The International Valuation Standards Council (IVSC) have updated the International Valuation Standards (IVS), publishing 31 January 2024.
The IVSC has announced a twelve (12) month lead-in period with the updated IVS coming into effect on 31 January 2025.
The following is from the recent IVSC announcement.
“The International Valuation Standards Council (IVSC) is pleased to announce that its Standards Review Board (SRB) has unanimously approved (at its 23 November 2023 public meeting) the forthcoming edition of the International Valuation Standards (IVS), set for release in January 2024. The SRB, led by Chair Susan DuRoss, comprises global experts in technical standards, including leaders of the IVSC’s Asset Standards Boards – the Business Valuation Board, Financial Instruments Board, and Tangible Assets Board. This group plays a pivotal role in reviewing and endorsing IVSC-issued standards.
This approval marks the culmination of a two-year revision journey, including a three-month global consultation period from April to July 2023. This consultation elicited comprehensive feedback from a diverse range of stakeholders in the valuation sector, including valuation firms, professional bodies, standard setters and end users of valuation professional services.
The SRB considered whether additional consultation was necessary, given the modifications made since the last public engagement earlier this year. Concluding unanimously against further consultation, the Board recognised that while several changes were made, these primarily entailed minor textual amendments for enhanced clarity. The Board also concurred that the significant improvements in the proposed standards warranted their timely publication without additional consultation.
The forthcoming standards represent a significant evolution in the IVS. Key sections, such as IVS 500 – Financial Instruments and IVS 104 – Data and Inputs, have been extensively revised or introduced anew. The General Standards sections, applicable to all valuations, have been thoroughly updated to better align with the typical valuation process. These changes enhance the standards’ relevance and utility for all parties involved in valuation, extending beyond valuers alone. The 2024 edition will also feature improved navigation and integrated digital tools, making it the most accessible and intuitive IVS to date.”
The IVSC will be hosting a copy of the updated IVS (2025 edition) on their website from 31 January 2024. Further information about the IVSC and the Standards are available on the IVSC website here.
The API will be providing their Valuer members with access to the updated IVS on the API website following the IVSC publication.
In addition, the API Learning and Development team will be creating updated learning and training offers for Valuer Members about the updated IVS during 2024 with an anticipated release in Q4 2024 to coincide with the January 2025 effective date.
Posted on February 1, 2024
international standards IVS training updated standards Valuation