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
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information about the American Society of Appraisers, the ASA
designation program for appraisers or the Society's free "Find an
Appraiser" Referral System, visit www.appraisers.org or call (800)
272-8258.
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SOURCE American Society of Appraisers