Alex Aronsohn FRICS, technical director at the International Valuation Standards Council (IVSC) examines the main changes to IVS 2017 which is due to come into force from July 2017 and considers what it means for valuation professionals and accountants
An overhaul of the International Valuation Standards has seen more clarity in the revised IVS 2017 version. Previous discussions with stakeholders indicated that there was confusion in IVS 2013 about what content represented mandatory standards versus non-mandatory commentary.
This was recognised by the International Valuation Standards Council standards board who noted that in IVS 2013 all substantive portions of the standard were labelled as ‘commentary’ with the exception of the scope and effective date sections.
IVS 2017 has eliminated the commentary label to make it clear that the contents are mandatory for compliance with IVS. The mandatory nature of the standards has been clarified through the use of may, must and should within the standards and these terms are clearly defined within the revised glossary.
