International valuation standards 1, 2, 3

Market value basis of valuation
Bases other than market value
Valuation reportingValuations are developed on the basis of the Market Value of an asset or on bases other than Market Value. Central to all valuations are the concepts of market, price, cost and value. These concepts are relevant both to valuations based on Market Value and those based on non-market
criteria. Of equal importance to the work of Valuers is clear communication of the results of the valuation and an understanding of how those results have been obtained.
A well prepared Valuation Report fulfi lls these functions. It is only appropriate, therefore, that the International Valuation Standards should address each of these three fundamental aspects of valuation: IVS 1, Market Value Basis of Valuation; IVS 2, Bases Other Than Market Value;
and IVS 3, Valuation Reporting.