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"The IVSC has made spectacular progress over the last few years, especially in terms of production of high-quality standards, its evolving corporate governance, and its profile among world regulators and international agencies," said Vella.
In summer 2011, the IVSC issued two exposure drafts covering discounted cash flow and replacement cost, respectively.
After publishing the comprehensive IVS document in 2000, the IVSC has had an increasing influence on real estate valuation practice in as many as 50 countries.
The IVSC publishes these standards that set out internationally accepted valuation principles, procedures, and definitions.
To this end, the members of the Toronto Valuation Accord and their representatives to the IVSC seek greater public involvement and assistance to ensure that the FASB's recently released Proposal on Fair Value Measurements (www.fasb.org) has wide public response before it's finalized.
Much up-to-date, in-depth information is available on the Web, and the best of it is provided by not-for-profit institutions promoting international trade, such as FIABCI, IVSC, FIG, AFIRE, and RICS, the activities for which are outlined below.
Over the course of the last year, we've weighed in on a variety of issues including the IVSC's consultative paper, Valuation of Owner-Occupied Properties Under International Financial Reporting Standards.
Artemenkov, FRICS, CCIM, FIABCI, is CEO of the CJSC International Valuation Centre, and is a member of the Professional Board at the International Valuation Standards Council (IVSC) and the board of The European Group of Valuers' Associations (TEGoVA).
Marianne Tissier, Executive Director of the IVSC, spoke of the clear need for valuation professionals to be involved in the process of international convergence.
This definition appears again in the same form in the IVSC (International Valuation Standards Council) directives.
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