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1. The IVAS-IVSC Business Valuation Conference 2024, themed ‘Intangible Impact,’ brought together over 1,000 participants from around the world. Held in Singapore on 28 August, the conference featured 21 expert speakers and panelists discussing the importance of intangible assets in today’s economy. The event was a joint initiative of the Institute of Valuers and Appraisers Singapore (IVAS), the International Valuation Standards Council (IVSC), and the Intellectual Property Office of Singapore (IPOS).

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   Minister Indranee Rajah announced today that the Institute of Valuers and Appraisers Singapore (IVAS) will seek public feedback on proposed guidelines for the valuation of intangible assets in early 2025.

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   VAS is developing proposed guidelines for the valuation of intangible assets in collaboration with the American Society of Appraisers (ASA), the Canadian Institute of Chartered Business Valuators (CBV Institute), and the Royal Institution of Chartered Surveyors (RICS). Aligned with International Valuation Standards, these guidelines aim to provide valuers with clear guidance on IA valuation, enhancing the credibility and reliability of valuation reports.

Updated International Valuation Standards on Impact of ESG

4. The updated valuation standards, effective 31st January 2025, will provide investors with a consistent framework for understanding business value. To ensure accurate valuations, the standards emphasize the importance of human judgment, even when using AI-powered Automated Valuation Models (AVMs). This approach balances the benefits of technology with the need for professional expertise

5. Mrs. Lim Hwee Hua, Chair of the IVSC Board of Trustees, emphasized the importance of accurate and transparent valuation practices in today’s global economy. She stated that the International Valuation Standards are crucial for maintaining investor confidence, facilitating capital allocation, and promoting economic stability. As Chair, she is committed to ensuring that valuation professionals adhere to these standards.

Enhanced Professional Courses – Intangibles Disclosure Framework and Chartered Valuer and Appraiser Programme

6. IVAS, in partnership with IPOS and ISCA, will launch an online professional development course on the Intangibles Disclosure Framework (IDF) in late 2024. This course, designed for professional accountants, will provide guidance on how to effectively disclose intangible assets to stakeholders. The IDF was introduced by Minister Indranee in September 2023 during IP Week @ SG 2023.

7. IVAS will update the CVA Programme to include content on ESG reporting standards and intangible assets. The refreshed programme, launching in early 2025, will be the first in Asia to benchmark against international standards. Developed jointly by IVAS and Nanyang Technological University in 2016, the CVA Programme is the national certification for business valuation in Singapore.

8. Mr. Lie Kok Keong, Council Chairperson of IVAS, emphasized the importance of business valuers in supporting businesses. He stated that IVAS is committed to advancing the valuation profession in Singapore and the region through education, collaboration, and best practices. By updating the CVA programme and offering professional development courses, IVAS aims to equip its members with the knowledge and skills needed to address ESG and intangible asset issues in valuations

9. At the conference, Mr. Lie announced that the VPOs will conduct roundtables with industry stakeholders in late 2024 to gather feedback on their joint publication, ‘Guidance to Management/Client Information Request for Environmental, Social, and Governance Factors in Business Valuations.’ This publication aims to assist valuation professionals in initiating discussions with clients about ESG factors that may influence business valuations.

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