I attended the Professional Board meeting for the first time since I was appointed to that board last November.
It is an interesting time. A great deal is going on in the world of international valuation standards. The International Valuation Standards 2011 (IVS) were published in about July 2011. Copies are available at the preceding link for 40 English Pounds.
Obtaining a copy and reading the IVS is a worthwhile exercise in learning about the international standards and how they relate to the business valuation standards promulgated by the American Society of Appraisers (ASA Business Valuation Standards), The Appraisal Foundation (Uniform Standards of Professional Appraisal Practice, or USPAP), the AICPA (SSVS-1, Statement on Standards for Valuation Services No. 1) and others.
The Standards Board had a full agenda. The status of projects dealing with extractive industries, liabilities, investment property, OTC valuation methods, forestry, uncertainty, and trade-related property were reviewed.
The Professional Board included reviews of projects pertaining to discounted cash flow, credit/debit valuation adjustments, specialized public service property, audit guidance for valuers, and the definition of professional valuer.
Both boards were privileged to share a meeting with Sir David Tweedie, recently retired chairman of the IASB. He first held a discussion on “Standard Setting Challenges” in the open meeting of the Standards Board. He then met both the Standards and Professional Boards for an informal discussion of challenges that the IVSC faces in encouraging adoption of the International Valuation Standards and in promoting the development of the valuation profession.
The Standards Board the the Professional Board of the IVSC will meet again in London during the week of June 25th.