International group seeks comments for new global valuation rules
By Arleen Jacobius | December 5, 2012 4:21 pm
International Valuation Standards Council on Tuesday released a consultancy paper asking for views on establishing improved standards for global investment property valuation, confirmed spokeswoman Hollie Conway in an e-mail.
The global focus of real estate and the use of derivatives as a way of investing in property are exposing inconsistencies in the valuation approaches adopted in different parts of the world, the group noted in a news release.
“The rollout of the International Financial Reporting Standards is requiring valuations of investment properties to be undertaken in some markets where there has not been a long tradition of regular valuations and where there is limited transactional information and other data,” said Simon Landy, member of the IVSC's Standards Board and executive chairman of Colliers International Thailand in the same news release.
The London-based organization is asking that comments be submitted by Feb. 28 to CommentLetters@ivsc.org.