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 (IVS) 2017 became effective on the 1 July 2017. They contain many changes when compared to the previous 2013 International Valuation Standards. To ensure Members have knowledge and understanding of the new 2017 IVS, the API has developed a mandatory On-Line Module for all practicing API Valuer members who are members of the APIV scheme. We require that Valuer Members who are members of the APIV scheme to complete the module by 31st March 2018.
We highly recommend that all other members also complete this module however there is no compulsion to do so.
- 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.