Recently, since last 2-3 years, the profession of valuer is getting recognition and regulated by Insolvency and Bankruptcy Board of India (IBBI). Before this, the profession of valuers was not regulated by any body.
There were no exam, no membership, no valuation standards to be followed, no formal recognition of valuers. But with the advent of formal education, training, recognition & regulation, the profession of valuer is getting attracted to many professionals.
The Institute of Chartered Accountants of India (ICAI), recognising the need to have the consistent, uniform and transparent valuation policies and harmonise the diverse practices in use in India, constituted the Valuation Standards Board (VSB) on 28th February, 2017.
The main function of the VSB is to formulate Valuation Standards to be recommended by ICAI to Registered Valuers Organisations in India, the Government and other regulatory bodies in India and abroad for adoption and implementation.
The objective of issuing the Valuation Standards is to standardise the various principles, practices and procedures followed by registered valuers and other valuation professionals in valuation of assets, liabilities or a business. The Valuation Standards set out concepts, principles and procedures which are generally accepted internationally having regard to legal framework and practices prevalent in India.
The Valuation Standards will be mandatory from the respective date(s) mentioned in the Valuation Standard(s). The mandatory status of Valuation Standard implies that while preparing the valuation report, it will be the responsibility of the valuer to comply with the Valuation Standard.
Came across a very motivational quote during lockdown:
When mind is weak, the situation becomes a problem.
When mind is balanced, the situation becomes a challenge.
When mind is strong, the situation becomes an opportunity.
IT’S ALL MIND GAME!
Taking this Covid-19 pandemic lockdown as opportunity, trying to learn, re-learn, revise knowledge pertaining to sphere of Health, Profession, Spiritual & Religion. Synopsis on ICAI Valuation Standards, 2018 is one of the outcome of above.