David Tweedie has been appointed chairman of
the International Valuation Standards Council’s (IVSC) board of
trustees effective 29 October.
IVSC said Tweedie’s experience as former
chairman of the International Accounting Standards Board (IASB) is
a driving force to encourage its work on spreading global valuation
standards.
IVSC sets the standards for the reporting and
disclosure of valuations that are trusted by investors and
stakeholders in financial statements.
In his new role, Tweedie will play a strategic
role in promoting international valuation standards in the world’s
main economies and build up the IVSC confidence in the valuation
process.
Two key tasks include, to build up the
profession in terms of qualifications and regulation.
“More than an ethical code is needed in the
valuation profession. Anybody can call themselves a valuer but like
accountants they should be qualified,” Tweedie told The
Accountant.
“The other one, as my role in the IASB, is
getting the acceptance of the international standards although I
won’t be writing the standards,” he added.
In light of the global financial crisis,
Tweedie commented, valuation has a great impact on financial
markets and this field is called to play a crucial role.
During his tenure as IASB chairman, IFRS
adoption experienced a boom and when he left the organisation more
than 120 countries were using global international standards.
Tweedie said he is excited about his new
challenge, one that gives him the opportunity to “pick up an
organisation and see where we go from here. I would be very
satisfied if we can spread valuation standards as much as IFRS,”
Tweedie said.
David Tweedie, who is currently president of
the Institute of Chartered Accountants of Scotland, is a respected
figure in the field of accountancy and finance reflected by the
accolades received during his long career.
Tweedie was knighted in 1994 and among other
professional recognitions he received the International
Accounting Bulletin’s Lifetime Achievement Award in 2011.
