IVSC

International Valuation Standards Council

The International Valuation Standards Council (IVSC) publications are regularly reviewed to maintain relevancy, consistency, clarity and application.

The International Valuation Standards Council (IVSC) has previously announced that:

• The existing IVSC Standards (Eighth Edition published 2007) will be withdrawn on 31 December 2011.
• New standards (IVS 2011) have been released and will become effective from 1 January 2012.

The principal changes between IVS 2007 and IVS 2011 can be downloaded here.

In developing IVS 2011 the IVSC believed there was a need to considerably simplify the standards to improve their accessibility. It also decided that:

• There was a need for the standards to address the valuation of financial instruments;
• That the standards should not be presented as a rule book for valuers but a set of principles for good valuation practice that would be equally accessible and useful to valuation users and others interested in valuation.

The new Standards focus on the required principles illustrated as necessary with examples in order to enable them to be applied as widely as possible.

International Valuation Standards 2011 - Contents
IVS 2011 consists of the following:

• IVS Definitions
• IVS Framework
• General Standards
• Asset Standards
• Valuation Applications

Technical Information Papers
The IVSC, through its Boards, has developed Technical Information Papers in order to provide guidance on best practice to support the application of the International Valuation Standards.

As a result of the issuing of IVS 2011, effective from 1 January 2012, the API National Council has withdrawn all reference to IVS 2007 with effect from 31 December 2011.

Professional Practice, effective from 1 January 2012 therefore only incorporates the Standards and Guidance Notes developed for API & PINZ.

Professional Practice is available free of charge on the API National web-site (www.api.org.au).

Whilst the Institute has adopted and endorsed IVS 2011 effective from 1 January 2012, it has not been incorporated into Professional Practice as at this stage.

From 1 January 2012 the Australian and New Zealand Valuation and Property Standards manual (Professional Practice) will contain the following groupings of like elements.

The effective date of the above documents continues to be 1 August 2008 with the following exceptions:

Code of Professional Conduct

Topic 2.1

This document replaced API’s previous Code of Ethics and Rules of Conduct.
The effective date of this document is 1 August 2011.

ANZVGN 11 Valuation of Self Storage Facilities

Topic 8.11       

This was a new Guidance Note issued in 2011.
The effective date of this document is 1 January 2011.

ANZVGN 12 Market Value of Property, Plant and Equipment as part of a Going Concern Business

Topic 8.12

This was a new Guidance Note issued in 2011.
The effective date of this document is 1 August 2011.

ANZVGN 13 Valuations for Insurance Purposes

Topic 8.13       

This Guidance Note replaces AVGN 2 Valuations for Insurance Purposes and NZVGN 2 Insurance Valuation Reports.
The effective date of this document is 1 October 2011.

PropertyPRO Residential Valuation and Security Assessment Pro-forma Supporting Memorandum

Topic 16.1       

This document replaces the existing Supporting Memorandum and is effective from 1 March 2012 with earlier adoption being permitted.

The approved International Valuation Standards (IVSs) and Technical Information Papers (TIPs) are published both in hardcopy and electronically via the IVSC subscription service IVSonline.  The IVSs only may be viewed free of charge - see under the "Library" section of the IVSC website www.ivsc.org

The IVSs, effective from 1 January 2012 are published in a single book, and the approved TIPs are published as individual booklets.  To find out more about these and other hardcopy publications from the IVSC visit its Bookstore using the link www.pagebros.co.uk/ivs/

IVSonlineprovides subscribers access to the current IVSs and all approved TIPs.  Not only is all the material in one place but it provides users with easy navigation across all publications and the facility to search for key words or subjects. 

The Australian Property Institute is proud to announce that it has reached agreement with the IVSC and established relevant links and protocols to provide online access for valuer members to IVSonline.  For further information on IVSonline please click here.

In the interim if you have any queries please do not hesitate to contact Tony McNamara on email tmcnamara@api.org.au

Philip Western
National President