News

Changes in NSW Licensing

The NSW State Government has recently announced its decision to repeal the Valuers Act 2003, due to a change of oversight of licensing within the industry. This change will bring NSW into better alignment with the other states, who have already enacted similar state policies.

According to the Bill passed on the 17th of November 2015, the new regulations mean that the state government will no longer be in charge of authorising valuer licenses. Instead awarding of licenses will fall to other industry bodies such as the Australian Valuers Institute, to oversee the numerous licensing categories for practising Valuers within Australia, thus saving the state government a large sum of taxpayer’s money.

Office of State Revenue – 2017 Seminars

AVI members are offered to attend the Office of State Revenue seminars to keep you up to date with current changes. CPD points are offered based on attendance.

Upcoming EOFY and budget update seminars
The Office of State Revenue is providing free seminars in Sydney metro and surrounding areas where you can learn about Payroll Tax Annual Reconciliation and State Tax updates in NSW.

Visit the OSR website for location and registration details.
To view State Taxes Update seminars near you, click here.
To view Payroll Tax Annual Reconciliation 2017 seminars near you, click here.
To view details on the Payroll Tax Annual Reconciliation 2017 for New Clients seminar, click here.

Affordable PI Insurance for the Valuation Industry

All members of the Australian Valuers Institute must maintain a Professional Indemnity insurance policy that is compliant with the organisation’s Insurance Standards.

That’s where our role as AVI’s endorsed insurance broker can be so beneficial to you. Arthur J. Gallagher is one of the world’s leading insurance brokers, and we have many members of the AVI among our clients.

Find out more click here.

Press release from IVS:

IVSC launches new global standards for valuation profession

London, 18 January 2017: The International Valuation Standards Council (IVSC), the global standard setter for valuation practice and the valuation profession, has launched IVS 2017, marking an important milestone towards harmonising valuation practice across the world.

IVS 2017 will serve as the key guidance for valuation professionals globally and will underpin consistency, transparency and confidence in valuations which are key to investment decisions as well as financial reporting.

The launch is the latest step in IVSC’s mission to raise standards of international valuation practice as a core part of the financial system, for the benefit of capital markets and the public interest.

The Standards have been created following an extensive consultation process from April to October 2016. More than 100 official comment letters on the initial drafts of IVS 2017 were received from a range of stakeholders, including valuation profession organisations, individual professionals and academics.

IVS 2017 comprises five General Standards and six Asset Standards. The General Standards set requirements for the conduct of all valuation assignments including establishing the terms of a valuation engagement, bases of value, valuation approaches and methods, and reporting.

The Asset Standards include requirements related to specific types of assets, including background information on the characteristics of each asset type that influence value and additional asset-specific requirements regarding common valuation approaches and methods used.

The latest version of the Standards bring greater depth to IVS, as was requested by members, including the major accountancy firms and other stakeholders.

Sir David Tweedie, Chairman of IVSC, said: “IVS 2017 represents the latest in IVSC’s continuing commitment to developing high-quality valuation standards.

“The valuation of assets, both tangible and intangible, plays an essential role in financial and real estate markets – and therefore the global economy. IVS 2017 will be instrumental in improving valuation practice and will bring greater efficiency to capital markets.”

Nick Talbot, CEO of IVSC said: “We are very thankful to our many member organisations and other stakeholders for their input to improve the Standards. This input has ensured IVS 2017 is fit for purpose and that its adoption will boost the transparency of, and confidence in, valuations for the benefit of business and the public.

“IVS 2017 has been designed with the specific aim of allowing continued, targeted improvements to the standards from the new expanded Standards Board we are putting in place.”

Click here to read IVSC 2017.

Throughout the year, Australian Valuers Institute holds a number of networking events. These events provide an opportunity for valuers to meet and share their knowledge. To find out more please feel free to contact Australian Valuers Institute at membership@valuersinstitute.com.au.

Upcoming Conferences 2017:

Yearly meeting schedule:	February, May, August and November (Note: Nov is AGM and free of cost)
Next meeting:	On-line training seminar – TBA