AI Magazine Issue 1 2017

Acquisition International - January 2017 7 IVSC Launches New Global Standards for Valuation Profession IVS 2017 will serve as the key guidance for valuation professionals globally and will underpin consistency, transparency and confidence in valuations which are key to investment decisions as well as financial reporting. The launch is the latest step in IVSC’s mission to raise standards of international valuation practice as a core part of the financial system, for the benefit of capital markets and the public interest. The Standards have been created following an extensive consultation process from April to October 2016. More than 100 official comment letters on the initial drafts of IVS 2017 were received from a range of stakeholders, including valuation profession organisations, individual professionals and academics. IVS 2017 comprises five General Standards and six Asset Standards. The General Standards set requirements for the conduct of all valuation assignments including establishing the terms of a valuation engagement, bases of value, valuation approaches and methods, and reporting. The Asset Standards include requirements related to specific types of assets, including background information on the characteristics of each asset type that influence value and additional asset- specific requirements regarding common valuation approaches and methods used. The latest version of the Standards bring greater depth to IVS, as was requested by members, including the major accountancy firms and other stakeholders. Sir David Tweedie, Chairman of IVSC said, “IVS 2017 represents the latest in IVSC’s continuing commitment to developing high-quality valuation standards. The valuation of assets, both tangible and intangible, plays an essential role in financial and real estate markets – and therefore the global economy. IVS 2017 will be instrumental in improving valuation practice and will bring greater efficiency to capital markets.” Nick Talbot, CEO of IVSC added, “we are very thankful to our many member organisations and other stakeholders for their input to improve the Standards. This input has ensured IVS 2017 is fit for purpose and that its adoption will boost the transparency of, and confidence in, valuations for the benefit of business and the public. IVS 2017 has been designed with the specific aim of allowing continued, targeted improvements to the standards from the new expanded Standards Board we are putting in place.” For more information, please visit: www.ivsc.org The International Valuation Standards Council (IVSC), the global standard setter for valuation practice and the valuation profession, on 18th January launched IVS 2017, marking an important milestone towards harmonising valuation practice across the world. BTL GROUP LTD on 12 Janu- ary announced it has completed a revenue generating pilot pro- ject with a leading, global energy company and provides an update on its previously announced pilot in the finance and banking space. Pursuant to this energy pilot, BTL developed in- ternal use cases for blockchain solutions in the client’s oil and energy trading division. The col- laboration aims were to identify areas internal to their business in which BTL’s blockchain plat- form, Interbit, can enable significant efficiency and related cost savings. BTL and the client are now jointly assessing fur- ther commercialisation strategies for the Interbit platform in the energy trading space for the ben- efit of both BTL and the client. In the finance sector, BTL is working with large financial companies and banks, to progress the initial pilot announced in 2016, which generates revenues for BTL. This development brings BTL one step closer to proving the concept of how a blockchain based interbank payment network can reduce costs. BTL’s Interbit platform is central to both the energy and financial initiatives. Interbit is a ground breaking open protocol platform that can process significant volumes of transactions at exceptional speeds. Its ability to unify finan- cial infrastructures not only allows fast, secure settlement and payments globally, but has built in compliance that allows regulatory oversight. Guy Halford-Thompson said, “by continuing our work in the finance space and adapting our technology to the energy sector, as well as having established our blockchain solutions in the gaming sector, we are demonstrating the versatility and robustness of our Interbit settle- ment and trading platform. We are working to increase Q1 2017 revenues as compared to Q4 2016 and take the next step towards commer- cialisation of our Interbit platform.” Website: www.btl.co BTL Group Completes Blockchain Pilot with Leading Energy Company and Updates Progress on Finance Pilot NEWS / From Around The World