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IACVS World Council Meeting - Singapore2019-10-15 Hits:
IACVS hosts its 2019 World Council Meeting at the Rendezvous Hotel Singapore on Oct. 9, 2019. The WCM is a meeting of IACVS leaders to review global issues and initiatives for the coming year. Almost 20 participants from United States, Canada, China, Malaysia, Romania, Korea, Singapore etc. joined this meeting.
Opening the meeting, Mr. William Hanlin invites all attendees to introduce themselves, then Mr. Hanlin introduced the new alliances for member benefits and resources for BV practice areas. He also discussed the IVSC (International Valuation Standards Council) Quality Mark that will become available in the next 12 months. This Quality Mark will mean that IACVS members can claim to be familiar with International Valuation Standards.
Meanwhile, Mr. Nick Talbot, CEO of IVSC, dropped in our meeting room and shared the IVSC’s development of this year and trends in the future.
Michael Badham, executive director of iiBV (IACVS Observer Member), introduced the development of course curriculum and costs. IACVS intends that the iiBV courses is a resource to individual members for continuing education opportunities. The iiBV online course for IVSC standards will be a significant element for those holding the ICVS to be able to use the IVSC Quality Mark in their professional practices. Non-IACVS BV candidates who successfully complete iiBV courses may apply for credit towards the requirement of members’ designation (eg: IACVS for ICVS designation).
Ravi Ramakrishnan, president of C&K Management Company (IACVS Observer Member), gave an update to the ICVS online training course. Work is progressing to map the ICVS exam questions to the ICVS training materials in order to make it much easier for candidates to study for and pass the ICVS examination.
IACVS has promoted the data and educational resources of BVResources (IACVS Observer Member) for a number of years. Mr. David Foster, CEO of BVR Resources, presented at the WCM about these resources. David indicates that data for completed M&A transactions is a priority for collection at BVR so that such transaction data can be available in many parts of the globe. BVR will announce an initiative with IACVS for the collection of this data using the Charters and Chapters as collection points. The initiate will include a monetary subsidy from BVR for the data collection. BVR has an agreement with IACVS to allow IACVS translate some of its BV files to local languages for local users.
Elvin Fernandez, the president of BVAM, introduced the development of the IACVS Malaysia charter. They have cut the 5 days training course to 3 days to make it more available for participants to join the class. This requires advanced study prior to the ICVS training, as well as online access to instructors to review questions and resolve valuation theory matters. BVAM will also host the Intangible Assets Conference on October 15 in Kuala Lumpur.
George Badescu, founder of ANEVAR, is the IACVS ambassador in Romania. For his over 60 years’ contribution to the valuation industry, he was given the Honorary Membership by IACVS. George shared his life time work in valuation career and he wants to help create uniform valuation standards in Southeast European countries. He told everyone “Knowledge is not private property, we have to share.” IACVS and ANEVAR will sign a mutual cooperation Memorandum of Understanding (MOU) be the end of 2019.
Jennifer Chen, long-time IACVS member and ambassador to the valuation profession in Taipei, shared the development of IACVS in Taipei for the recent 3 years and the work she has done to promote the ICVS credential to local valuers. Jennifer has played a key role for IACVS to reconnect IACVS and the Chinese Asset, Business and Intangible Asset Valuation association. The CABIAV was established more than 16 years previous as China and Asia began to realize the importance of business valuation for the development of business.
Wilson Lim and Don Prosard, IACVS Singapore Chapter representatives, shared the valuation in Singapore and the questions they meet when doing valuation projects. Their goal is to push valuation profession to be a higher value to the business community in both Singapore and Cambodia.
Su Zheng Yu and Zhang Chi, manager of Beijing Xinliu Huigu Technology Co., Ltd, (IACVS Observer Member) introduced their company has developed a patent – protected online valuation system Manjusri Valuation Expert System, which can automatically generate valuation reports for SMEs (non-listed companies) when they searching for financing. Currently, 70% of the 34 Equity Exchange Centers (OTCs) in China use the system to provide valuation and value-added services for their listing and display companies. At the same time, Flow Group is committed to a comprehensive upgrade of the English system, seeking international cooperation through IACVS.
Mr. Zhu Jun, representative from Beijing Zhonghe Appraisal Co., Ltd, showed their valuation information service system, Computer Aided Valuation system (CAVS) (M&E) and Financial Professionals Resources (FPR) to all participants. Mr. Zhu Jun is a long-time members of IACVS and frequently represents the interests of China and IACVS at various forums.
Even though we left limited time to Ms. Chen Qian and Mr. Jiang Dongyong, representative from BeiFang Yashi Appraisal Co., Ltd (IACVS Observer Member), they showed us a great work on valuation projects they have done. According to their experience, it’s very important to cooperate with the local valuers from overseas when doing major cross-border projects. It’s also important to have a good teamwork and clear arrangement when doing big valuation project within required time. All attendees had a warmly discussion and asked many questions on these case project.
We really have no time and feel sorry for not playing the video from IACVS Africa chapter, while we decide to share it to all attendees by e-mail.
The World Council Meeting concluded with Mr. Hanlin indicating that the WCM – 2020 will be announced by the end of 2019!
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