New international valuation standards: Why they matter
The launch of a new set of benchmarks should underpin markets and economies around the world, reducing the chance of another financial crisis
As the prospect of a double-dip recession rears its head in global markets, the launch of a new set of international valuation standards is highly significant. Two years in the making, the standards were launched in July this year by the International Valuation Standards Council (IVSC).
The 2008 global financial crisis provided a key impetus for the new standards because it raised awareness of the importance of valuation. As valuation provides an essential underpinning to the global financial system, the IVSC has been thrust into the forefront to come up with better tools that will reduce the chances of another crisis.
The crisis revealed a number of systemic weaknesses in the practices of financial institutions and governments, leading to calls for greater transparency, accountability and consistency.
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About the author
- Writer: Simon Landy
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