Tweedie to lead push for global valuation rules

SIR DAVID TWEEDIE is to lead a body that sets international standards for the valuation of assets and liabilities.

The International Valuation Standards Council (IVSC) said Tweedie will chair its board of trustees from 29 October and will be responsible for promoting the recognition and adoption of its standards and developing the valuation profession.

As the former chairman of the IASB and ASB, Tweedie was the architect behind the creation of IFRS and its subsequent adoption around the world. The patchwork of individual countries' accounting rules that existed before the convergence of global standards is not dissimilar to how valuation standards currently exist.

Part of Tweedie's job will be to reduce diversity in the way in which valuations are applied in different countries.

"One of the things we did with IFRS is create the idea of international standards," Tweedie says.

He will also inject some credibility into the profession, which is hampered by a lack of regulation and compulsory qualifications.

"The valuation profession needs to mirror the ethical codes, standards and accreditations of the accounting profession," Tweedie says.

Tweedie will succeed Roel Campos, who has served as interim chairman since Michel Prada, who chairs the IASB's oversight body, stepped down as IVSC chairman in December 2011.