Sir David Tweedie, the former chairman of the International Accounting Standards Board, has been appointed chairman of the Board of Trustees of the International Valuation Standards Council.

The IVSC is a private-sector body that aims to create standards for the valuation profession and see them adopted internationally. Tweedie, who faced a similar challenge as the founding chair of the IASB and, as some have described him, the “architect of International Financial Reporting Standards,” will be responsible for the council’s strategic direction.

“The global financial crisis has highlighted the crucial role of valuation and its impact on financial markets,” Tweedie said. “Standardised valuation practice, across all business sectors, is now vital in order to provide a consistent approach to portfolio and asset valuation and to improve the confidence of both investors and users of valuation services. I am pleased to be joining the IVSC at this important time for the valuation profession and look forward to continuing to build confidence and public trust in the valuation process.”

After serving as the IASB’s first chair for a decade, Tweedie stepped down in June 2011. He will take up his new position on October 29, after the IVSC’s annual general meeting.

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