10 Questions
According to the Core Principles of Valuation Standard Setting, what is the purpose of valuation standards?
To promote and maintain a high level of public trust in valuation practice
What should Valuation Standards be based on?
Development of a credible opinion of value
How should the development and revisions of Valuation Standards be carried out?
By way of a transparent process after appropriate exposure
Are departures from Valuation Standards allowed?
Yes, as long as they comply with legislative and regulatory requirements
What is the main objective of Valuation Standards?
To promote and maintain public trust in valuation practice
Which of the following best describes the purpose of valuation standards?
To promote and maintain a high level of public trust in valuation practice
What should Valuation Standards be based on?
Principles and the development of a credible opinion of value
How should the development and revisions of Valuation Standards be carried out?
By following a transparent process after appropriate exposure
Under what circumstances are departures from Valuation Standards allowed?
Only when legislative and regulatory requirements are in conflict with the standards
What is the main objective of Valuation Standards?
To promote and maintain public trust in valuation practice
Study Notes
Purpose of Valuation Standards
- The purpose of valuation standards is to provide a framework for consistent and transparent valuation practices.
Basis of Valuation Standards
- Valuation Standards should be based on market principles, international norms, and regulatory requirements.
Development and Revision of Valuation Standards
- The development and revisions of Valuation Standards should be carried out through a transparent, inclusive, and consensus-driven process.
Departures from Valuation Standards
- Departures from Valuation Standards are allowed in exceptional circumstances, when there is a valid reason and the departure is justified and documented.
Main Objective of Valuation Standards
- The main objective of Valuation Standards is to promote trust and confidence in the valuation process, and to ensure that valuations are accurate, reliable, and consistent.
Test your knowledge on the core principles of valuation standard setting. Explore the purpose of valuation standards and their importance in maintaining public trust. Learn about principle-based valuation standards and their role in developing credible opinions of value.
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