“Two Truths and a Lie” Panel Discussion in Paris from the iiBV

The iiBV hosted the panel discussion Two Truths and a Lie, at the annual Paris meetings of the IVSC, regarding global business valuation standards. The IVSC meetings took place on October 14, 2015 in Paris, France. Moderated by Doug McPhee, Global Head of Education for KPMG, the iiBV panel included representatives from Taqeem, IVSC, PwC, iiBV and IACVA. The panel debated levels of consistent professional standards for Valuation Professional Organizations (VPO’s), education requirements, monitoring and enforcement of standards, and global alignment.

A few of the takeaways from the discussion included:

  • In many ways, countries with newer VPOs are better off than the U.S. because (1) there is no/little competition among VPOs, (2) the VPO’s right to exist is found in laws of the country, (3) professionals are required to be licensed or to hold a specific credential and (4) members are regulated by the government.
  • There is a keen desire from international regulators for a common set of standards under which appraisals would be performed with, however, recognition that those standards must accommodate the differing laws and customs of individual countries.
  • Users of international valuation/appraisal services want to know that their valuation professional has some widely and generally accepted basic level of competency to provide the service
  • International business valuation providers desperately want quality BV education
  • New valuation professional organizations are being formed but require assistance in organization, structure, education, certification requirements, and regulation
  • The favourite cocktail of the participants was the “Discount for Lack of Control”, however, other favourites included the Cap Rate, Professional Standard,
  • The official cocktail of the iiBV is the Caesar (or Bloody Caesar).  Michael Badham had to physically carry Clamato juice from Canada in order for the hotel to serve Caesars at the reception.


BVR has also published a review of the session, available through this link,






Photos1 Mr. Robert Morrison, iiBV’s Chair of the Board of Directors


 “Two Truths and a Lie” Panelist


TweedieSir. David Tweedie


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