IVSC AGENDA CONSULTATION 2020
On 16 October 2020 the IVSC issued an Invitation to Comment on its future agenda proposals. Responses are invited before 15 January 2021.
The IVSC is proposing to introduce more mandatory standards for matters that affect valuers or the markets in which they operate. Over the next five years over 30 projects are suggested of which no fewer than 17 are proposed to be the subject of a mandatory standard.
Six topics are highlighted are in the Consultation Paper. These are: Automated Valuation Models, Environmental, Social and Governance, Long Term Value, Social Value, Uncertainty & Risk and Data Management. With the exception of the last item, these all have been the subject of previous projects by the IVS.
The IVSC first issued guidance on identifying and disclosing Valuation Uncertainty in 2013. This was recently substantially recycled in a "Letter from the Boards" issued in March 2020. No indication is given why this is being revisited.
For the remaining suggested agenda items, the previous conclusion has been that while these are matters of which valuers may need to be aware, if the IVSC issues anything at all it should be limited to providing information to help valuers better understand how these issues could affect them or the market in which they operate. These are not matters which valuers, nor the professional bodies to which they belong, can control, so attempting to produce mandatory requirements for valuers is futile as well as inappropriate.
We have now completed our review of the Consultation Paper. Our response is below: