SOURCE: Appraisal Institute of Canada

Appraisal Institute of Canada

October 24, 2014 13:14 ET

Appraisal Institute of Canada Signs MOU in Support of International Valuation Standards

TORONTO, ON--(Marketwired - October 24, 2014) - The Appraisal Institute of Canada (AIC) is proud to announce that it is among the leading professional valuation associations from around the world to sign a landmark Memorandum of Understanding (MOU) with the International Valuation Standards Council (IVSC). This memorandum demonstrates AIC's support of the adoption of international valuation standards to ensure consistency in the valuation process across global markets.

"The Appraisal Institute of Canada's is pleased to be among the first valuation associations to recognize the importance of international valuation standards," states Scott Wilson, AACI, P.App, President of AIC.

"AIC's professional valuation standards -- the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) -- fully comply with the IVSC's international valuation standards. As a result, AIC Members have earned a strong reputation of providing valuations that national and international investors, regulators, governments and lenders can continually rely on."

AIC is one of the founding organizations of the International Valuation Standards Council (IVSC). With the advent of International Financial Reporting Standards (IFRS), the global financial crisis, and the transition within Canada to International Accounting Standards (IAS), the Appraisal Institute of Canada recognized and fully supported the need for valuation standards that addressed emerging global valuation requirements.

"The stability of Canadian real estate markets has been evident in recent years with international investors pursuing Canadian assets," explains Keith Lancastle, CEO, AIC. "These investors have recognized the quality of the work our members produce. The signing of this MOU represents another step towards the recognition of our members as valuation professionals of choice in Canada."

"The AIC is held in very high regard, both in Canada and beyond," says Sir David Tweedie, IVSC Chairman. "With the leadership of an organization such as the AIC, which is already at a high level of professionalism, we are optimistic there will be a positive chain reaction and our ultimate goal of an international valuation standard will be accomplished."

About AIC

The Appraisal Institute of Canada (AIC) is a leading real property valuation association with over 4,900 members across Canada. Established in 1938, the AIC works collaboratively with its 10 provincial affiliated associations to grant the distinguished Accredited Appraiser Canadian Institute (AACI™) and Canadian Residential Appraiser (CRA™) designations. AIC Designated Members are highly qualified, respected professionals who undertake comprehensive curriculum, experience and examination requirements. Our members provide unbiased appraisal, appraisal review, consulting and reserve fund study services on all types of properties within their areas of competence. For more information, go to AICanada.ca.

Contact Information

  • For more information:

    Sheila Roy
    Director, Marketing & Communications
    T: (613) 234-6533 x224 
    M: (613) 863-0127
    E: sheilar@aicanada.ca 
    W: AICanada.ca