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About the International Valuation Standards Council | Current Standards | International Property Management Standards
International Standards
The International Valuation Standards (IVS) and the International Property Measurement Standards (IPMS) have been developed and published by international coalitions set up to promote a consistent global approach for the property industry. The API is a member of both the International Valuation Standards Council (IVSC) and the International Property Measurements Standards Coalition (IPMSC).
The API adopted the IVS word-for-word in 2007 and API Valuer Members have a mandatory requirement to comply with the IVS.
The IPMS, whilst not mandatory for Members, is consistent competent professional practice for the principles and guidance contained with the IPMS to be followed by Members.
About the International Valuation Standards Council
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 International Valuation Standards (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. The API adopted the IVS word-for-word in 2007. API Members have a mandatory compliance requirement in relation to IVS.
NEW IVS effective 31 January 2025
In January 2024, the IVSC released the updated IVS which will come into effect on 31 January 2025. Below are links to the IVS website as well as two API member news articles, outlining the key changes as well as promoting the IVS webinars which were held in February 2024.
Updated International Valuation Standards – Australian Property Institute (api.org.au)
A link to the IVS website is here which has more information on the changes to IVS.
The IVSC has provided valuation professional organisations (VPOs) such as the API with a copy of the updated IVS (2025 edition) as well as a redline version showing the changes between the 2022 edition and the updated 2025 edition. In addition, the IVSC has provided a Basis for Conclusions document which outlines the reasons for the changes to the IVS. The API provides valuer members access to these documents in the API member portal.
- IVS effective 31 January 2025
- IVS effective 31 January 2025 – redline version
- Basis for Conclusions – IVS 2025 edition
A recording of the IVSC webinar Understanding the Latest Updates to IVS that was held on Thursday 8 February 2024 is available for viewing here.
International Property Measurement Standards
The International Property Measurement Standards Coalition (IPMSC) was formed on 30 May 2013 after meeting at the World Bank in Washington DC and consists of a coalition of more than 85 professional property organisations from around the globe including the API. The Coalition aims to bring about the harmonisation of national property measurement standards through the creation and adoption of agreed international standards for the measurement of buildings.
International Property Measurement Standards (IPMS) will enable different asset classes of buildings to be measured on a transparent basis, thus ensuring a consistent approach for not only transactions and valuations but all purposes to which the physical measurement of a building is put, thus creating a more transparent marketplace, greater public trust, stronger investor confidence, and increased market stability.
On 15 January 2023 the IPMSC released IPMS: All Buildings which consolidated the previous asset standards into one standard. It supersedes the previously published standards by utilising the concepts and objectives contained in the previous standards into one harmonised standard.
More information about the IPMSC can be found on their website.
Current Standards:
- IPMS: All Buildings (2023)
Withdrawn/Archived Standards:
- IPMS Office Buildings (2014)
- IPMS Residential Buildings (2016)
- IPMS Industrial Buildings (2018)
- IPMS Retail Buildings (2019)
The above has been replaced with IPMS: All Buildings.
