The Indian Valuation Standards is based on International Valuation Standards which is product ofmembers of a technical committee of the Royal Institution of Chartered Surveyors (RICS) and representatives of Uniform Standard of professional appraisal practice, organisations began a dialogue in the late 1970s, which led to the founding of The International Assets Valuation Standards Committee (TIAVSC) in 1981. The Committee changed its name in 1994 and is now known as The International Valuation Standards Committee .
and Practising Valuer Association (India) ,PVAI become a member of The International Valuation Standards Committee in the month of Dec.2005, PVAI can publish the Indian Valuation Standards for India.
The Indian Valuation Standards Committee has started to study International Valuation Standard (IVS) & Uniform Standards of Professional Practice (USPAP) Since 1998, The Indian Valuation Standards published by Practising Valuers Association (India ) being an incorporated Association, comprising of Practising professional Valuers from India, and bound by Articles of Incorporation.
The objectives of The Indian Valuation Standards have been two fold:
A] To formulate and publish, in the public interest, valuation Standards for asset valuation and to promote their worldwide acceptance; and
B] To harmonise Standards among the Indian States and to identify and make disclosure of differences in statements and / or applications of Standards as they occur.
The Indian Valuation Standards recognise the diversity of purposes for which asset valuations are required, including use in financial statements, decisions on loans and mortgages secured by property, transactions involving transfers of ownership, and litigation and tax settlements.
The Indian Valuation Standard committee also publishes Guidance Notes regarding specific valuation issues and the application of Standards in more specific business and service-providing situations.
In particular, The Indian Valuation Standards committee has sought that The Indian Valuation Standards (InVS) be recognised in accounting and other reporting standards, and that Valuers recognise what is needed for them under standards of other disciplines.
