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International Business Valuation Standards: Accounting Perspective
Abstract
Despite the existence of International Valuation Standards (IVS) and Financial Reporting Standards (IFRS), countries that have transferred to adopting IFRS face the large challenge of the difference in interpretation and application of the standards. Because they include various concepts, bases, and approaches for valuation and measurement, and although there are common objectives for each of the International Valuation Standards Council (IVSC) and International Accounting Standards Board(IASB), each works independently and has their own objectives and different target groups. Thus, more improvements are needed to consistently apply valuation and financial reporting standards. This chapter compares and converges the concepts, bases, and approaches adopted by the IVSC and the IASB to increase consistency in valuation practices for financial reporting purposes and to create bridges between accountants and auditors and professional valuers.
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