International Valuation Standards Council (IVSC)
The International Valuation Standards Council is the recognized international setter of standard of valuation. The main task of the International Valuation Standards Council (IVSC) is to develop and maintain standards that deal with undertaking and reporting valuations. It is more important in the cases where the investors and third party stakeholders rely on them. Another task of the International Valuation Standards Council is to support the need for developing a guidance framework regarding the best practice of valuations of the different classes and types of assets and liabilities. The IVSC also looks after the steady and unfailing delivery of the standards throughout the world with the help of extremely trained professionals. Since 1985, the International Valuation Standards (IVS) has been published by the International Valuation Standards Council (IVSC).
The IVSC membership is given to organizations of providers, users, educators, regulators and professional institutes of valuation services. The appointment of the IVSC Board of Trustees is made by the members of IVSC.
IVSC Board of Trustees
The main responsibilities of the IVSC Board of Trustees are funding of structure, oversight and governance. Some of the important responsibilities performed by the IVSC Board of Trustees are:
- Appointing IVSB and IVPB members.
- Performing annual review of the strategy and its effectiveness of IVSC.
- Approving of amendments to IVSC bylaws.
- Reviewing membership applications of IVSC and making recommendations to AGM.
International Valuation Standards Board
The IVSC Standards Board was replaced by the International Valuation Standards Board (IVSB) in the year 2008. The International Valuation Standards Board (IVSB) is a body that helps in setting the standards as to how to carry out and make reports on valuations. The number of person in IVSB should not exceed nine and should also be more than six. These persons should be appointed for a term of three years.
International Valuation Professional Board
The International Valuation Professional Board is a body that has the responsibility for benchmarking the professional and educational standards for valuation and for promoting the profession. The number of persons in IVPB should be at least six and should not exceed nine who are appointed for a term of three years.