For valuation practitioner:
- Provide standards and guidelines suitable for the Hong Kong market
- Quality of work assurance, foster public trust for the industry
- Provide training, counseling as well as dispute resolution
For financial advisers and sponsors:
- Increasing pressures are being placed onto the financial advisers and sponsors by the regulatory bodies to assess valuation work
- Pursuant to the Hong Kong Exchange Listing Rules 14.62, financial advisers are required to comment on profit forecasts, which often forms the basis of valuation work
- Under the Standards, valuers would also have to confirm that the profit forecasts were estimated after due and careful enquiry
For reviewer: (e.g. auditors and other regulatory bodies)
- Standard disclosure within valuation reports would allow easier understanding
- Valuers would be obliged to provide all the necessary information for the basis of the valuation
- Queries would need to be addressed in a satisfactory manner
- Reviewers can consult HKIFV with regards to potential dispute