International Valuation Standards Viewpoint. The IVSC 2007 exposure

Author:Univ. lecturer, PhD Ion ANGHEL

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Keywords:valuation, standards, international valuation standards, professional services, globalization

Abstract:
A standard is a level of quality or achievement, especially one that people generally consider normal or acceptable. In professional services area standards are essential to determining how well a person follows legal, professional and ethical norms.\r\nValuation professionals will have to focus on competence or „service proper” (knowledge and skills) as well as a through understanding of local, national and international markets and their interactions. International Valuation Standards are a must in a „service proper” area for valuers.. \r\nThe pressure for a single set of international valuation standards is coming from a variety of reasons: in globalisation process investors insist on a common language in valuation matters, the development of international accounting standards and movement in financial reporting from historical to fair value or market value, the need to measure market value for as part of the collateral for lending purposes. International valuation standards has two major goals: to develop and promulgate valuation Standards for worldwide acceptance, to harmonize standards among the world’s states. The structure of IVS 2007 followed those goals.\r\nThe development of a robust set of international standards is essential not only for the future development of the valuation profession but also for development of financial markets.\r\n

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