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Paper eres2017_257:
Compliance with International Valuation Standards : What does it mean ? Practice Paper : the case of the Netherlands

id eres2017_257
authors van den Berg, Sake; Aart Hordijk
year 2017
title Compliance with International Valuation Standards : What does it mean ? Practice Paper : the case of the Netherlands
source 24th Annual European Real Estate Society Conference in Delft, Netherlands
summary Abstract Key words : Valuation, International/European Valuation Standards, Cooperation with Auditors, Almost all financial crises in the world showed a real estate element if it was not the main cause after all, and so did the 2008 financial crisis with subprime mortgages. As a result of that the G 20 concluded : “never again”. It meant that Central Banks and Financial Market Authorities started to investigate how to solve the problem and take precautions. In the Netherlands they first of all questioned the auditors. Their defence was that they relied upon valuation reports from certified valuers. Other than that in 2011 the Auditors addressed the problem to the valuers in a management letter. To improve the situation representatives from the Auditors and the valuers sat together and developed 28 recommendations about valuer’s independency, education, scope of work, the valuation itself and quality assurance procedures. The underlying guidance were international standards, from the auditor’s side the IAS and IFRS and from the valuer’s side the IVs and EVS. The recommendations were followed by good practices, examples for both disciplines to help them to interpret the recommendations.The paper will show the recommendations as well as the process at which the Netherlands Register of Certified Valuers was formed.
keywords Valuation; International%2FEuropean Valuation Standards; Cooperation with Auditors; to prevent financial crises; to discipline the valuation profession
series ERES:conference
type paper session
discussion No discussions. Post discussion ...
ratings
session Price and Rent Determination / Valuation & Appraisal
last changed 2017/11/18 16:20
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