CTN PRESS

CTN PRESS

NEWS & BLOGS EXCLUCIVELY FOR INFORMATION TO ENGINEERS & VALUERS COMMUNITY

THE LATEST VERSION OF IVS HAS BEEN PUBLISHED-EFFECTIVE FROM 31ST JANUARY 2022

THE LATEST VERSION OF IVS HAS BEEN PUBLISHED-EFFECTIVE FROM 31ST JANUARY 2022

The latest version of IVS has been published!

The standards will become effective from 31 January 2022 with early adoption encouraged.

IVS serves as the key guide for valuation professionals globally and will underpin consistency, transparency, and confidence in valuations which are key to investment decisions, financial reporting and financial market stability.

The Standards were drafted by the IVSC’s independent technical boards and published following an extensive consultation process involving Valuation Profession Organisations, regulatory authorities, other standard-setting organizations, valuation service providers, individual professionals, valuation end-users, and academics.

IVS comprises five ‘General Standards’ and eight ‘Asset-specific Standards’. The General Standards set requirements for the conduct of all valuation assignments including establishing the terms of a valuation engagement, bases of value, valuation approaches and methods, and reporting.

The Asset Standards include requirements related to specific types of asset valuation, including background information on the characteristics of each asset type that influence value and additional asset-specific requirements regarding common valuation approaches and methods used. The assets standards cover:
• Business and Business Interests (IVS 200)
• Intangible Assets (IVS 210)
• Non-Financial Liabilities (IVS 220)
• Inventory (IVS 230)
• Plant and Equipment (IVS 300)
• Real Property Interests (IVS 400)
• Development Property (IVS 410)
• Financial Instruments (IVS 500)

What’s new in IVS?

The latest version of the Standards brings greater depth and clarity to the IVS, as recommended by member organizations, including the major valuation and accounting firms and Valuation Professional Organisations. All the updates have been consulted over the course of the last 18 months.

Here are a few things you need to know about the latest version of IVS:

• Effective date: The latest IVS becomes effective from 31st January 2022. However, the IVSC encourages early adoption from the date of publication. Valuers will need to make clear which edition of the IVS they are using when preparing a valuation report.
• New chapter: The updated IVS includes a new chapter, ‘IVS 230 Inventory’ as part of the intangible asset standards. You can view the earlier consultation here.
• Technical revisions: Updates also include the technical revisions consulted on throughout 2020 and 2021. The archived consultation documents can be found here.
• Introduction: The introduction has been revised to incorporate new ‘core principles of valuation standard setting’ and the ‘core principles of valuation’, as set out in the recent IVS Additional Technical Revisions 2021 Exposure Draft. The core principles have been agreed in conjunction with the Advisory Forum Working Group and not only demonstrate the harmonization already in existence but also clarify vital expectations for all standard setters. This change also reflects the IVSC’s ongoing efforts to align valuation standards.
• Glossary: The IVS glossary has been updated to include new terms and to provide additional clarifications. This change also reflects the IVSC’s ongoing efforts to align valuation terminology and definitions.
• IVS Framework: The sections on ‘compliance with standards’, ‘assets and liabilities’, ‘valuer’ and ‘competence’ have been revised to provide additional clarifications.
• IVS 104: A new section on ‘allocation of value’ has been included within this chapter.
• IVS 105: The introduction has been revised to provide additional clarification that one or more valuation approaches may be used to arrive at the value reported within a basis of value.
• IVS 200: The introduction has been revised to provide further clarification on what constitutes a business and a business interest.
• IVS 400: The introduction has been revised to provide additional clarification that this chapter includes the valuation of agriculture and land and to incorporate the valuation of unregistered and communal land.
A ‘red-line’ version of the updated IVS is also available for download, providing clarity on changes from IVS (effective 31 January 2020).

Why have these changes been made? The Standards Review Board expects to publish a ‘Basis of Conclusions’ document, explaining the rationale for all updates to IVS, within the coming weeks. This will be available through the IVS Online portal and on the Members’ section of the IVSC website. A digital copy will be sent out to all Member and Sponsor organizations.

Translations: IVS is published by the IVSC in English. Translations of IVS are carried out by organizations including Valuation Professional Organisations and regulatory authorities. The IVSC will be working with these entities to support updates to existing translations, which are available through the IVSC Members’ Portal.

Here is a ‘Red-Line’ version of the latest IVS showing the changes made since IVS (effective 31 January 2022)

SOURCE

ALL IVSC RELATED FILES

FOR ALL UPDATES IN EMPANELMENTS & OTHER UPDATED

GET ALL RELATED NEWS UPDATES IMMEDIATELY BY JOINING THE SOCIAL MEDIA PLATFORMS OF CEV GROP BY CLICKING THE LINK PROVIDED AT THE BOTTOM

JOIN SOCIAL MEDIA PLATFORMS OF CEV INDIA FOR ALL UPDATES RELATED TO THE PROFESSION

FACEBOOK PAGE CEV INDIA,                 TELEGRAM GROUP,                           YOUTUBE CHANNEL

Disclaimer :

We take all possible care for accurate & authentic news/empanelment/tender information, however, Users are requested to refer Original source of the Notice / Tender Document published by the Issuing Agency before taking any call regarding this tender.

error: Content is protected !!
Scroll to Top