Cushman & Wakefield Promotes Industry Involvement in Drafting of New International Valuation Standards
16 Aug, 2010, New York
Cushman & Wakefield today urged global investors and key stakeholders in financial reporting to submit their comments on the proposed new International Valuation Standards (IVS) currently under development by the International Valuation Standards Committee (IVSC). With approximately three weeks remaining in IVSC's public comment period, the firm issued a Business Briefing to clients and associates summarizing the latest draft changes to the international standards urging them as industry leaders to weigh-in.
"IVSC's efforts to produce widely recognized and accepted valuation standards will have world wide implications for users," said Joseph Vella, Senior Managing Director of Cushman & Wakefield's Valuation & Advisory group. "In order to promote the most effective and robust standards, feedback from all entities involved in financial reporting is absolutely essential. While the time for comment on the exposure draft is coming to a close, there is still a critical window of opportunity to provide constructive input to the process that will in the end improve the outcome and meet the G20?s goal of 'clarity and consistency in the application of valuation standards internationally'."
Cushman & Wakefield senior professionals have a rich history of contributing to the evolution of the IVSC going back 30 years. Don Dorchester (U.S.A.), a senior director in Cushman & Wakefield's Valuation & Advisory group is a co-founder of the IVSC and served on the Management Board and as Chairman for a three-year term. Mr. Vella (U.S.A.) served on the IVSC Management Board, Standards Board, Editorial Board and is Immediate Past Chairman.
As Chairman, Mr. Vella was instrumental in helping to restructure the organization to become a fully independent standards setter and served as a Trustee on the Interim Board of Trustees as part of the transition team. He was also a member of the Critical Review team that provided the impetus for the IVS exposure draft. At this time, Arvind Nandan (India) is a member of the International Valuation Standards Board and a contributor to the development of the just-released IVS Exposure Draft. Cushman & Wakefield's Marius Andreasen (U.S.A.) is a member of the work group developing guidance on The Cost Approach for Financial Reporting.
The proposed IVS include concepts and principles that are applicable to all types of valuation and are aimed at improving transparency and confidence in the valuation process. They address how the general valuation principles apply to assets ranging from complete businesses to individual asset types such as financial instruments and real estate.
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