By Jack Beckwith, ASA, CEA
As your representative on the IVSC’s Advisory Forum Working Group these past six years, ASA has had a voice as it pertains to the global challenges experienced by a wide range of member organizations. Last year, we conducted our first regional virtual meeting with CEOs from Valuation Professional Organizations (VPOs) in North America to share IVS updates and listened to their expectations as to how we can elevate our professionalism, address our aging membership, harmonize IVS with USPAP, provide insights into the marketplace, and share thematic issues. With ASA’s growing International Membership, it is important that we stay connected and up to date with other VPOs and provide opportunities to share our education resources.
To that end, in 2023, I developed the ME218 MTS International Valuation Course that covers the key stages for an IVS-compliant valuation and shows similarities and differences between USPAP and IVS. ASA Education offered the first virtual class on December 12, 2023, with attendees from Australia, England, Mexico, Canada, and the United States. Our MTS Board of Examiners will now be able to review these students’ reports using an IVS-compliant checklist.
Earlier this year, our Working Group was asked to establish an understanding of the regulatory functions performed by the Valuation Professional Organizations that are members of the IVSC, including sector coverage of tangible assets, BV, and financial instruments. The rationale is based on IVSC having entered a MoU with IOSCO to collaborate and explore international valuation approaches and the quality of financial information used by their investors. The objective is to create a document that outlines regulatory best practices and to establish an IVSC Regulation Alignment Group to monitor these developments. We made progress on that subject at our face-to-face meeting in London at the end of May. Below were those who attended:
Moving forward, P.J. Patel will be your new ASA representative who can provide a BV perspective on international challenges facing the IVS Working Group. I am sure he will be interested in your feedback as we introduce the revised Standards effective as of January 2025.
For your convenience, below is the link to the International Valuation Standards Red-Line edition effective January 31, 2025. For our MTS International Members, you will notice a significant change under Asset Standards IVS 300 Plant, Equipment and Infrastructure.