By Kingsley Adegboye

IN response to the recognition of the importance of valuation standards by global regulators in promoting valuation transparency, members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) have embraced international valuation standards in their practice as applicable globally.

International valuation standards promote valuation transparency so that a reader of the valuation number is also aware of the underlying assumptions on which it is based and informed as to any factors that could affect the level of confidence in that number. Also, with these standards, valuation professionals can now set standards for valuation of assets.

At a one-day seminar on International Financial Reporting Standards (IFRS) & Valuation Practice in Lagos last week organised by The Inversion Para Dassarrolla Limited, participants at the event who were mainly practising estate surveyors and valuers in Nigeria hailed the organisers of the seminar as they generally agreed that embracing international valuation standards in their practice in Nigeria as applicable globally would enhance the practice of the profession and also get rid of quackery in the business.

Commending the effort of the seminar organisers for educating members of NIESV on practice standards as obtainable today globally, Mr. Bode Adediji, President, Nigerian Institution of Surveyors and Valuers said having been armed with this knowledge of international valuation standards, it is left for the practitioners develop a professional body that can bark and bite to over come the problem of quackery in the estate surveying and valuation profession in the country.

The managing partner of Bode Adediji and Partnership, a firm of estate surveyors and valuers who noted that specialization is a major tool to discourage quacks, therefore called for a formidable professional body that can get rid of quacks out of the profession if estate surveying and valuation business must be controlled solely by the professionals.

Mr. William Odudu, a past president of the institution also giving kudos to the organisers of the one-day seminar, said with the international valuation standards being used in Nigeria, financial reports must now be accompanied by valuation of the assets of the financial reports, pointing out that it was not case before.

Giving the objectives of the seminar, Mr. Akin Olawore, Seminar Director said it would give greater visibility of NIESV as a partner in progress with Financial Reporting Council, adding that it would create public awareness especially of the investing public of the relevance and competence of estate surveyors and valuers as recognised by International Financial Reporting Standards, while it would signal to the international investing community of the competence and global standing of NIESV members in global valuation practice.

Mr. Chris Thorne, Technical Director at International Valuation Standards Council who was the lead speaker at the seminar noted the objective of the standards include to create greater confidence in the valuation process by those who rely on valuations for investment and other financial decisions, to promote generally accepted concepts and principles to improve the understanding of users and to specify procedures that bring transparency to the valuation process.