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ISCA Financial Reporting Guidance
Real Property Valuation for Financial Reporting – Best practices when engaging valuers: Considerations for Scope Of Work (“SOW”) and Valuation Report (“VR”)
ISCA, through its Financial Reporting Committee (“FRC”), FRC Valuation Sub-Committee and Property Valuation Working Group have developed this Financial Reporting Guidance (“FRG”) to facilitate the valuation process amongst the valuer, the client and the auditor for real property valuation that is intended to be used for financial reporting under Singapore Financial Reporting Standards (International) or Singapore Financial Reporting Standards.
Generally, valuation for financial reporting purposes will involve the valuer (“Valuer”) as the professional service provider, the reporting entity as the client (“Client”) and the auditor (“Auditor”) as the reviewer for audit purposes. Hence, it will be beneficial for all involved parties to have a clear understanding of the valuation process and the requirements of the relevant accounting standards.
This FRG seeks to bridge the expectation gap and facilitate a smooth valuation process amongst the Client, Valuer and Auditor.
ISCA welcomes feedback/views on this Exposure Draft. Comments should be received, in writing to technical@isca.org.sg, no later than 5 November 2019.
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