INTERNATIONAL VALUATION STANDARDS

FREQUENTLY
ASKED QUESTIONS
Covering FAQs for the latest version of IVS -
effective January 2022

WWW.IVSONLINE.ORG
1. How will I know which parts of The IVS may now be updated in either January
or July of each year, to incorporate new or
the IVS have been updated in the amended standards following public
latest edition? consultations. For example, if a consultation is
completed in November then IVS would be
Alongside the updated IVS publication, which published to reflect these changes in January
is available to download as a PDF document, of the following year. If a consultation closes in
the IVSC will publish a ‘red line’ version of the March, then the IVS will be updated to
standards. This red line version will clearly show incorporate these revisions in July. The
where changes have been introduced to the Standards Review Board has, however,
previous version. The red line version will show decided that IVS will only be updated once in a
where new text has added, and where earlier calendar year. In some years it is possible that
text has been amended/deleted. the standards will not be updated at all.
In addition to the red line version of the Retaining the year of publication in the title
standards, the IVSC Standards Review Board would become confusing if, for example, IVS
will make available a ‘Basis of Conclusions’ was updated in January one year and then in
document, providing the rationale for changes July the following year. It might also set an
to the standards and drawing on feedback from expectation that IVS will be updated each and
earlier consultations. This Basis of Conclusions every year, which is not necessarily the case.
document will be published alongside the IVS
and the red line version of the standards at the By including the effective date for the
earliest opportunity following their publication. standards on the front cover, it will be clear to
users, and to the marketplace more generally,
when the standards are applicable from.
2. Why is the year of publication As with earlier updates to IVS, until such time as
no longer includedin the title? the standards become effective the previous
version of IVS will be applicable. However, early
The year of publication has been removed from adoption of the new standards will be
the title of the International Valuation Standards encouraged, especially where they have been
introduced for the first time (i.e. where no
and replaced with an ‘effective date’ (i.e. the standards relating to the subject matter existed
date at which the standards formally come into previously).
effect).
The latest version of the standards will always
The standards boards concluded that retaining be prominently displayed on IVS Online. Details
the year of publication in the title could cause of the latest standards, including effective date,
confusion, based on the planned publication will also be clearly set out on the standards
cycle, and might also limit the responsiveness pages of the IVSC website: www.ivsc.org
of the standards to market needs.
3. Why not publish an annual IVSC member organisations will receive an
electronic (PDF) copy of the latest standards
update to IVS instead? upon their publication. For non-
sponsors/members, access to IVS Online is
It is not always the case that the IVS will need available through an annual subscription, with
to be updated every year. Equally, the boards discounts available to groups of subscribers.
have two windows within a calendar year
(either January or July) when they can issue an
update to the standards – this allows them to 6. How do the IVSC’s standards
be more responsive to market needs. The
boards have resolved to publish IVS updates boards identify and agree
with an ‘effective date’ instead. revisions to the IVS?
The standards can be revised in two ways,
4. How will I know which is the potentially – 1. Additions: by incorporating new
latest version of the IVS? text in the form of standards (e.g. in emerging
aspects of the valuation profession);
The latest version of the IVS will be prominently 2. Technical Revisions: by revising or removing
published, along with a red line version of the existing text (e.g. where there is an observed
standards, on the IVSC’s standards platform, issue of clarity or interpretation).
‘IVS Online’: www.ivsonline.org
Any changes to IVS will be consulted on for a
Earlier editions of the standards will be clearly minimum of three months before being
‘archived’ and made available for download, introduced in an updated edition of the IVS.
along with their corresponding red line version These consultations will be communicated
and basis of conclusions. through the IVSC website, in eNews and across
social media channels. Feedback to the
consultations will be welcomed from all parties,
and will contribute to the deliberations by the
5. How can I access the IVS? technical standards boards.
The latest edition of the standards will be In their basis of conclusions document, the
available to download online through the standards boards will give a summary of the
IVSC’s standards portal, IVS Online at: consultation responses received together with
www.ivsonline.org. Archived versions of the their rationale for introducing updates to the
standards will also be available to download IVS, based on the feedback to consultations
from this site. and their deliberations as a board. The
IVSC sponsor organisations, including their individual consultation responses will also be
employees, are given free access to IVS Online published unless requested by the respondent
with the use of a code which can be provided to remain anonymous and will be posted on
by the IVSC by emailing: [email protected]. the website alongside the basis of conclusion.
7. Can I start using the new IVS 10. Can I purchase a hard copy of
before it becomes ‘effective’? the standards?
Although each new edition of IVS only Hard copies of the standards are available to
becomes ‘effective’ after a six month period of purchase through the IVSC’s online bookstore:
familiarisation, the IVSC encourages early http://www.pagebros.co.uk/ivs/
adoption. It is therefore important that valuers
clearly state which version of the IVS they are
applying when preparing a valuation report.
The standards boards are happy to see early
adoption of the standards, especially where
new standards are introduced for the first time.

8. Who is responsible for drafting

and approving updates to the
IVS?
The standards are drafted, consulted on,
agreed and published by the IVSC’s
independent standards boards. Three technical
boards (Business Valuation Board, Financial
Instruments Board and Tangible Assets Board)
lead on the asset-specific chapters of the IVS.
The Standards Review Board oversees the work
of the technical boards and leads on matters
relating to the ‘General Standards’ chapters of
the IVS.

9. I need to access an old version

of IVS, where can I find it?
Older editions of IVS are archived and made
available for download from the IVSC’s online
standards portal, IVS Online: www.ivsonline.org