International Valuation Standards 2017 Module
For property professionals in Australia there has been an increasing shift towards International Valuation Standards (IVS). The International Valuation Standards Council (IVSC) is an independent, not-for-profit organisation that produces and implements universally accepted standards for the valuation of assets across the world in the public interest. The IVSC has developed a set of IVS for many types of assets, including real estate, plant and equipment, intangible assets and businesses. International users and providers of valuation services recognise the need for a global approach to valuations and are demanding conformity with IVS.
The Australian Property Institute became an inaugural member of the IVSC in 1981 and continues its membership today. API Members have a mandatory compliance requirement in relation to IVS. The International Valuation Standards 2017 became effective on 1 July 2017 and has changed substantially since the last version was released in 2013. IVS 2017 is the overarching principle based document that deals with the valuation of property. As such, API has created the IVS Module to ensure members can have a solid understanding of the current requirements.
The API is dedicated to upholding the highest standards for our members and the industry and as such believes that all members need to have an understanding of the principles contained in the International Valuation Standards. To ensure that this standard is maintained, this module has been created as a recommended activity for all API Members conducting valuations of real property.
The module is mandated for APIV members because they need to provide an assurance that they have the understanding of the content of IVS 2017 as they are covered under the APIV Professional Standards Scheme.
Is the IVS Module compulsory for members and individuals looking to become CPV/RPV?
Yes, the module now is included as part of the FPP program so candidates for RPV and CPV must complete this prior to interview.
Is the module required for all levels of membership, such as retired members?
No, any member who is not conducting valuations of real property in Australia (i.e. non-practicing, retired, academics, overseas) is NOT required to complete the module. These members would also not be members of APIV and therefore would not need to complete the module.
- Identify the new requirements contained within International Valuation Standards 2017 – General Standards
- Demonstrate knowledge of the additional requirements contained within the asset specific standards (IVS 200-500) (as per requirement of Valuer)
- Implement the steps necessary for application and compliance with these new standards
- Define the key stages required form initial instruction to final report, included in the general standard IVS 101-105
- Provide/interpret IVS compliant valuation reports
Completion of this module will accrue 3 CPD points.