The launch is the latest step in IVSC’s mission, IVS 2017, to raise standards of international valuation practice as a core part of the financial system, for the benefit of capital markets and the public interest. IVSC says the standards will mark an important milestone towards harmonising valuation currently fragmented practices across the world. 

IVS 2017 comprises five general standards and six asset standards. The general standards set 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.

The asset standards include requirements related to specific types of assets, including background information on the characteristics of each asset type that influence value and additional asset-specific requirements regarding common valuation approaches and methods used.

The standards have been created following an extensive consultation process from April to October 2016. More than 100 official comment letters on the initial drafts of IVS 2017 were received from a range of stakeholders, including valuation profession organisations, individual professionals and academics.

IVCS says the latest version of the standards bring greater depth, as was requested by members, who include the major accountancy firms.

Sir David Tweedie, chairman of IVSC, said: ‘The valuation of assets, both tangible and intangible, plays an essential role in financial and real estate markets – and therefore the global economy. IVS 2017 will be instrumental in improving valuation practice and will bring greater efficiency to capital markets.’