The Role of International and Local Valuation Standards in Influencing Valuation Practice in Emerging and Established Markets

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Abstract

Valuation standards have a significant role to play in helping to regulate professional practice at national, regional and global levels, promote professional ethics, integrity, impartiality and trust in valuer activities. Many governments and professional bodies are responding to international pressure to regulate the valuation profession by reviewing the regulatory environment, valuer training and compliance with standards. At a global level the International Valuation Standards Council (IVSC) have become the recognised body that produce the International Valuation Standards (IVS). However, despite the existence of the IVSC’s International Valuation Standards there is considerable variation in how local standards engage and comply with the accepted principles laid out in the IVS. This is further compounded by diverging bases of value and methodologies that are being adopted to value property across the world. The different interpretation of concepts such as market value, differing valuation approaches adopted as well as the lack of qualified valuers continue to represent major challenges across both mature and emerging markets.
Original languageEnglish
PublisherRoyal Institution of Chartered Surveyors
Number of pages98
Publication statusPublished - 1 Mar 2014

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