Valuation Experts Join Together to Advance International Valuation Standards
TORONTO (February 28, 2013) – Members of the three leading valuation bodies in Canada including the Appraisal Institute of Canada (AIC), the Canadian Institute of Chartered Business Valuators (CICBV) and the Royal Institution of Chartered Surveyors (RICS) met with international financial expert, Sir David Tweedie, to discuss the benefits of International Valuation Standards (IVS) and the potential impact that it will have on building investors’ confidence in Canadian and international markets.
“I am thrilled that AIC, CICBV and the RICS have come together to continue the conversation around the standardization of valuation practices within Canada,” stated Sir David, Chair of the International Valuation Standards Council, and the recently retired Chair of the International Accounting Standards Board who led the adoption of the International Financial Reporting Standards (IFRS).
“The recent financial crisis confirmed the critical role that valuation has within a global marketplace. International Standardized Valuations (IVS) is a solution that will improve investors’ confidence in capital markets, thereby contributing to the growth of the Canadian economy as well as the strength of economies around the world.”
A panel of leading valuation experts within Canada - Jeffrey Harder, Deloitte; David Shum, Cushman & Wakefield, and Colin Johnson, Altus Group - followed Sir David’s keynote address and focused on the impact of International Valuation Standards on Canadian business. With international transactions on the rise, the consistent message from the experts was that the timing is right for the valuation industry to work together to align valuation standards and gain the trust that is required to attract foreign investment in the long term.
“International investors in Canada need to know the valuation fundamentals are sound–and knowing an asset is valued in compliance to globally and nationally recognized valuation standards is an important consideration,” said Tweedie.
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For more information:
Sheila Roy, Director, Communications - AIC
T: (613) 234-6533 x224 M: (613) 863.0127
E: sheilar@aicanada.ca W: AICanada.ca
Megan Kennedy, Communications Manager — CICBV
T: (416) 977-1117 ext. 228 M. (416) 937-6401
E: kennedym@cicbv.ca W: cicbv.ca
Chad Clinton, Communications Manager – Americas, RICS
T: (202) 775-6937 M: (917) 843-6140
E: cclinton@rics.org W: www.rics.org
About AIC
The Appraisal Institute of Canada (AIC) is a leading real property valuation association with over 4,800 members across Canada. Established in 1938, the AIC works collaboratively with its 10 provincial affiliated associations to grant the distinguished Accredited Appraiser Canadian Institute (AACI™) and Canadian Residential Appraiser (CRA™) designations.
The AIC is a self-regulating organization that is guided by a Code of Ethics, Rules of Professional Conduct, and Standards of Professional Practice to ensure the integrity of the profession and the protection of public interest. AIC Designated Members are highly qualified, respected professionals who undertake comprehensive curriculum, experience and examination requirements. They are committed to continuing professional development to maintain the highest level of competency within the evolving marketplace. Our members provide unbiased appraisal, appraisal review and appraisal consulting services on all types of properties within their areas of competence. For more information, go to AICanada.ca.
About CICBV
The Canadian Institute of Chartered Business Valuators (CICBV) is the largest professional valuation organization in Canada, with over 2,400 members and students around the world, and is the sole administrator of the Chartered Business Valuator (CBV) designation training program and accreditation testing.
CBVs are experts who quantify the worth of all, or part, of a business or its securities, with the ability to determine the value of intangible assets, including brand and intellectual property; as well as due diligence and transaction support for financial litigation or corporate finance and transaction-based activities.
About RICS
RICS is the world’s leading name when it comes to advancing and regulating global professional standards in land, property and construction.
Attaining RICS status is the recognized mark of property professionalism, especially in a world where people, governments, banks and commercial organizations desire greater certainty of professional standards and ethics.
To date, RICS has over 180,000 members in 146 countries, including theU.S.,Canadaand theCaribbean. Members rank from students interested in real estate careers to senior level professionals, who have established themselves as preeminent figures throughout the many disciplines within the industry.
Headquartered in London, RICS is committed to setting and upholding the highest standards of excellence and integrity by providing impartial, authoritative advice on key issues affecting businesses and society. RICS regulates both its individual members and firms, allowing it to provide unparalleled client confidence in the sector.