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Business Valuations - Working together for positive change in valuation

Working together for positive change in valuation

ASA and RICS have signed an exploratory Letter of Intent to develop collaborative work streams on a variety of potential joint projects and activities, applying synergies from combining the respective strengths of each organization for the benefit of the public and ASA and RICS members. This includes building a partnership to support all disciplines, from real estate and personal property, to machinery, business valuation, and gems and jewelry.

 

The projects and activities are intended to bring awareness of issues of importance to the profession.

 

“ASA and RICS are dedicated to elevating the quality of valuation services worldwide. This is an important step for the valuation profession as we continue to work more closely, even with competitor VPOs, to ensure that the needs of all who rely on valuation services, and those who perform them, are met with best-of-class solutions,” said Robert Morrison, ASA International President. “Together, ASA and RICS firmly believe we can work collaboratively to improve not only how valuation is seen globally, but the way valuation professionals see themselves. I am excited to see this effort grow and wish to thank Lee Hackett and John Russell for helping to craft a vision of the future of valuation that focuses on the end benefits to the public, thereby promoting the ASA brand and our credentialed members”

In developing the work streams, ASA staff, discipline committees, and standing committees will work jointly with peers at RICS to identify opportunities, establish priorities, and develop required content in order to achieve the collaborative goals of both organizations. Once this process is complete, leaders from both ASA and RICS will decide whether and how to proceed on a Definitive Agreement.

Collaboration with RICS is not without precedent. ASA and RICS, in partnership with AICPA, successfully put aside their competitive instincts to jointly create the widely-recognized CEIV credential and the Mandatory Performance Framework, the recognized framework of best practices for the performance of valuations for financial reporting purposes. Further, ASA and RICS are active participants in the International Valuation Standards Council and the Appraisal Foundation, and are committed to protecting the public interest through ethical practices and the confluence of standards.

 

Source : Newsletter from http://www.appraisers.org