Translation of the IVS International Valuation Standards 2022

TRANSLATION OF THE IVS INTERNATIONAL VALUATION STANDARDS 2022

 

The Chamber of Valuers and Court Experts of Montenegro has published a translation of the IVS Valuation Standards, which can be ordered through their online store.

The latest edition of the International Valuation Standards (IVS) marks a significant milestone towards aligning valuation practices worldwide as the basis for implementing the requirements of IFRS 13 – Fair Value Measurement.

The updated International Valuation Standards serve as a crucial guide for valuers globally and will promote consistency, transparency, and trust in valuations, which are key for investment decisions, financial reporting, and financial market stability.

The latest IVS Valuation Standards came into effect on January 31, 2022; however, the IVSC Standards Board in London encourages early adoption from the date of publication.

 

Changes and amendments to the IVS Valuation Standards have been implemented in the following areas:

 

Technical Revisions: Updates also include technical revisions that were consulted on during 2020 and 2021.

Introduction: The introduction has been revised to include the fundamental principles of setting valuation standards and the basic principles of valuation. This change also reflects IVSC’s ongoing efforts to harmonize valuation standards.

Glossary: The IVS glossary has been updated to include new terms and provide additional explanations. This change also reflects IVSC’s ongoing efforts to harmonize terminology and definitions in valuations. IVS

Framework: Sections on “compliance with standards,” “assets and liabilities,” “valuer,” and authorities have been slightly revised to provide additional explanations.

IVS 104: A new section on “value distribution” has been included in this chapter.

IVS 105: The introduction has been revised to provide additional explanations that one or an approach to valuation may be used to arrive at the value reported within the scope of value.

IVS 200: The introduction has been revised to provide additional explanations of what constitutes a business and business interest.

IVS 230: The updated IVS Valuation Standards include a new chapter, “IVS 230 – Inventory,” as part of the intangible asset standard.

IVS 400: The introduction has been revised to further clarify that this chapter includes the valuation of agriculture and land and includes the valuation of unregistered and joint land.