In the spring of 2007, a joint committee was struck to assume the task of reviewing and harmonizing the AIC standards with those of their counterparts at the Ordre des evaluateurs agrees du Quebec. Once this is accomplished, they will undertake to ensure that the harmonized standards comply fully with the International Valuation Standards. This article aims to provide a very brief overview of the reason this committee was struck, what accomplishments are expected, and how it will promote the industry and profession. The International Financial Reporting Standards (IFRS) will come into full force in 2011. In order to get the work completed in time, many companies will start revaluing their real estate assets at market value very soon, because they know there are only so many appraisers out there. The federal government has taken a keen interest in this endeavor, as it represents a push towards truly national standards for real property valuation in Canada.
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