Building trust in valuation

A short history of the IVSC

IVSC
@IVSCouncil


The IVSC was established in 1981 to develop internationally-agreed standards for valuation and to support the growth of the global valuation profession.

Since then, the IVSC has been at the forefront of developing and promoting the International Valuation Standards (IVS), building confidence and trust in financial markets.

The IVSC is supported in its mission by member and sponsor organisations throughout the world, including Valuation Professional Organisations (VPOs) and standard-setters, valuation service providers, regulatory bodies and end users of valuation data.

This is a short history of the IVSC.....

1981: International Assets Valuation Standards Committee established by 20 national valuation organisations in Melbourne, Australia.

The Committee's goal is to advance a global valuation profession and develop consistent standards across national borders.
1985: First edition of the International Valuation Standards (IVS) is published. These high-level standards aim to unite a global valuation profession behind common and transparent principles.
Since 1985 the IVS have been updated every few years, refining the standards and addressing new and emerging aspects of valuation practice.

1994: Committee changes its name to the IVS Committee and later (2008) the International Valuation 

Standards Council (IVSC).

The IVSC is a not-for-profit, public interest organisation.

1999: Acknowledging the breadth of valuation practice around the world, IVS is expanded beyond tangible asset valuation to include global standards for the valuation of business interests.

The IVSC sets standards for the global valuation profession in its entirety. Asset-specific standards are included in IVS.
2007: IVSC invited to join the Financial Accounting Standards Board (FASB) Valuation Resource Group (VRG).
The VRG convenes leading valuation and accounting organisations to inform FASB on issues related to fair value measurements used for financial statement reporting purposes.
2008: IVSC establishes the Board of Trustees and technical standards board to lead on the development of IVS and the promotion of the global valuation profession.
The Board of Trustees is responsible for setting the strategy of the IVSC. It brings together valuation and business leaders from around the world.

2009: Former Chairman of the French Securities Regulator and the International Organization of Securities Commission (IOSCO), Michel Prada, is appointed the first Chair of the IVSC Board of Trustees.

Michel Prada leads IVSC's engagement with key bodies including the IMF, ECB and FSB, building strong partnerships to support valuation standards.
2009: IVSC signs MoU with International Federation of Accountants (IFAC), paving the way for alignment of valuation standards across the accountancy profession.
The MoU outlines a shared commitment to improving consistency of global valuation standards affecting financial reports.
2011: IVSC is invited to join a Private Sector Taskforce to prepare a report for the G20 on "valuation and financial policy". The report calls on the G20 to maintain its ambition for global regulatory reform whilst discouraged national regulatory reforms that are inconsistent with international standards.
IVSC membership grows to 74 organisations in 54 countries.

2012: IVS updated to include valuation of financial instruments, instigated by issues raised through the Global Financial Crisis and subsequent concerns highlighted by prudential regulators.

Until this time there were no global standards for the valuation of financial instruments, despite the size and increasing complexity of the market for them.
2012: Sir David Tweedie, the former Chairman of the International Accounting Standards Board (IASB) is appointed the new Chair of the IVSC Board of Trustees.
Michel Prada moves to role of chairman of the International Financial Reporting Standards Foundation (IFRS Foundation).
2014: IVS is included in EU law as part of the EU’s Mortgage Credit Directive. IVSC signs a statement of protocols with the IFRS Foundation, recognising that closer cooperation will increase transparency, consistency and confidence in financial reporting.
IFRS prescribes financial reporting in more than 140 countries. IVS is critical to ensuring the valuation data which feeds into financial reports is reliable and comparable.
2015: IVSC asked to lead an Asia-Pacific Economic Cooperation (APEC) taskforce on valuation protocols for the region. APEC sends a letter to the finance ministers of 21 APEC economies recommending the adoption of common valuation standards through IVS.
The IVSC works closely with regional bodies such as the APEC region, as well as national governments and financial regulators to develop valuation professionalism.

2016: IVSC establishes a new board structure which includes new technical standards boards for tangible assets, business valuation and financial instruments. 


Two regional bodies join IVSC and commit to the adoption of IVS, the ASEAN Valuers Association and the Pan-American Union of Valuers (UPAV).

The new boards ensure specific technical expertise is available to lead these areas of IVS development.
2017: IVS 2017 is published.

IVSC brings together more than two dozen global banks, regulators and valuation service providers in New York to launch a new Financial Instruments initiative aimed at embedding common standards for FI valuation and fostering greater confidence in financial markets.
IVS 2017 is already translated into Arabic, Chinese, Czech, Japanese, Russian, Slovenian and Spanish. Further translations are set to follow.
2018: There are now 112 IVSC member and sponsor organisations in 67 countries. These organisations are leading efforts to develop the global valuation profession.
VPO's in 47 countries are working to adopt IVS within their national valuation systems.

2018: IVS is increasingly being adopted throughout the world and is now used by valuation professionals in 103 counties.

Professionals are providing their clients with IVS compliant valuations in 103 countries, helping to build confidence and transparency in data.
2018: The IVSC AGM will be hosted by the Dubai Government in October 2018.
The Mexican Government hosted the 2017 AGM and in 2019 the IVSC AGM will take place in Asia.

2019 and beyond….  IVSC has made great progress in developing common standards, but there is still a way to go.   


Would you like to support our mission? 

How will you adopt and use IVS? 


Find out more and get in touch by visiting the IVSC website: www.ivsc.org

or emailing: contact@ivsc.org