Book 1 - Appraisal Institute of Canada

International Valuation StandardsBy Keith Goodwin, AACI, P. App, Fellow, WAVO RepresentativeWAVO invites your participationThe Appraisal Institute of Canada (AIC)was a founding member of the WorldAssociation of Valuation Organisations(WAVO) and is an executive Board member ofthe organization.The 4th WAVO Valuation Congress heldNovember 24 and 25, 2009 in Guilin, Guang Xi,People’s Republic of China was a great success.More than 360 participants attended theCongress from mainland China and Australia,Brunei, Canada, Hong Kong, Korea, Malaysia,Indonesia, Russia, Romania, Singapore and USA.Co-hosted by the China Appraisal Society, theCongress was addressed by Ms He Bangjing,Vice Minister of the Ministry of Finance, Chinaand President of China Appraisal Society. Aprivate meeting was arranged between theMinister and selected organizations includingthe AIC. The Vice Minister expressed her thanksthat WAVO had held the Congress in China, as itprovided an opportunity for valuers in China tomeet with international counterparts.At the closing ceremony, the Hong KongInstitute of Surveyors (HKIS) was included in theMemorandum of Understanding (MOU) for theportability of designations. Under the auspicesof WAVO, the MOU was signed at the InauguralWAVO Valuation Congress held in Singapore in2006 by the four national valuation institutes:the Australian Property Institute, AppraisalInstitute of Canada, Property Institute of NewZealand and Singapore Institute of Surveyorsand Valuers. The MOU provides designationequivalency to any AIC AACI-designatedmember wishing to work in the other fourcountries, subject only to local designationrequirements.WAVO is supportive of the consistentapplication of valuation standards,methodologies, and practice. WAVO invitesprofessionals to contribute their expertise incompiling the Best Valuation Practice Guide.The topics include valuation fundamentals;methods of valuation; specific valuations; andbusiness, plant and machinery valuation. Ifyou would like to contribute, please write toWAVO at http://www.wavoglobal.org/feedback.asp. WAVO will be compiling a list of expertsin their various valuation fields who can offerconsultancy services.To encourage the involvement of valuationprofession students at an early stage, theWAVO Board has decided to host a yearlycompetition for the WAVO Best ValuationReport Awards. This competition is open to allstudents undertaking valuation courses. Youmay also obtain information on the awards fromthe website: www.wavoglobal.org. There are sixcategories of awards for the different propertytypes. The winner of the awards for eachcategory will be given prize money of US$2,000.To assist developing economies in buildingtheir valuation capacity, WAVO regularlyconducts workshops and courses. WAVOwelcomes enquires from qualified AIC memberswho would be interested in conductingworkshops and courses.28Canadian Property Valuation Volume 54 | book 1 | 2010 Évaluation Immobilière au Canadaclick here to return to table of contents