ICAI’s Exposure Draft of ‘Indian Valuation Standards (IVS)’ for Comments
Valuation Standards Board of ICAI has issued Exposure Draft of ‘Indian Valuation Standards (IVS 101, 102, 103, 201, 202, 301, 302, 303)’ for Stakeholder’s Comments and Suggestions, latest by 12 May 2018. These standards sets out the concepts, principles, practices and procedures to ensure uniformity in approach and quality of valuation output.
Valuation field is gaining importance now and is considered as one of the most critical areas in finance and it plays a key role in many areas of finance such as buy/ sell, solvency, merger and acquisition. It also plays an important role in the Insolvency Resolution regime where Liquidation value has to be ascertained by Resolution professional through the Registered Valuers.
Looking at the importance, The Institute of Chartered Accountants of India has constituted Valuation Standards Board in the year 2017-18. The Valuation Standards Board has been constituted to focus on the release of Indian Valuation Standards, providing Interpretations, Guidance and Technical Materials from time to time and implementation of the Standards.
To meet the above objective and to standardise the various principles, practices and procedures followed by registered valuers/ valuation professionals in valuation of assets and liabilities, Valuation Standards Board of the Institute of Chartered Accountants of India has formulated the Draft Indian Valuation Standards.
The Valuation Standards sets out concepts, principles, practices and procedures which are generally accepted internationally having regard to prevailing legal framework, procedures and practices in India. Also, the Standards will provide a benchmark to the professionals to ensure uniformity in approach and quality of valuation output.
The Institute has ensured that the Standard Setting Committees of ICAI should endorse transparency, objectivity, independence and greater public participation in its working, accordingly, the Draft Standards have been exposed for public comments to be received by 12th May, 2018 are as follows:
Comments can be submitted using one of the following methods, so as to be received not later than May 12, 2018.
1. Electronically: At the link given in the Exposure Draft of each of the Standards. (Preferred method)
2. Email: Comments can be sent to firstname.lastname@example.org
3. Postal: Secretary, Valuation Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, A- 29, Sector- 62, Noida – 203209.
You are requested to give your suggestions/ inputs on the Draft Standards latest by 12th May, 2018, your suggestions will help us in finalising the Indian Valuation Standards.
Looking forward for your valuable suggestions at the earliest.