ASA Represented at International Valuation Standards Council Conference in Dubai

By Sharon Reed

DUBAI, UAE – Jack Beckwith, ASA, President and Managing Director, EAG, Inc., represented the American Society of Appraisers (ASA) at the 2018 International Valuation Standards Council (IVSC) AGM conference in Dubai, UAE on Oct. 22-24, 2018. Lee Hackett, FASA, represented ASA as its interim CEO and as chair of the IVSC’s nominating committees. Richard Berkemeier, ASA, Pegasus Aircraft Appraisal Group, attended the conference representing ASA’s Machinery and Technical Specialties (MTS) Committee.

Hosted by the Dubai Land Department, the 2018 AGM took place at the Hilton Dubai Al Habtoor City. Each year the IVSC Annual General Meeting (AGM) changes to different locations worldwide.

IVSC’s AGM conference provides an opportunity for networking among international valuation, business and standards leaders from around the world, and to contribute to the evolution of the global valuation profession, according to the IVSC.

Trustees attending the IESC Meeting in Dubai prior to the AGM

The 2018 AGM program included:

• Public and private meetings of the IVSC’s standards boards
• Meetings of the IVSC Advisory Forum, representing members of the IVSC
• CEOs meeting
• Thematic presentations and panel discussions on major valuation topics
• VIP dinner
• Networking reception
• 2018 AGM

“Commencing with Sir David Tweedie, Chair—IVSC Board of Trustees, and Including CEO Nick Talbot and the Chairs of all Technical Boards, the outlook and attitude for the future of globalizing the valuation professional was positive, upbeat and encouraging,” commented ASA’s Interim Chair Lee Hackett.

Recapping the conference, Jack Beckwith, ASA, said: “Important topics regarding the future of the valuation profession were addressed at the Dubai venue attended by Valuation Professional Organizations (VPOs), Stakeholders, and Regulators from five continents. Specific panels issues discussed the need for consistency in global standards and report content that can be accomplished via education networks and strategic partnerships.”

Beckwith reviewed the accomplishments of the Working Group’s (WG) objectives at the conference as follows: Adoption of IVS Standards by 2020 is moving forward with new VPO Members in Europe, Asia, Central and South America. The WG has created a growing list of one-on-one communications with VPOs providing survey questionnaires, data, videos, and PDF brochures aimed at showing how valuation matters in our profession translated into different languages.

Topic 1-Consistency in Standards: Nick Tolbert, IVSC CEO and David Bunton, President of The Appraisal Foundation (TAF) gave an update of the International Valuation Standards (IVS0 – Uniformed Standards of Professional Appraisal Practice (USPAP) Roundtable with the Appraisal Institute of Canada, TAF, and International Valuation Standards (IVS) to confirm the challenges currently with semantics.

Topic 2-AVMs: Ben Elder, Chair, IVS Tangible Assets Board, gave an update on the impact of AVMs in Real Property that is migrating into all disciplines

Topic 3: Business Valuation of Intangible Assets; Andreas Ohl, Chair, Business Valuation Board and others on the panel provided a general discussion on subject matters affecting the appraisal industry, including biological assets and cryptocurrencies.

Topic 4-BV Quality Mark: Eleanor Joy, Chair of the Membership and Standards Recognition Board (MSRB), reviewed the consultation paper and certain themes that emerged included having accreditation in BV, continuing with BV education programs, and adopting IVS.

Topic 5-Reducing Gap Between BV Practices: Karin Lusnic, Gilles de Courcel, and Jack Beckwith, ASA, presented a panel discussion based from interviews with eleven Business Valuation firms in the US, France, Russia, Slovenia, Croatia, and Romania regarding accreditation, communication with clients, and distinguishing standards applied for client reporting. Several Global VPOs asked to participate in a follow up study along the parameters of Report Content and DCF utilized. Beckwith says sharing this information with VPOs on all sides of the Globe will strengthen our credibility with the Stakeholders and Regulators.

Prior to the conference an International Ethics Standards Coalition (IESC) Trustees’ meeting was held in Dubai on Oct. 20, 2018. Attendees included Trustees Barry Shea (TAF); Alexia Nalewaik (AACE); Francesca Berriman (CIAT); Johnson Neil Eben (IIQS); Mathew Verughesi (IIQS); Leo Albano (IPREA); Adrian Briones (IPREA); Richard Berkemeir, ASA, Secretary General of the International Ethics Coalition, (JaSIA); Victor Alonge (NIESV); and Peter Bolton King, Royal Institute of Chartered Surveyors (RICS) and Chair of IESC.

IESC has 126 full members comprising as not-for-profit organizations focused in the land, property, construction, or related professions. IESC’s stated overall objective is showcase best practices within their IES codes, standards and documentation. Topics included Review of the IESC Standards, Ethics Education, Engagement with the Trustees.