11 Oct 2018

Over 300 Business Valuation Professionals from Singapore and the region attended the IVAS-IVSC Business Valuation Conference 2018 today to discuss valuation in the future economy.



Singapore, 11 October 2018 Business Valuation is expected to register the second highest growth in 2018 according to AE Census 2016/17, a census conducted by the Singapore Accountancy Commission (SAC) on accounting entities. Revenue from Business Valuation is expected to grow 10%, after Corporate Finance & Deal Advisory (12%). The census also showed that only 2% (about 170 staff) of the accountancy workforce in accounting entities specialise in Business Valuation.


2.         Mr Harsha Basnayake, Council Chairman of Institute of Valuers and Appraisers, Singapore (IVAS) and EY Asia Pacific Managing Partner (Transaction Advisory Services) says, “With the increasing demand for Business Valuation services, Business Valuation professionals need to evolve to meet the future demands of today’s fast changing and disruptive business environment. While there is a need for the deepening of Business Valuation expertise, it is also important to note that there seems to be a widening of the talent pool with the rising trend of non-Business Valuation specialists acquiring Business Valuation skills. Accountants, auditors, directors and lawyers also need to understand Business Valuation.”


3.         Mr Basnayake spoke about the growth and development of the Business Valuation profession in his opening speech at the IVAS-IVSC Business Valuation Conference 2018, themed ‘Valuation in the Future Economy’, organised by IVAS which was set up by SAC in 2013 to develop Business Valuation expertise; and the International Valuation Standards Council (IVSC), an international valuation standards setter.


Development of the Business Valuation Profession


4.         IVAS launched the Chartered Valuer and Appraiser (CVA) programme in 2016, Asia’s first professional Business Valuation programme benchmarked against international standards advocated by IVSC and designed to raise the standards of ethics and professionalism in Business Valuation. Since then, about 210 candidates have enrolled for the 18-month programme held in collaboration with Nanyang Technological University (NTU), and a total of 60 have graduated from the first two cohorts of the five cohorts to date. The number of non-Business Valuation professionals taking CVA has also been on the rise with about 15% of first cohort to 40% in the current cohort.


5.         Additionally, a total of 165 Business Valuation professionals from Singapore and 10 countries in the region who have demonstrated professional excellence have been conferred the CVA designation.


6.         With close to 40% of CVAs based outside Singapore, IVAS plans to meet this high regional demand for the CVA certification by holding examinations in the region. For a start, in 2019, examination centres will be set up in Malaysia, Indonesia and Thailand. 


7.         CVA is also rapidly growing in recognition. In June this year, IRAS published a guidance on Section 19B of the Income Tax Act which relates to the amount of tax allowances that companies can claim for intellectual property rights that they have acquired. This guidance cited the need for companies to engage qualified professionals with the relevant qualifications to carry out this task. CVA was cited as one of the recognised professional qualifications for this purpose.


IVAS-IVSC Business Valuation Conference 2018


8.         The IVAS-IVSC Business Valuation Conference 2018 drew over 300 Business Valuation professionals from Singapore and 12 countries from the region to listen to 31 speakers and panellists today at the Marina Bay Sands. The strong line-up of Business Valuation experts discussed the impact of emerging technologies on the valuation profession and how businesses can leverage on Business Valuation to unlock value.


9.         Mr Evan Law, Chief Executive, SAC, said, “Valuation techniques need to evolve to meet the new and growing demands of the fast changing business landscape. Keeping the workforce relevant and able to add value are critical as we develop Singapore into a leading global accountancy hub.”



For more information, please contact:


Yvette Thomasz

Head, Corporate Communications

Singapore Accountancy Commission

DID: 6325 0521; HP: 96983843

Email: yvette_thomasz@sac.gov.sg


About Institute of Valuers and Appraisers, Singapore (IVAS)

Established under the umbrella of the Singapore Accountancy Commission, the Institute of Valuers and Appraisers, Singapore (IVAS) seeks to foster professional excellence in the areas of Business Valuation and develop and grow Singapore into a Centre of Excellence for Business Valuation through:

  • Development of competency frameworks;
  • Promotion of professional valuation standards;
  • Setting of ethical and professional standards of practice;
  • Contributions in thought leadership, research and development;
  • Provision of quality education and training curriculum; and
  • Promotion of professional qualification and certification in Business Valuation

Through these initiatives, IVAS will seek to broaden the talent pool, deepen the expertise of Business Valuation professionals, uphold the public trust in the role they perform and enhance the reputation of the Business Valuation profession in the region. For more information, please visit www.sac.gov.sg


About International Valuation Standards Council (IVSC)

The International Valuation Standards Council (IVSC) is an independent, not-for-profit organisation that produces and implements universally accepted standards for the valuation of assets across the world in the public interest. The IVSC consists of representatives from a wide range of sectors, including professional valuation institutes, valuation providers, standard setters, regulators of valuation services and academia. The organisation’s mission is to establish and maintain effective, high-quality international valuation and professional standards, and to contribute to the development of the global valuation profession, thereby serving the global public interest. For more information, please visit https://www.ivsc.org/


About Singapore Accountancy Commission

The Singapore Accountancy Commission (SAC) spearheads the development of the Singapore accountancy sector with the vision of developing Singapore into a leading global accountancy hub. SAC is working to achieve this by deepening the skills of the accountancy talent pool; developing the industry to capture growth opportunities; and creating a hub and exchange by building Singapore into a centre for thought leadership. SAC is a statutory body under the Ministry of Finance. For more information, please visit www.sac.gov.sg