NEW YORK, June 6, 2019 /PRNewswire/ -- Sir David Tweedie, Chairman, International Valuation Standards Committee (IVSC), will headline as Keynote Speaker at the American Society of Appraisers Joint ASA 2019 Advanced Business Valuation & International Appraisers Conference in New York, NY on August 25-27, 2019. As a preview for his presentation, Sir David kindly agreed to answer a few questions about International Valuation Standards, including his predictions for significant future changes, and how adoption of the standards will impact appraisers in the U.S.
Please check out his insightful comments here:
ASA: What significant changes to International Valuation Standards do you foresee coming over the next 5 years?
Sir David Tweedie: Depending on how you look at it, the IVS will change significantly and profoundly over the next five years, or it will largely stay the same. That is because, for the most part, the IVS which exists today will remain in place with only a few tweaks over time – the technical boards have spent many years drafting and consulting widely on the high-level 'general standards' which apply to all valuations. There is a genuine sense that the current version of IVS is close to being a lasting framework for global valuation.
However, we will also see new, high-profile chapters introduced across all of the asset-specific chapters during the next five years. Our technical boards are looking at issues as broad as social value, biological assets, cryptocurrency, valuation models, non-financial liabilities and inventory, to test the need for new or revised standards. Additionally, they are geared up to respond quickly to emerging issues which may require valuation standards or guidance, such as the replacement of Inter-Bank Offered Rates (IBOR), which is a hot topic in financial markets right now.
One asset class that we expect to see grow significantly within the IVS over the next five years is financial instruments. These assets are pervasive and often extremely complex, including things like bonds, loans and structured derivatives, they pose significant valuation challenges and they have an enormous bearing on financial stability. Earlier this year we launched our new Financial Instruments Board, chaired by HSBC's Group Chief Accountant, Gavin Francis. This board includes leaders from global banks, prudential regulators, professional bodies and valuation and data providers. Collectively, the board if looking to build and enhance the chapter (IVS 500) which covers these assets today.
Read more of ASA's interview with Sir David Tweedie by visiting: http://www.appraisersnewsroom.org/?p=5773
American Society of Appraisers
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SOURCE American Society of Appraisers
