Chicago (Jan. 29, 2003) -- A coalition of North American valuation organizations has formally announced its plans to help promote convergence of worldwide valuation, accounting, and financial reporting standards within the international accounting community.

The group -- which includes the American Society of Appraisers, the American Society of Farm Managers and Rural Appraisers, the Appraisal Foundation; the Appraisal Institute; the Appraisal Institute of Canada, the Centre for Advanced Property Economics, and the Royal Institution of Chartered Surveyors -- has issued a memorandum of understanding representing its members' formal commitment to work with legislative and regulatory bodies, standards-setting groups and other professions to help expedite the simplification and convergence of financial reporting standards.

The memo further positions its members to develop unified responses to proposed standards, rules and legislative actions that might impact the valuation profession and the accounting and financial reporting arenas.

“When issues of value are being discussed, our coalition recognizes the significance of the professional valuer's involvement,” said Brad Wagar, AIC president and coalition member. "The contribution by valuation professionals to the accounting profession and business world is important to ensure consistent and expert development, application and support of standards relating to valuation."

As part of the coalition, participating organizations will synchronize their efforts regarding research, education, and public and client outreach in matters of valuation for financial reporting. In addition, each organization will develop its own internal strategy to inform and educate its members on valuation for financial reporting issues.

-- WebCPA staff

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