The rationale of providing a new set of standards comes from a demand for valuations which are consistent across Europe, with a quality that can be relied upon as a common benchmark by investors, the financial industry and clients throughout the EU and beyond.

These standards provide a robust response to the European Commission that seeks harmonization of standards and valuation qualifications in all countries of the European Union.

The application of EVS 2009 is designed to deliver best practice with an emphasis on professionalism. The recent turmoil in world markets has questioned the integrity of a small number of valuations. EVS 2009 recognises that it is no longer sufficient to justify the appropriateness of figures reported based solely on the basis of value, irrespective of whether that basis is recognised and defined in accordance with respected standards.

A valuation report is expected to be produced by a valuer whose honesty, integrity, qualification and relevant experience are appropriate to the instruction. The professional, qualified valuer must adhere to a prescribed code of conduct, engage in ethical behaviour, and show transparency in all aspects of the instruction from inception through to completion.

The concept and application of best practice is embedded within EVS 2009 enabling a valuation to be prepared in accordance with these standards to be distinguished from a valuation that fails to embrace changes in the marketplace, client expectation and fiduciary duty.

EVS 2009 has adopted definitions that are in common with International Valuation Standards (IVS) and that accord with EU Directives, specifically the definition of Market Value.

As the analysis of valuation has developed progressively over many years, there is much shared understanding of the concepts between those drafting Standards, applications and other texts. Each successive publication carries this process forward. This text not only develops the equivalent parts of EVS 2003 but also acknowledges developments in IVS 2005 and IVS 2007, citing those texts as appropriate.

EVS 2009 is not an update of the fifth edition but a complete rewrite with contributions from many respected and experienced valuers across Europe. Those contributions were reviewed by an editorial board that sought consistency in style, quality and informed content.

EVS 2009 does not address any country specific issues. Country chapters will be published on this website later this year setting out details of national legislation and valuation practice that are relevant to that country.

Valuation methodology is a matter for the professional judgement of the valuer dependent on circumstances relative to an individual instruction; accordingly it is not referred to in this edition

The book is divided into two parts and is set out as follows:

Part 1 EUROPEAN VALUATION STANDARDS

EVS1 Market Value
EVS2 Valuation Bases Other than Market Value
EVS3 The Qualified Valuer
EVS4 The Valuation Process
EVS5 Reporting the Valuation

Part 2 EUROPEAN VALUATION APPLICATIONS

EVA1 Valuation for the Purpose of Financial Reporting
EVA2 Valuation for Lending Purposes
EVA3 Property Valuation for Securitisation Purposes
EVA4 Assessment of Insurable Value
EVA5 Application of Investment Value (Worth) for Individual Investors

EVS 2009 can be downloaded free of charge from this site.

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Hard copy of EVS 2009 can be ordered from this site.

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