Institute of Valuation and Estate Management of Fiji has adopted the International Valuation Standard (IVS).
This is to create a national standard of property valuation which is in line with international practices.
Sandeep Narayan, a council member for Institute of Valuation and Estate Management of Fiji, said the implementation of the international standards was very important in Fiji.He made these comments during a training workshop organised by the institute yesterday at the Holiday Inn Suva.
“IVS is basically like an ethics or standard valuation guide for valuers worldwide and this training workshop is organised for our valuers to become competent with IVS and its approaches,” Mr Narayan said.
He added the workshop would help valuers, lending officers, credit analysists, and the investment managers to enhance their skills.
“This is the first time this has been introduced in Fiji and will provide a checklist or criteria to benchmark our performance against,” Mr Narayan said.
“What used to happen in Fiji is we used to have the Valuation Registration Board and the registered valuers and Fiji Institute of Valuation would organise continuous professional development trainings.
“To assess valuers, there was no benchmark and there was no standard to measure their performance.”
The two day workshop which started yesterday is to raise awareness on the importance of prudent valuation techniques and accountable use of valuations within the financial and public sector. The workshop is sponsored by HFC Bank with more than 51 people attending.
This article was first published by the Fiji Sun on October 18, 2016.