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.