was again changed, this time to the International Valuation Standards Council. As of 2022, the IVSC has over 180 organisations in membership from around the world. The organisations in membership accredit and regulate the conduct of individual valuers who specialize in the valuation of many different types of assets and liabilities, such as business interests, real property, intangibles, capital equipment and financial instruments. The IVSC and the International Organization of Securities Commissions (IOSCO) announced a Cooperation Agreement in 2022 with a focus on enhancing international valuation standards and professionalism. The International Valuation Standards The International Valuation Standards (IVS) are international standards that consist of various actions required during the undertaking of a valuation assignment supported by technical information and guidance. The IVSC's technical boards are responsible for the development and maintenance of the International Valuation Standards. The boards are independent and solicit public comment by issuing discussion papers and exposure drafts. The latest version of the Standards (IVS 2022) was published in July 2021 and came into effect on 31 January 2022. Objective of IVS The objective of the International Valuation Standards (IVS) is to increase the confidence and trust of users of valuation services by establishing transparent and consistent valuation practices. A standard within IVS will do one or more of the following: identify or develop globally accepted principles and definitions, identify and promulgate considerations for the undertaking of valuation assignments and the reporting of valuations, identify specific matters that require consideration and methods commonly used for valuing different types of assets or liabilities. The IVS consist of mandatory requirements that must be followed in order to state that a valuation was performed in compliance with the IVS. Certain aspects of the standards do not direct or mandate any particular course of action, but provide fundamental principles and concepts that must be considered in undertaking a valuation. IVS structure IVS Glossary The glossary defines certain terms used in the International Valuation Standards, but does not attempt to define basic valuation, accounting or finance terms, as valuers are assumed to have an understanding of such terms. Defined terms are Asset/Assets, Client, Jurisdiction, May, Must, Participant, Purpose, Should, Significant and/or Material, Subject or Subject Asset, Valuation Purpose or Purpose of Valuation, Valuation Reviewer, Valuer, Weight and Weighting. IVS Framework This serves as a preamble to the IVS. The IVS Framework consists of general principles for valuers following the IVS regarding objectivity,