New Valuation Standards further strengthen confidence

Media Release:

25 July 2011

New Valuation Standards further strengthen confidence in profession

The New Zealand Institute of Valuers is again demonstrating their continued commitment to ensuring consistently high standards in the valuation profession through the announcement of revisions to the New Zealand Valuation Standards.

The International Valuation Standards, on which the New Zealand Valuation Standards are based, have been updated in recognition of the importance of valuation standards to improved financial stability by global regulators and the G-20. The new standards are the result of a three-year project that aims to promote consistency and transparency throughout the valuation process.

Steven Sherman, Chairman of the International Valuation Standards Council's Standards Board, says "the new International Valuation Standards contain globally accepted concepts and principles for the delivery of valuations on which investors rely. Since valuation is the key to financial decision making, whether for investment or for measuring performance throughout the financial system, an up to date and robust set of standards is needed to help eliminate avoidable risks."

The New Zealand Institute of Valuers has provided considerable feedback to the International Valuation Standards Council on development of the standards and the new International Valuation Standards will be incorporated into New Zealand standards ready for their implementation, expected to be in early 2012.

Nicki Bilbrough, President of the New Zealand Institute of Valuers says "the overriding objective of the new standards is to increase the confidence of users of valuation services in the valuations on which they rely".

"As our standards form the fundamental basis of the new model of accreditation currently under development, further transparency of these standards will positively impact the integrity of our profession for all clients" Ms Bilbrough says.

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