PwC has announced its sponsorship of the International Valuation Standards Council (IVSC), an organization focused on creating a set of global valuation standards and promoting quality within the valuation profession. PwC’s sponsorship highlights the global importance of the IVSC’s work and reflects the significance of global valuation standards in restoring confidence in the financial markets.
John Hitchins, Global Chief Accountant at PwC said: “We support the stated objectives of the IVSC, and have been especially encouraged by its recent actions, including the appointment of Sir David Tweedie as the Chairman of the Board of Trustees in September 2012. “Under the vision set out by Sir David, our firm is pleased to help advance the IVSC’s objective to develop high quality international valuation standards and to support their adoption and use.”
John Glynn, US & Global Valuation Services leader for PwC adds: “The IVSC is positioned to lead the creation of a substantive global valuation technical framework that will help improve the quality and consistency of valuations performed, particularly in the public interest arena such as financial reporting. Accomplishing these goals along with improvements to the professional infrastructure for valuation providers in many countries will allow for better comparability across the financial markets and increased confidence in the valuations performed.”
Sir David Tweedie, Chairman of the IVSC Board of Trustees comments:
“The agreement by PwC to provide financial support to the IVSC represents a very positive start to 2014. It is tangible evidence of the growing consensus that the IVSC is enhancing trust in valuation – an activity that is a vital component of the global financial system.
“PwC joins a growing list of leading organizations that share the belief that raising standards of international valuation practice benefits the capital markets, contributes to the growth of strong economies around the world, and leads to improved confidence of investors and users of valuation services.”
As a sponsor, PwC will provide financial support to the organization and actively contribute to the development and revision of the IVSC’s International Valuation Standards and the advancement of its roadmap for a high quality professional framework around the world.