Without derogating from any rule or item contained in the RPVP, the Code of Conduct for Registered Persons or any other determination or resolution made or adopted by the council with regard to property valuation reports, for a valuation report to comply with the International Valuation Standards—
| (1) |
The purpose of the valuation, the complexity of the asset being valued and the users’ requirements will determine the level of detail appropriate to the valuation report. |
| (2) |
Compliance with this standard does not require a particular form or format of report, however, the report must be sufficient to communicate to the intended users the scope of the valuation assignment, the work performed and the conclusion reached. |
| (3) |
The report should also be sufficient for an appropriately experienced valuation professional with no prior involvement with the valuation engagement to review the report and understand it. |
| (4) |
The report must convey at the minimum— |
| (a) |
the scope of work performed; |
| (b) |
the intended use of the report; |
| (c) |
the approach or approaches adopted; |
| (d) |
the method or methods applied; |
| (e) |
the key inputs and considerations; |
| (f) |
the assumptions made; |
| (g) |
the conclusion(s) of value and principal reasons for the conclusions reached; and |
| (h) |
the date of the report (which may differ from the date of valuation). |
Older Persons Act, 2006
