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Standards Update CUSPAP, IVS & IFRS

Standards Update CUSPAP, IVS & IFRS. Ray Bower, AACI Louis Poirier, AACI. Presentation Outline. Standards Committee Overview National Standards / Harmonization IVS IFRS What Lies Ahead. Standards Committee. Standing Committee Members Current and Future Tasks. Standards Committee.

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Standards Update CUSPAP, IVS & IFRS

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  1. AIC – Conference Montreal – May 2009

  2. Standards UpdateCUSPAP, IVS & IFRS Ray Bower, AACI Louis Poirier, AACI

  3. Presentation Outline • Standards Committee Overview • National Standards / Harmonization • IVS • IFRS • What Lies Ahead AIC – Conference Montreal – May 2009

  4. Standards Committee • Standing Committee • Members • Current and Future Tasks AIC – Conference Montreal – May 2009

  5. Standards Committee • Four Standards have been developed: • Ethics Standard • Appraisal Standard • Review Standard • Consulting Standard • Rules provide minimum performance Standards • Comments clarify, interpret, explain and elaborate on the Rules, and form an integral part of the Standards; for the purpose of these Standards, their application is compulsory. • Practice Notes offer advice, examples and resolution; their application is not compulsory. • Definitions form an integral part of the Standards; for the purpose of these Standards, their application is compulsory. AIC – Conference Montreal – May 2009

  6. National Standards / Harmonization • End of 2007 through early 2008 AIC and OEAQ (Order) study harmonization. • AIC and Order Standards Compared. • Study similarities and differences and discuss moving forward with National Standard. AIC – Conference Montreal – May 2009

  7. National Standards / Harmonization • Simultaneously, our end goal is to achieve IVS (International Valuation Standards) compliance, while working toward a national standard, and respect provincial rules. • This way, anyone provincially compliant is national and international compliant. AIC – Conference Montreal – May 2009

  8. National Standards / Harmonization • Step One: Comparison AIC & Order • Key Similarities, Differences. Prescriptive vs Descriptive. • Internationally more Descriptive. Order and USPAP more Prescriptive. • Though Should: Descriptive. Though Shall: Prescriptive • Findings presented to respective Boards. AIC – Conference Montreal – May 2009

  9. The Documents • Also the “Order’s” Standards AIC – Conference Montreal – May 2009

  10. AIC and IVSC • International Standards Valuation Council AIC – Conference Montreal – May 2009

  11. CUSPAP, IVS, IFRS and the Economy. • AIC / Order report to Boards • A member initiative compares CUSPAP to IVS • IFRS key dates are approaching • Summer 2008: Economic Meltdown AIC – Conference Montreal – May 2009

  12. Board Motion • WHEREAS the AIC Board of Directors has recognized the need for valuation standards that address emerging valuation requirements (IFRS) and diversification of the scope of work available to AIC members…... • BE IT RESOLVED that the AIC adoptIVS as their professional standard in sufficient time for full compliance with IFRS by January 1, 2010. AIC – Conference Montreal – May 2009

  13. Present Day • Standards IVS Sub-Committee is struck • Working Orders • IVS Compliancy Document • IFRS Best Practices AIC – Conference Montreal – May 2009

  14. Next Steps • Exposure Draft finalized and IVS / IFRS compliance directives. • Committee to coordinate with standards and education to develop new education components for next CPD cycle. • Continue to coordinate with Order. • Stakeholder Communication AIC – Conference Montreal – May 2009

  15. Exposure Draft • Available on AIC Web site at this link: www.aicanada.ca/cmsPage.aspx?id=262 • Key elements of the draft • IVS compliancy • Additional standards relative to VFR (Valuation for Financial Reporting). AIC – Conference Montreal – May 2009

  16. Exposure Draft AIC – Conference Montreal – May 2009

  17. Exposé Sondage AIC – Conference Montreal – May 2009

  18. Intended Outcome • Single National Set of Standards • Stakeholder Community with Clear Understanding of Standards • Clear Message to International Community • Canadian Valuers Become Leaders AIC – Conference Montreal – May 2009

  19. What do you have to do? • Review Exposure Draft and Best Practices for Compliancy • Implement Necessary Changes • Continue to Adhere to CUSPAP with IVS add-ons AIC – Conference Montreal – May 2009

  20. Assembly or Strata? AIC – Conference Montreal – May 2009

  21. Thank You • Questions? AIC – Conference Montreal – May 2009

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