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Newly updated IVS (International Valuation Standards)
- 20 March 2024
- Business Rescue
- South African Accounting Academy
The IVS are globally recognised, principles-based standards that form the foundation of valuation for all assets and liabilities. Developed by the IVSC and utilised by professionals in over 100 countries, IVS play a crucial role in enhancing the quality, comparability, and transparency of valuations.
In what is a significant update, the latest version includes new chapters on Data & Inputs, Documentation, and Financial Instruments. The General Standards section has also been reordered to more accurately reflect the modern valuation process, as well as the many participants involved in the preparation, review and use of valuations.
The IVS is regularly updated by the IVSC’s standards boards, and is now available for download through IVS Online.
To support the implementation of the new standards, the IVSC’s Standards Review Board has also issued a ‘Red-Line’ version, tracking the changes from the earlier (January 2022) version. Both versions are now available to download.
A ‘Basis of Conclusions’ document, presenting a detailed rationale for the changes, will be published by the IVSC later in March 2024.
The IVS consist of:
- General Standards (which apply to all valuations)
- Asset Standards (which apply, in addition to the General Standards, to specific types of assets and liabilities)
Click here to download the latest IVS:
https://saicawebprstorage.blob.core.windows.net/uploads/resources/IVS-effective-31-January-2025.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- Valuations are widely used and relied upon in financial markets and other settings, whether for inclusion in financial statements, for regulatory compliance or to support secured lending and transactional activity.
- The IVS outline a process that can be used in conjunction with other standards, laws and regulations requiring a value.
- The valuer is ultimately responsible for the assertion of compliance with IVS.
Relevance to Your clients:
- The valuer is ultimately responsible for the assertion of compliance with IVS.