Book 1 - Appraisal Institute of Canada

The Institute and its members must be recognizedas the leading multi-disciplinary real estate valuationprofessionals and the Institute’s organizationalmodel must be cost-effective and highly beneficialto the membership. It is these concepts thatguide the Institute in its forward planning and theimplementation of its programs.In 2010, AIC will continue to work towardsachieving these objectives by introducing newprograms that advance our goals, and by improvingexisting programs.In the area of Professional Affairs, a numberof initiatives are being proposed to continue tosupport members in their day-to-day work. Onesuch initiative, which has been given the workingtitle of Professional Excellence Program, is aimedat providing information and training primarilythrough the Institute’s website to answer memberquestions, provide best practices, and makeavailable technical information that will helpimprove the quality of appraisal work and help tomitigate problems that can lead to complaints andeven claims.To help Candidates achieve their designationas quickly as possible, the mentoringprogram is being reviewed and willbe revised with the aim of increasingaccessibility to qualified mentors andgenerally improving the mentoringexperience for both the Candidatesand their mentors.In the area of Professional PracticeStandards, last year saw the Institute overhaulthe Standards with the aim of making themcompliant with the International ValuationStandards (IVS). This has been achieved andthe 2010 Standards are IVS compliant. Thiswill provide appropriate guidance to membersinvolved in valuation for financial reporting. Asyou are aware, Canada will adopt internationalaccounting standards beginning in 2011and, under international financial reportingstandards, real property assets will be reportedat market value. AIC’s 2010 Standards wereprepared with this in mind. In the year ahead,additional work on the Standards will includeupdating the Professional Practice Seminar,retraining standards lecturers, and movingto deliver an online version of the DistanceLearning Professional Practice Seminar.With respect to peer review, the program isnow in its second phase of pilot testing and, by allaccounts, has been very successful to date. In 2010,further testing will be conducted with the view ofestablishing peer review as a permanent programof the Institute.In 2009, the Institute adopted a Green Policyand, in 2010, we will explore different ways to ‘gogreen,’ including reducing paper and other costsby increased use of electronic documents, virtualmeetings, and other low carbon footprint technologies.Further, the green concept will be carriedover into the Institute’s research with respect togreen valuation. As a signatory of the VancouverValuation Accord, AIC is looking into the area of sustainabledevelopment from a valuation perspectiveand developing guidelines for green valuation.The Institute’s Research and DevelopmentCommittee has been working on a program for2010 including the identification of research topics.Green valuation has been identified as a highpriority research area and the committee will belooking at the possibility of cooperating with other“In 2010, we will look to the membership to play anincreasingly important part in helping the leadership of theInstitute to make the right decisions and lead the professionforward in these challenging, but also promising times.”“The Institute and its members must be recognized as theleading multi-disciplinary real estate valuation professionalsand the Institute’s organizational model must be costeffectiveand highly beneficial to the membership.”organizations to undertake studies in this emergingarea of valuation.In the area of marketing and communications,2010 will see the continued evolution of theadvertising messages complemented by a seriesof promotional pieces placed in national mediathat will continue to send a strong message toclients and stakeholders that AIC members areleading professionals and real property expertswho can provide a wide range of valuation andrelated consulting services. In addition, 2010 willbe the year that a new recruitment initiative will beundertaken with the aim of raising awareness of theprofession among college and university studentsacross Canada.While member services are an importantcomponent of AIC’s programs, representation is alsoan area on which the Institute has been focusing,particularly in the latter half of 2009. Meetingshave been held with stakeholders and clients in thepublic and private sector to raise awareness of theprofession and its concerns, to provide suggestionsand advice, and to offer assistance with the aim ofprotecting the public and ensuring the integrity ofthe real estate market. In this respect, AIC has metwith representatives from the federal governmentand its central agencies, like-minded associations,the lending community, and related organizations.In 2010, the Institute started anew by hostinga forum of valuation associations to discuss issuesof common concern. The first Advisory Councilmeeting of the year was held at the end of January.These meetings, which are held twice a year,provide the Institute with the opportunity to receiveinput from the stakeholder community as well as toupdate stakeholders with respect to changes at theInstitute and within the profession.In 2009, AIC established a special Task Forceon Appraisal Management Companies. The TaskForce delivered a report to the Board late in the yearContinued on page 12click here to return to table of contentsCanadian Property Valuation Volume 54 | book 1 | 2010 Évaluation Immobilière au Canada 9