures.

General Standards

The five General Standards set forth requirements for the conduct of all valuation assignments including establishing the terms of a valuation engagement, bases of value, valuation approaches and methods, and reporting. They are designed to be applicable to valuations of all types of assets and for any valuation purpose. The General Standards are IVS 101 Scope of Work, IVS 102 Investigations and Compliance, IVS 103 Reporting, IVS 104 Bases of Value and IVS 105 Valuation Approaches and Methods.

Asset Standards

The Asset Standards include requirements related to specific types of assets. These requirements must be followed in conjunction with the General Standards when performing a valuation of a specific asset type. The Asset Standards include certain background information on the characteristics of each asset type that influence value and additional asset-specific requirements on common valuation approaches and methods used. The Asset Standards are IVS 200 Business and Business Interests, IVS 210 Intangible Assets, IVS 300 Plant and Equipment, IVS 400 Real Property Interests, IVS 410 Development Property and IVS 500 Financial Instruments.

Revisions to IVS

The IVSC Standards Board intends to continuously review the IVS and update or clarify the standards as needed to meet stakeholder and market needs. The Board has continuing projects that may result in additional standards being introduced or amendments being made to the standards in this publication at any time.

Members

The IVSC has an internationally diverse array of members, which they classify as Valuation Professional Organizations, Institutional Members, Corporate Members, and Academic Members.
Members can be sorted by country, name and member type by clicking on the buttons in the header of the columns.
CountryMemberType
Australian Property InstituteVPO
Australian Valuers' InstituteIM
Belarusian Society of ValuersVPO
Association of Certified Appraisers in Bosnia and HerzegovinaVPO
Real Estate Institute of BotswanaVPO
Instituto Brasileiro AvaliacoesVPO
Chamber of Independent Appraisers in BulgariaVPO
Chamber of Professional ValuersIM
Chamber of Independent Appraisers BulgariaVPO
Appraisal Institute of CanadaVPO
CBV InstituteVPO
International Association of Consultants, Valuators and AnalystsCM
China Appraisal SocietyVPO
Registro Nacional de AvaluadoresVPO
Croatian Society of ValuersVPO
Finnish Association for Real Estate ValuationVPO
Fédération Française des Experts en EvaluationIM
Association of Professionals on Land and RealtyVPO
Expertise Institute for Valuation of Assets of GeorgiaVPO
Greater China Appraisal LtdCM
Hong Kong Institute of SurveyorsVPO
The Practising Valuers Association of IndiaVPO
Institute of Chartered Accountants of IndiaIM
Institute of Cost Accountants of IndiaIM
Institution of Valuers of IndiaVPO
Indonesian Society of AppraisersVPO
Israel Real Estate Appraisers Association VPO
Consiglio Nazionale GeometriVPO
Consiglio Nazionale dei Dottori Commercialisti e degli Esperti ContabiliIM
Japanese Institute of Certified Public AccountantsIM
Japanese Association of Real Estate AppraisalVPO
Chamber of Professional Appraisers of KazakhstanVPO
Republican Chamber of Appraisers of KazakhstanVPO
Institution of Surveyors of Kenya VPO
Korea Appraisal BoardVPO
Korea Association of Property AppraisersVPO
Latvian Association of AppraisersVPO
Lithuanian Association of Property ValuersVPO
State Budgetary Institution Property Valuation Oversight AgencyIM
The Royal Institution of Surveyors, MalaysiaVPO
Khong & Jaafar SdnCM
Federación de Colegios, Institutos y Sociedades de Valuadores de la Republica Mexicana, A.C. VPO
Instituto de Administración y Avaluos de Bienes Nacionale IM
Namibian Institute of ValuersVPO
Ministry of Land ReformIM
Property Institute of New Zealand VPO
Nigerian Institution of Estate Surveyors and ValuersVPO
Norges TakseringsforbundVPO
Institute of Philippine Real Estate Appraisers VPO
The Polish Federation of Valuer’s AssociationsVPO
The National Association of Romanian ValuersVPO
Russian Society of AppraisersVPO
Russian Board of AppraisersVPO
Self-Regulated Inter-Regional Appraisers Association IM
Asociación Espanola de Sociedades de TasacionVPO
Asociación Espanola de Analisis de ValorIM
Sri Lanka Accounting and Auditing Standards Monitoring BoardIM
ASPECT - Association for Chartered Surveying, Property Evaluation and TransactionsVPO
Swiss Institute of Real Estate Appraisal AM
Thai Valuers AssociationVPO
Raad voor Onroerende Zaken VPO
Ukrainian Society of AppraisersVPO
Federation of Appraisers of Business and Intellectual PropertyIM
Abu Dhabi Municipality, Property Registration SectionIM
Taqyeem Dubai Land DeptIM
The Royal Institution of Chartered SurveyorsVPO
Institute of Chartered Accountants in England and WalesIM
The Appraisal InstituteVPO
American Society of AppraisersVPO
American Institute of Certified Public Accountants VPO
International Finance Corporation IM
National Council for Real Estate Investment Fiduciaries (NCREIFIM
Price Control Department, Ministry of FinanceIM

Sponsors

The following organizations are listed as sponsors of the IVSC in 2017/18: