1 May 2008
City of London, Ernst & Young announce support for
International Valuation Standards Committee
The City of London Corporation and Ernst & Young have
announced support for the International Valuation Standards
Committee (IVSC), founded to develop and promote recognised
international valuation standards.
Stuart Fraser, Chairman of the City of London’s Policy &
Resources Committee, said
“The City of London is pleased to support the IVSC establishing
its headquarters in the Square Mile. Financial innovation is the
key for the City to stay ahead as the world’s international
financial centre and we are acutely aware that there is a lack of
national and international standards in valuation. The City
supports international standard setters such as the IVSC in
establishing a new benchmark which we hope will be rolled out
across the world.
“This also fits with our continuous effort to ensure that
international organisations related to financial services are
located here in the City where practicable.” The City
Corporation has also given financial support to the International
Accounting Standards Board and the International Centre for
Financial Regulation.
Jim Eales, Ernst & Young Partner and Valuation and Business
Modelling Area Leader, said, “Rapid globalisation has meant
that there is growing recognition that a comprehensive single set
of global standards dealing with valuation procedures will ensure
consistency of application and enable greater reliance to be
placed on valuations across borders. As a global valuation advisor
Ernst & Young are pleased to offer support to the IVSC in this
work.”
Marianne Tissier, Executive Director, IVSC commented: The
IVSC is restructuring to enable it to become an independent
standard setting body for the development of International
Valuation Standards for assets and liabilities. The intent of the
IVSC is to achieve the same success in securing the worldwide
adoption of standards for the performance of valuations as the IASB
has with accounting standards. We are extremely grateful to those
companies and organizations who have committed to the IVSC and who
are providing the financial resources to ensure the success of the
IVSC.
Ends
Notes to editors
The International Valuation Standards Committee, the leader in
the development of valuation standards, has a 25+ year standard
setting history.
The International Valuation Standards are recognised and
accepted by a wide range of organisations including the UK
Financial Services Authority, the Hong Kong Securities and Futures
Commission, the Securities and Exchange Board of India, the
European Public Real Estate Association, and the National Council
for Real Estate Fiduciaries among many others.
Revised Bylaws and Articles of Association for the IVSC were
approved by the current membership on 19 November 2007. The new
IVSC structure has the following main features:
- The IVSC will remain as a non-profit organisation incorporated
in the State of Illinois; the IVSC acronym will be retained but the
title changed to the “International Valuation Standards Council” to
reflect the broader remit of the organization.
- The organisation will have three main bodies:
- A board of trustees responsible for the strategic direction
and funding of the IVSC.
- A Standards Board appointed by the trustees, but with
autonomy over its agenda and the creation and revision of
standards.
- A professional board will be appointed by the trustees to
assist in the development of high quality practices by the
world’s valuers and development of the profession in
developing countries.
Membership of IVSC will be broadened beyond national
professional valuation institutes to include valuation companies,
government, valuation end-users, and academia.
The following have also committed to providing financial support to
the restructured IVSC:
- Royal Institution of Chartered Surveyors (UK)
- Appraisal Institute (US)
- Appraisal Institute of Canada
- China Appraisal Society
- Russian Valuation Societies
- American Appraisal Associates
- The Appraisal Foundation (US)
Press enquiries
For further information please contact IVSC Executive Director
Marianne Tissier
(mtissier@ivsc.org) on 01442
879306
For press enquiries on City of London please contact Loretta Lui on
020 7332 1528