RICS Leads The Debate On International Valuation Standards

Chairman of the International Valuation Standards Council, Sir David Tweedie, met with RICS and other industry professionals, during events in New York City and Toronto this week.

The unique opportunity allowed me to address delegates on the strategic work underway on IVSs worldwide, led by the Institution. Audiences also heard from Sir David on the evolution of International Valuation Standards and International Financial Reporting Standards; to assess the impacts on industry and business.

On Tuesday 26th February the International Valuation Standards Council sponsored Lunch at the Sofitel Hotel in New York City hosted by Sir David, Chairman of the IVSC Trustees, addressed the progress and discussions held over the past few months with key world regulators, including PCAOB, US SEC and FSB.

Attending were all of the Trustees as well as numerous sponsors including RICS, Appraisal Institute, Appraisal Foundation, CICBV, Ernst & Young, KPMG, American Appraisal and others.

Key initiatives emerging as a result of ongoing dialogues include:

• A strategy working group, including RICS, to ensure the adoption of IVSs world wide.


• The IVSC will begin a new initiative on a Financial Instruments Valuation Standard

• A drive towards regulators understanding the need for the profession to set shared high-level qualifications for valuers. RICS supports this and is keen to work with other professional bodies to ensure consistency and quality of valuation professionals.

• The IVSC will be working with the Appraisal Foundation, RICS and other key international bodies to converge IVS and USPAP. This is a substantial initiative and opportunity to bring the profession together under one international standard.

The second day of events, held in Toronto (Wednesday 27th February) directed by RICS, the Appraisal Institute Canada and Canadian Institute of Chartered business Valuators, involved a meeting with Sir David followed by breakfast with over 100 professionals.

Ken Creighton, RICS Director of Professional Standards, said: "Together with our colleagues in Canada, the CICBV and AIC, we hosted a gathering of the Valuation Profession to address implementation of International Valuation Standards.

"Canadian professions gathered to welcome Sir David Tweedie to his new role of Chair of the IVSC Trustees. In an unprecedented move, the leading valuation professional bodies in Canada- RICS, AIC and CICBV came together to jointly host both Sir David and numerous valuation professionals, demonstrating a united profession to the market both in Canada and internationally.

"The world will benefit from uniting under International Valuation Standards and with the support of RICS, Sir David will be taking the message of IVS adoption around the world. It started today in Canada."

RICS views the success and insight provided throughout the week as outlining the clear next steps to winning IVS implementation, and the connections between property valuation, financial instruments and financial reporting.

The visit has firmly established RICS as a central player in the standards visions and will continue to build on the relationship and knowledge gained.

(GK)