intro to the valuation council final
TRANSCRIPT
An Introduction to
RICS Americas
and the Valuation Council
RICS (Royal Institution of Chartered Surveyors) is the leading member organization in the world for professionals in property valuation, business valuation, real estate, land, construction and related disciplines.
•Membership comprises more than 140,000 individuals.
•Members operate in 146 countries.
•The RICS designation represents the highest standards of professionalism and conduct through maintaining and promoting the usefulness of the profession for the public advantage.
All Members (includes Students, Trainees and Affiliates)
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23
5
6
RICS members are all over the world
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1.Europe 125,2392.Asia 12,7433.MENEA 8,9844.Americas 3,4765.Oceania (Australia, NZ) 5,7106.India 442Total 156,594In 146 countries12/21/2009
…with offices in 40 countries – including new ones to serve growing memberships in South America, India, China, Scandinavia…
RICS Offices:London (RICS UK HQ)Brussels (RICS Europe HQ)New York (RICS Amer. HQ)Hong Kong (RICS Asia HQ) Dubai (RICS Middle
East/Africa HQ)Sydney (RICS Oceania HQ)Delhi (RICS India HQ)
Snapshot of RICS Americas membership• Membership in the Americas includes more professionals in valuation, real
estate, construction and related fields.
• RICS Americas members reside in 29 countries; 56% of qualified members are in the U.S.
• 23% of RICS Americas members practice valuation.
Geomatics4%
Other6%
Management Consulting
3%
Bldg Surveying8%
Valuation23% Commercial
24%
Construction & Project Mgmt
32%
All RICS members living in Americas are represented on local, regional and global boards
Global Management Board(Staff & Officers)
World Regional Board(7 World Regions: RICS Americas, Europe, Asia, etc.)
(Regional and Discipline representatives)
3 National Associations(RICS Canada, RICS Caribbean, RICS USA)
15 Local Chapters(e.g. RICS Southern California, RICS Jamaica)
GlobalManagement
Board
RICS Americas Board
Global Knowledge & Standards
Boards
National Associations(e.g. RICS USA)
Local Chapters(e.g. RICS Midwest)
RICS ValuationProfessional
Group
RICS Americas Valuation Council
RICS Americas Specialty Board
(e.g., Business Valuation)
Global Regulatory
Board
Professional disciplines are represented by global Professional Groups and Americas Councils
Most new members already have at least one professional credential
Association Credential Number
American Society of Appraisers ASA 48
American Society of Farm Managers and RuralARA, AFM, RPRA 30
Appraisers Appraisal Institute of Canada AACI 24
Appraisal Institute MAI 99
Association for the Advancement of Cost Engineering CCC, CCE 22
CCIM Institute CCIM 17
Counselors of Real Estate CRE 19
Enrollments as of Nov. 2008- Nov. 2009
RICS is well-positioned in the valuation profession
Broad Reach in Valuation• The Valuation Professional Group encompasses members from all valuation disciplines.
Their specialties run the gamut from real property and personal property to public sector and business valuation.
Highest Professional Standards• RICS valuation standards are globally regarded as ‘the Gold Standard’ of valuation
practice by regulators, international investors and top financial institutions.
United in the Profession• RICS Americas partners with professional groups on initiatives that protect the public
interest and the advance valuation profession. It has memos of understandings with ASA and ASFMRA.
RICS distinguishes itself from various valuation organizations
RICS has the financial strength and corporate flexibility to make the concept feasible
Our partner associations* tend to have the vision and desire to unify the profession
RICS has North American and global valuation presence and reputation with governments and international bodies such as the International Accounting Standards Board
Our partner associations* tend to have a larger valuation group in the Americas - so existing members can take leadership roles
RICS has a platform for expanding on other associations’ disciplines and distributing education programs globally
Our partner associations* tend to have excellent education programs
RICS has a strong North American and global presence and experience
Our partner associations* tend to have a strong US presence and experience
*RICS Americas regularly partners with associations including, ASA, ASFMRA, AI, AI Canada, IAAO and IRWA.
Why?• Common purposes• Efficiencies of scale and cost• Effective scope• Complementary missions and strengths • Strength of multidisciplinary diversity What?• Credential reciprocity• Joint interaction with government: a
loud voice of united professionals • Joint training: broad & deep knowledge
• Joint events: scale to draw best
speakers and crowds
ASA + ASFMRA + RICSMOU signing, August 2008
RICS maintains reciprocity, notably with ASA and ASFMRA
The RICS AmericasValuation Council
Leading the Debate in Valuation Issues
• RICS Americas established a Valuation Council to advise governments, corporations and academia on the most important issues facing the valuation community and its users.
• The Council integrates all the valuation disciplines, giving valuation professionals a voice to government and the market.
• It brings together the diverse RICS membership to listen, consider, decide, speak and respond to valuation issues in the public interest.
The Valuation Council’s Key Objectives
• Serve the public and valuation clients through representing and coordinating the valuation disciplines and positioning their roles and services.
• Provide leadership and a unified public voice in responding to important valuation issues.
• Educate professionals and future professionals in standards and best technical practices, using established accrediting programs and expanding upon academic resources.
• Develop and enforce member allegiance to valuation principles and standards through peer review and continuing education.
• Provide and develop enhanced strategies for business development and networking opportunities for members.
• Advocate collaborative coordination among valuation industry groups.
The launch of the Council was made possible by efforts and contributions of many senior leaders of the profession, including business executives, government officials, past Presidents of prominent professional groups, and leading thinkers.
The Council leadership is comprised of individuals, not representatives of special interests, with broad experience and skills. Every Council leader – like every RICS member - is bound by the RICS Code of Ethics and must serve in the public interest.
Valuation Council Leadership
Valuation Council Interim Leaders: Two representatives from each Discipline
Valuation Council
Real Property
Brian GlanvilleLee Trice
Personal Property
Barden PrisantAlan Fausel
Plant & Machinery
Dick KaufmannJeffery Berg
Business
Mary McCarterVern Blair
Public Sector
Elizabeth StairPaul Wecome
Natural Resources
John WiddossTharrell Ming
StandardsBoard
Principles Board
Interim Chair: Don DorchesterInterim Vice Chair: Bruce Bingham
Natural Resources Board:John WiddossTharrell MingMarty GlenMartin WildJim Hodos
Business Valuation Board:Mary McCarter
Vern BlairMike Hill Sr.Jay Fishman
Natural Resources and Business Valuation Boards
Valuation Council
Valuation Council
Public Sector Board:Elizabeth StairPaul Welcome
Art ClappBrian HollyMary Arndt
Personal Property Board:Barden Prisant
Alan FauselLarry PhillipsEllen EpsteinMark Bench
Plant & Equipment Board:Dick Kaufmann
Jeffrey BergJoseph NeilsonDoug KrieserRay Moran
Public Sector, Personal Property, and Plant & Equipment Boards
Real Property
Board
Residential:Lee Trice
Karen MannCheryl Kunzler
Joe GuerryDanny Wiley
Commercial:Matt Smith
Charles HardyRick DonahueScott Biethan
Walter Carpenter
Rural:Mike MingHenry Long
Kurt HardungJustin Bierschwale
Specialty:Mark Bates
Steve RushmoreAndy Dorchester
Tony CorreiaSteve Gottlieb
Interim Chair: Brian Glanville
Real Property Board and Sub-Groups
Principles Board:Joe Vella, Real Property
Greg Gilbert, BVAnne Johnson, Natural ResourcesDick Kaufmann, Personal PropertyKathryn Gearheard, Public Sector
Standards Board:Dave SnookPhil Smith
Nardie VineRichard Marchitelli
Carla Glass`
Principles & Standards Boards
Valuation Council
Core Valuation Council Activities
• Topic: “What is Fair Value? How Fair Value Accounting and the Appraisal Profession Will Shape the Future.”
• With all of the current financial uncertainty in the world, it’s more vital than ever that assets - tangible and intangible – and liabilities are consistently and accurately valued. Heightened attention – by industry and regulators, across all asset categories – presents a tremendous opportunity for the Appraisal profession.
• In 2009, the fair value education was presented in Chicago, Dallas, NY, Sacramento, Toronto, Seattle and Oregon. In 2010, the series will continue throughout North America (California in the Spring).
EducationA financial reporting event series brings latest thinking to valuers across North America
• We are working towards developing a single body of core curriculum for the profession that includes fundamental competencies like client management, presentation, basic accounting as well as ethics modules.
• RICS has an international platform from which it offers its own educational courses as well as those of its partner organizations.
• We are focused on providing education on multidisciplinary appraisal topics.
• We currently outreach to numerous professional associations and leverage their top-quality educational content on business valuation with RICS’ international platform.
EducationRICS is establishing joint ventures with other respected valuation organizations to provide education
RICS delivers content from hundreds of associations, universities and individuals around the world; the Council pushes appraisal education
• The Council is pursuing global consistency in professional valuation standards.
• Critical activities include actively monitoring, assessing and influencing exposure drafts and standards.
• The Council creates guidance on valuation principles, standards and best practices as they are considered necessary.
Professional GuidanceRICS and the Council maintain and promote the usefulness of the profession for the public advantage
• Valuation Council members sit on the Boards of IVSC, the Appraisal Foundation, OSCRE, etc.
• RICS Americas works with ASA, ASFMRA and other groups to influence government around transparency, standards and best practices.
• RICS offices around the world work with other local governments toward global consistency.
Global AdvocacyRICS and the Valuation Council advise government and other bodies on valuation issues
Peer ReviewPeer review is a missing necessity in valuation
The RICS Americas Principles and Standards Boards are developing a peer review process to be adopted by the valuation profession.
The Boards are creating a peer review program to:
• Improve valuation services and valuer education• Better serve the public and clients• More quickly and definitively locate problems in valuations• Respond directly to public policy and regulation issues• Identify issues requiring public and client involvement
Getting involved…
1. Achieve a RICS designation to demonstrate your commitment to the highest valuation standards and to gain access to global contacts and resources.
2. Participate in one of 18 chapters in the Americas to network, build business and discuss the most important issues facing the profession.
3. Create, lead or participate in education for valuers and future valuers regarding best practices and standards.
4. Comment on valuation guidance and standards to serve public interest.
Four ways to get involved in the RICS Americas and the Valuation Council
Get Involved Today!
Visit RICS Americas on the web at: ricsamericas.org
Or
Email Wanda Papayer at: [email protected]