Currently, there is no single professional framework governing the valuation profession in terms of conduct, education, credentialing, and performance.
A professional framework for those performing valuations for financial reporting purposes would provide the valuation profession with a unified identity. This would reduce expectation gaps between the profession and management, auditors, standard setters, and regulators. Having a professional valuation framework will also help inspire confidence in the quality and consistency of the work performed.
The profession has a chance to set its own course for the future by agreeing on the building blocks of a robust infrastructure, and making quality its primary objective.
Please also read our companion piece, Point of view: Global valuation standards - Charting a course for the future.