AIC accepts invitation to participate in strategic organizational review of IVSC
The International Valuation Standards Council (IVSC) Trustees have commissioned an assessment of current processes, structures and resource to ensure the organisation is positioned to fulfil its mission of generating high quality valuation standards that serve the public interest. Read More
APEC MOVES TOWARDS REGION-WIDE ADOPTION
Finance Ministers of the 21 member economies of the Asia-Pacific Economic Cooperation (APEC) issued a joint statement at their annual meeting in Beijing last month which expressed their support for the relevant bodies to work with the IVSC in order to promote sound valuation practices across the region.
APPRAISAL INSTITUTE OF CANADA SIGNS MOU
Appraisal Institute of Canada signs MOU in support of international valuation standards – Toronto – October 24, 2014
Toronto – February 28, 2013
Members of the Appraisal Institute of Canada (AIC) accepting assignments with respect to VFR and IFRS must, in addition to this proposed Compliancy document, obtain and be familiar with the current edition (eighth) of the International Valuation Standards (IVS). Copies are available here. The 2008 edition of the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP), respects the expanding role of the valuation professional within the Appraisal Institute of Canada (AIC). The Canadian Uniform Standards of Professional Appraisal Practice meet the sponsor criteria of the Appraisal Foundation in their international membership category, and endorse International Valuation Standards (IVS) as an authority promoting world-wide acceptance of standards for property valuation. With the advent of International Financial Reporting Standards (IFRS) and the transition within Canada to International Accounting Standards (IAS) in 2011, the Board of Directors of the AIC has recognized the need for valuation standards that address emerging valuation requirements for IFRS and diversification of the scope of work available to AIC Appraisers. As such, the AIC has embarked upon a course to adopt International Valuation Standards (IVS) as its professional practice standard. This publication provides guidance for AIC members in preparing appraisal reports for financial reporting that will be in full compliance with the financial reporting requirements contained in IVS. These guidelines shall be considered mandatory requirements necessary for satisfying IFRS valuation assignments in addition to the current CUSPAP. Members of the Appraisal Institute of Canada are reminded that AIC Members’ Errors and Omission Insurance Policy provides coverage only for those who adhere to the practice standards of the AIC and are qualified and authorized under the By-laws and Regulations of the AIC who have demonstrated competency in the services that they provide. IVS provides Standards, discussions and Guidance Notes on valuation matters that might be outside of the normal training for AIC members. AIC members providing services outside of the AIC insurance program will continue to require additional independent insurance coverage. The Compliancy Requirements which follow pertain to IFRS valuation reporting and the areas of practice currently covered by the Institute’s Professional Liability Insurance Program and are not intended to provide additional competency qualifications in valuation areas outside of the current educational program offered by the Appraisal Institute of Canada.