IVS 2017 hit the streets in January 2017, following the previous iteration which had been issued in 2013.
It is increasingly gaining traction as a source of guidance for those engaged in business valuation. As well as providing guidance on standards with which we should comply, it represents a codification of language: valuation approaches, bases, premises and methods are defined, dissected and illustrated. They will, I suspect, gain increasing currency.
In the 2014 shareholder dispute case of Arbuthnott v Bonnyman, the two experts locked horns on the nuances in the IVS definition of “market value”. The precise point at issue was whether or not the definition was inclusive of the pricing impact of a special purchaser. In the case of Premier Telecom Communication Group Limited (EWCA Civ 994) , the valuer used, as the valuation basis, the definition of market value as given in IVS 2013 (and very substantially replicated in IVS 2017).