IVS Additional Technical Revisions 2021
In January 2021 the IVSC issued an Exposure Draft of proposed “Additional Technical Revisions” to the IVS. Comments were invited before the end of April.
The revised IVS were published in early August, identified by the effective date of 31 January 2022.
We had concerns about some of the detail in the draft but our main concern was with the direction of travel. The IVSs are now becoming more and more a rule book for valuers rather than a recognised specification for the valuation service itself. This trend flies in the face of the feedback received from many stakeholders in the first part of the last decade. It would not be realistic to expect this issue to be addressed in a set of “Additional Technical Revisions” but if the IVS are to become more widely accepted and adopted in their entirety the IVSC needs to get its strategic positioning right.
The new IVS also includes a new IVS 230 – Inventory which was the subject of a separate consultation in 2020.
The new edition can be purchased directly from the IVSC, or for members of IVSC member organisations it should be available from them. We have prepared a summary of the changes and our comments on them, which can be accessed below.