One of the goals of the Israel IVS Forum is to develop a commercial property index for Israel, as exist in advanced markets. Such an index would enable performance measurement and should therefore be reflected in a large rise in Israel's ranking in the JLL Global real estate transparency index. Today Israel is ranked semi transparent. Raising transparency in Israeli real estate is part of our mission statement. A commercial property index should also support indirect investment flows into Israeli real estate as exchange traded funds and other index trackers might be obliged to invest in Israeli assets.Read more
Another goal of the Israel IVS Forum is to advance adoption of International Valuation Standards (IVS) in Israel.
The IVS are principles based standards intended to integrate with detailed local standards in each jurisdiction. Whilst the IVS deal with global generally accepted valuation principles, local detailed standards may expand on them, delve deeper and/or add further guidance and standards dealing with local implementation and statutory valuation issues.
The IVS were developed with the International Financial Reporting Standards (IFRS) in mind. They were initially intended to support fair value asset valuations. Two examples that typify the relation between the two standards setting bodies:
- IVSC and the IFRS Foundation have agreed a memorandum of understanding.
- Sir David Tweedie, who was the first Chair of the International Accounting Standards Board, the standard setting body for IFRS, is a former Chair of IVSC and currently serves as a special advisor to the IVSC.Read more