RegulationAccounting StandardsIVSC in major restructure for independence

IVSC in major restructure for independence

The IVSC board and members have approved a major restructure to make it an independent standard setting body

The International
Valuation Standards Committee
(IVSC) board and membership have approved the
restructure proposed last January, designed to turn it into an independent
standard setting organisation which can develop international valuation
standards for assets and liabilities.

The key features of the restructure involve the organisation of three main
bodies – a board of trustees responsible for the strategic direction and funding
of the IVSC; a standards board appointed by the trustees, but with autonomy over
its agenda and the creation and revision of standards; and a professional board
appointed by the trustees to assist in the development of high quality practices
by the world’s valuers and development of the profession in developing
countries.

IVSC will remain a non-profit organisation incorporated in US and its acronym
will be retained but the name changed to the International Valuation Standards
Council.

Membership of the IVSC will be broadened beyond national professional
valuation institutes to include valuation companies, government, valuation
end-users, and academia. Current IVSC directors remain for the transitional
period November 2007 to May 2008, with responsibility for day to day management
of the IVSC.

Further reading:

Big ‘Six’ draw up bank audit blueprint

US firms seek extension on fair-value compliance

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