SAC set up the Institute of Valuers and Appraisers, Singapore (IVAS) to develop Singapore into a centre of excellence for Business Valuation.
IVAS’ initiatives seek to broaden the Business Valuation talent pool, deepen their expertise, and enhance their reputation in the region. In 2016, IVAS launched Asia's first professional Business Valuation certification, the Chartered Valuer and Appraiser programme. IVAS also develops competency frameworks, and promotes professional valuation standards.
IVAS is a member of the International Valuation Standards Council (IVSC), the global standard setter for valuation.
Demand for Business Valuation
Business Valuation is the process of determining the value of businesses, securities and assets including financial, tangible and intangible assets. It is an area that is rapidly gaining prominence in Singapore and in Asia. The Singapore Government’s Committee on the Future Economy’s (CFE) Working Group on Legal and Accounting Services has identified Business Valuation as one of the nine high growth areas. Demand for Business Valuation services is coming from:
• the rise in merger and acquisition (M&A) activities;
• Singapore’s growth as a centre for litigation proceedings and arbitration;
• growing importance of intellectual property in business; and,
• the use of fair value measurement in the financial reporting framework.
Need for Business Valuation services in the corporate environment
A wide range of professions would require Business Valuation expertise when handling work in areas such as Financial Reporting, Transactions, and Litigation and Arbitration.
The IVAS Council
The IVAS Council oversees all initiatives by IVAS and comprises industry practitioners from a wide variety of backgrounds, all dedicated to serving high standards of ethics and professionalism for Business Valuation standards in Singapore.
Mr Lie Kok Keong, CVA (Chairman)
PwC
Ms Sandy Foo
Rajah & Tann
Ms Selena Ling
OCBC Bank
Mr Andrew Ooi, CVA
Deloitte Southeast Asia
Mr Andre Toh, CVA
Ernst & Young Solutions LLP
Mr Christopher Tan, CVA
PwC Singapore
Mr Jamesy Laya, CVA
KPMG Singapore
Mr Henry Tan, CVA
Nexia TS
Mr Wayne Lee, CVA
W Capital
Mr Ashish R. McLaren, CVA
Kroll
Mr Philip Fernandez
DBS
Ms Rena Lee
Intellectual Property Office of Singapore
Mr Evan Law
Singapore Accountancy Commission
Mr Christopher Tan, CVA (Chairman)
PwC Singapore
Ms Chua Ai Leng
Ernst & Young Solutions LLP
Mr Mark Liew, CVA
PrimePartners
Assoc Prof Peter Joos
Insead
Prof Low Buen Sin, CVA
Nanyang Technological University
Assoc Prof Patricia Tan
Nanyang Technological University
Assoc Prof Tong Yen Hee
Nanyang Technological University
Dr Lim Chu Yeong
Nanyang Technological University
Adj Assoc Prof Eric Teo, CVA
Nanyang Technological University
Ms Sandy Foo (Chairman)
Rajah & Tann
Ms Wong Bee Eng, CVA
Provenance Capital
Mr Ding Hock Chai, CVA
UOB Kay Hian
Ms Doreen Quek, CVA
RSM Corporate Advisory
Mr Shao Kwan Kiat, CVA
Jabil
Mr Jamesy Laya, CVA (Chairman)
KPMG Singapore
Mr Leonard Woo, CVA
Deloitte Southeast Asia
Ms Selena Ling
OCBC Bank
Ms Mary Jade T. Roxas-Divinagracia, CVA
PwC Philippines
Ms Adeline Khoo, CVA
PwC Malaysia
Adj Assoc Prof Eric Teo, CVA
Nanyang Technological University
Mr Alex Tan, CVA
Zico
Mr Kelvin Song, CVA
SATS
Mr Andre Toh, CVA (Chairman)
Ernst & Young Solutions LLP
Mr Andrew Ooi, CVA (Deputy Chairman)
Deloitte Southeast Asia
Mr Terence Ang, CVA
RSM Corporate Advisory Pte Ltd
Mr Chay Yiowmin, CVA
Chay Corporate Advisory
Ms Josephine Hong, CVA
BDO
Mr Loh Yee Chuan, CVA
KPMG Singapore
Mr Mun Siong Yoong, CVA
Vallaris
Mr Ashish R. McLaren, CVA
Kroll
Mr Jay Moorthy, CVA
PwC Malaysia
Asia's First Professional Business Valuation Certification Programme
The Chartered Valuer and Appraiser (CVA) programme is the national certification for the practice of Business Valuation in Singapore. It is the first Business Valuation certification programme in Asia to be benchmarked against international standards. Currently, it is the only structured professional development pathway in Singapore for aspiring individuals to enter the profession.
Benchmarked to International Standards
The CVA Programme is based on competency, ethical and professional requirements advocated by the International Valuation Standards Council (IVSC), the global standards setter for valuation.
Technical and Practical Pedagogy with an Asian Perspective
The programme was developed in consultation with industry practitioners from the Accountancy, Banking, Legal and Investment Management sectors. The curriculum integrates technical knowledge with practical experience shared by industry experts and case studies that focus on Asia and emerging markets that can be immediately applied at work.
Wide Industry Endorsement
It is supported by industry partners including regulators, professional bodies, and international accounting firms.
Flexible Learning Routes for Professionals Looking to Upgrade their Skills
Professionals can choose a route that suits them best:
Structured Learning Route – A disciplined approach of attending classroom sessions, and interacting with faculty, industry practitioners and professionals.
Self-Study Route – A self-starter approach of studying at their own pace before sitting for the assessment.
Funding Support Schemes Available
SkillsFuture Singapore offers a variety of funding support schemes for employees of Small and Medium-Sized Enterprises (SMEs), Singapore Citizens and Permanent Residents.
Business Valuers come from a variety of backgrounds and industry sectors. You will benefit from the Chartered Valuer and Appraiser programme if:
Business Valuation is your core duty. | Business Valuation is part of your daily routine work. | You have a strong interest in Business Valuation as it will help in your job. |
---|---|---|
Business Valuers who work in:
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Professionals who deal with Business Valuation but it is not their core function.
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Professionals interested in aspects Business Valuation to do their job.
|
On 1 January 2022, the CVA programme curriculum was aligned with the International Valuation Standards (IVS) introduced by the International Valuation Standards Council (IVSC) in July 2021 to help participants better apply the concepts learnt.
The new curriculum comprises 5 modules. It provides participants with some flexibility in taking the first 4 modules (M1 to M4). In this regard, participants can choose to take M1 and M2 in any order, or take them both at the same time, before proceeding to M3 and M4. Similarly, participants can M3 and M4 in any order, or take them simultaneously. Participants must pass M1 to M4 before taking the Capstone Module. The table below illustrates this:
Module | Entry Criteria | Remarks |
M1 | Nil |
Candidates can choose to take M1 and M2:
|
M2 | ||
M3 | Pass M1 and M2 |
Candidates can choose to take M3 and M4:
|
M4 | ||
Capstone | Pass M1 to M4 |
Transition for Existing Candidates Existing candidates can ease into the new curriculum with little disruption. |
Syllabus
M1: Introductory Valuation and Ethics |
This module provides the foundational knowledge for every Business Valuation exercise. Topics include:
|
M2: Law and Valuation |
This module covers how a Business Valuation exercise is conducted within the legal and regulatory environment. Topics include:
|
M3: Valuation for Transactions |
The module will explore the applicable valuation standards used to conduct business valuation for transactions. Topics include:
|
M4: Valuation for Financial Reporting |
This module examines key financial accounting and reporting issues related to the use of fair value measurement. Topics include:
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Capstone Module: Applied Business Valuation |
The module applies a blend of theory and practice of all concepts covered from M1 to M4 in Business Valuation. The module will examine the participant’s understanding and appreciation of the complete valuation engagement. Topics include:
|
Please download the CVA Programme Body of Knowledge here.
Module 1: Introductory Valuation and Ethics
Exemption for Singapore Chartered Accountant (CA) Qualification Candidates
Singapore Chartered Accountant (CA) Qualification candidates who have passed the Business Value, Governance and Risk (BG) module from December 2022, will be offered exemption from taking Module 1 of the CVA Programme.
For more information, please contact us at cvaprog@sac.gov.sg.
Applicants are required to have the following:
The Institute of Valuers and Appraisers, Singapore (IVAS) will make the final decision on the acceptance or rejection of an application.
Duration: 18 months (for both structured learning route and self-study route)
Semesters available:
Structured Learning Route | Self-Study Route | |
---|---|---|
One-time Application Fee1* | SGD$ 100 | SGD$ 100 |
Annual Candidature Fee* (Payable on 1st January) |
SGD$ 100 | SGD$ 100 |
Programme Fee: |
|
|
M1 to M4 | SGD$ 3,000 per module | SGD$ 1,000 per module |
Capstone | SGD$ 6,000 | SGD$ 2,000 |
Total Programme Fee | SGD$ 18,000 | SGD$ 6,000 |
Re-Assessment Fee |
||
M1 to M4 | SGD$ 200 per attempt | SGD$ 200 per attempt |
Capstone | SGD$ 400 per attempt | SGD$ 400 per attempt |
All fees quoted above are in Singapore Dollars (SGD) excluding Goods and Services Tax (GST). |
1. Fee payment does not grant automatic entry into the CVA Programme. Acceptance will be based on applicant's eligibility.
*. The fees are non-refundable.
SkillsFuture Funding
Structured Learning Route
Fees per Module (BEFORE funding & GST) |
Fees per Module (AFTER funding & 7% GST) |
Fees per Module (AFTER funding & 8% GST)* |
|
FUNDING FOR M1 TO M4 |
|||
Singapore Citizens (aged 21 to 39) / PR (aged 21 and above) 70% Funding |
SGD$ 3,000 | SGD$ 963 | SGD$ 972 |
Singapore Citizens (aged 40 and above) MCES1 - up to 90% |
SGD$ 3,000 | SGD$ 363 | SGD$ 372 |
SME-Sponsored Singapore Citizens / PR ETSS2 - up to 90% |
SGD$ 3,000 | SGD$ 363 | SGD$ 372 |
International Participants | SGD$ 3,000 | SGD$ 3,210 | SGD$ 3,240 |
FUNDING FOR CAPSTONE |
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Singapore Citizens (aged 21 to 39) / PR (aged 21 and above) 70% Funding |
SGD$ 6,000 |
SGD$ 1,926 | SGD$ 1,944 |
Singapore Citizens (aged 40 and above) MCES1 - up to 90% |
SGD$ 6,000 |
SGD$ 726 | SGD$ 744 |
SME-Sponsored Singapore Citizens / PR ETSS2 - up to 90% |
SGD$ 6,000 |
SGD$ 726 | SGD$ 744 |
International Participants |
SGD$ 6,000 |
SGD$ 6,420 | SGD$ 6,480 |
Self-study Route
|
Fees per Module (BEFORE funding & GST) |
Fees per Module (AFTER funding & 7% GST) |
Fees per Module (AFTER funding & 8% GST)* |
FUNDING FOR M1 TO M4 | |||
Singapore Citizens (aged 21 to 39) / PR (aged 21 and above) 70% Funding |
SGD$ 1,000 | SGD$ 321 | SGD$ 324 |
Singapore Citizens (aged 40 and above) MCES1 - up to 90% |
SGD$ 1,000 | SGD$ 121 | SGD$ 124 |
SME-Sponsored Singapore Citizens / PR ETSS2 - up to 90% |
SGD$ 1,000 | SGD$ 121 | SGD$ 124 |
International Participants | SGD$ 1,000 | SGD$ 1,070 | SGD$ 1,080 |
FUNDING FOR CAPSTONE |
|||
Singapore Citizens (aged 21 to 39) / PR (aged 21 and above) 70% Funding |
SGD$ 2,000 | SGD$ 642 | SGD$ 648 |
Singapore Citizens (aged 40 and above) MCES1 - up to 90% |
SGD$ 2,000 | SGD$ 242 | SGD$ 248 |
SME-Sponsored Singapore Citizens / PR ETSS2 - up to 90% |
SGD$ 2,000 | SGD$ 242 | SGD$ 248 |
International Participants | SGD$ 2,000 | SGD$ 2,140 | SGD$ 2,160 |
Funding is subject to Skillsfuture Singapore (SSG)’s approval.
Participants do not need to contact SkillsFuture to seek funding prior to course registration. NTU will facilitate the paperwork for both self and company-sponsored participants. Participants will be invoiced the net amount after funding and GST.
SkillsFuture Credit
On top of the above funding, Singapore Citizens, aged 25 and above and self-sponsored may use their SkillsFuture Credit to defray part of the net course fee. Participants do not need to contact SkillsFuture for funding prior to course registration. NTU will facilitate the funding paperwork for both self and company-sponsored participants. Participants will be invoiced the net amount after funding and GST.
Funding Requirements:
1. MCES: SkillsFuture Mid-career Enhanced Subsidy Scheme
2. ETSS: Enhanced Training Support for Small & Medium Enterprises Scheme
INTAKE 14 (Structured-Learning Route) | ||
M1 | M2 | Assessment |
11 February 2023 (Full Day) | 25 March 2023 (Half Day) | 20 May 2023 |
18 February 2023 (Full Day) | 01 April 2023 (Half Day) | |
11 March 2023 (Half Day) | 15 April 2023 (Half Day) | |
29 April 2023 (AM) |
Classes are conducted on Saturdays in a classroom unless otherwise stated.
Half-day session: 9am - 1pm
Full day session: 9am - 5pm
At least 75% classroom attendance is required to fulfil the condition of Skillsfuture funding.
Venue
Suntec Singapore Convention & Exhibition Centre or NTU@one-north, Executive Centre
IVAS and NTU reserve the right to change the date, venue and mode of delivery due to unforeseen circumstances or prevailing government advisory.
Self-Study Learning Route | ||
Module | Conference Session | Assessment |
1 | 15 March 2023 (8pm) | 20 May 2023 |
29 March 2023 (8pm) | ||
2 | 12 April 2023 (8pm) |
20 May 2023
|
19 April 2023 (8pm) |
Application is now open for both structured and self-study routes.
Acceptance will be based on the applicant’s eligibility, and not payment of fees.
Click here to apply.
CVA Examination Deferment Guidelines (From 1 August 2022)
Candidates are strongly encouraged to complete the programme within 3 years from the date of enrolment. An examination deferment request can be made at any point of the CVA Programme, but it is subject to approval. Refer to the Guidelines for Examination Deferment to defer an examination.
Deferment of Classes / Lessons
Candidates who need to defer a class or lesson may contact CVA@ntu.edu.sg for advice to do so.
CVA Programme Withdrawal Guidelines (From 1 August 2022)
Candidates who wish to withdraw from the CVA Programme need to submit a request to do so at CVA@ntu.edu.sg. Once the request is approved, the participant will no longer be part of the CVA Programme and all existing records will be removed.
Should a withdrawn candidate wish to return to the CVA Programme, a fresh application needs to be made to take the programme, and the candidate will start from the beginning of the programme at Module 1.
A. Programme & Certification
What certificate/s will be issued to me upon successful completion of the CVA Programme?
Candidates will be issued a jointly branded (IVAS and NTU ) Certificate of Completion upon passing all CVA Programme examinations. They will also be designated as Associate CVA, and will be eligible to apply for the CVA Charter designation having met all other criteria.
Candidates will also receive the e-Statement of Attainment (SOA) certificates for online tests passed for each Module, as of July 2022.
How many modules can I take simultaneously, and can I take the modules in a sequence of my choice?
You can take a maximum of 2 modules simultaneously, ie, M1 together with M2, or M3 together with M4. However, M1 and M2 must be completed before progressing to M3 and M4. Should you wish to take modules one at a time, you can take M1 and M2 in a sequence of your choice, before proceeding to take M3 and M4, also in any order. Modules M1 to M4 have to be completed before embarking on the Capstone module.
Are exemptions from CVA modules offered for having attained other related qualifications such as the Chartered Financial Analyst (CFA)?
The programme does not offer any exemptions. Participants have to complete all five modules.
Is there a difference between the Structured-Learning and Self-Study materials?
No. Both Structured-Learning and Self-Study participants will receive the same course e-book and online exercises.
Can I switch from Self-Study to Structured-Learning and vice-versa during the programme?
Participants may switch from the Self-Study route to the Structured-Learning route, subject to the availability of classes. However, do note that once you have changed to the Structured-Learning route, you will not be able to switch back to the Self-Study route.
Is the Chartered Valuer and Appraiser (CVA) designation recognised?
The Chartered Valuer and Appraiser designation title is the national certification qualification for the Business Valuation profession in Singapore. The Institute of Valuers and Appraisers, Singapore (IVAS) ensures that the professional standards of participants who undertake the programme are on par with the international standards set by the International Valuation Standards Council (IVSC).
Does passing the exams of all five modules guarantee me the CVA designation?
On completion of the five modules and accumulation of the relevant working experience, the participant can apply for certification to IVAS. The applicant will be conferred the CVA designation if all certification criteria are met. For more information on the certification criteria, click on the CVA Charter tab.
Can foreigners sign up for the CVA programme?
The CVA programme is open to all nationalities. The exams for all 5 modules will be offered in Singapore. As this is a part-time programme, no student visa will be issued for participants who are enrolled and wish to take the exams in Singapore.
B. Examinations
What is the duration and format of the exam?
For M1 to M4, exams are one and a half (1.5) hours long and questions are in the multiple-choice format. For the Capstone module, the exam will be case study based and further details will be shared in due course.
If I fail my exam, when is the re‐assessment?
There are 2 exams a year, usually in May and November. Participants are encouraged to register for the next available examination for re-assessment. The exam fee is SGD$ 200 per module, excluding Goods & Service Tax (GST). If you are in the Structured-Learning route, you will not be required to attend classes again. As such, you will be grouped with the next cohort of Self-Study candidates for academic support.
C. Fees
Are there any alumni, corporate discounts or scholarships for this programme?
There are no further discounts or scholarships for this programme.
D. Funding
How do I apply for SkillsFuture (SSG) funding?
You do not need to apply for SkillsFuture funding on your own. If you are eligible, NTU will apply on your behalf after you have registered for the CVA programme.
What is the difference between SkillsFuture Credit and SkillsFuture Funding?
SkillsFuture Credit can be used to offset the net course fee (i.e., the balance of 10% or 30% of the course fee) payable after the use of the SkillsFuture funding of 70% or 90% of the course fee.
How do I apply for SkillsFuture Credit?
Self-sponsored Singapore Citizens, aged 25 and above, may use their SkillsFuture Credit to defray part of the net course fee. The SkillsFuture Credit claims may be made through MySkillsFuture.sg by submitting the invoice from NTU.
For more detailed information, please visit the Programme Fee and Funding Support sections.
The Chartered Valuer and Appraiser programme is currently supported by 17 industry partners.
“The Chartered Valuer and Appraiser programme is designed to hone the skillsets of individuals with an interest in valuing businesses and securities and will provide participants with the fundamental building blocks on the technical aspects of valuation. More importantly, the programme represents a key step towards moulding a community of like-minded persons who are devoted to a lifetime of learning and collaboration on the art and craft of valuation.”
Mr Mah Kah Loon, EY Asia-Pacific Deal Origination Partner, Ernst & Young Solutions LLP; CEO, Ernst & Young Corporate Finance Pte. Ltd
“The Chartered Valuer and Appraiser programme provides a formal and structured professional development pathway for Business Valuers and over time, this will raise the bar for the level of proficiency and competencies amongst professionals working in the Accountancy Sector. Business Valuation will be an important area of growth in our region and Deloitte is delighted to support the Chartered Valuer and Appraiser programme.”
Mr Keoy Soo Earn, Regional Managing Partner, SEA Financial Advisory, Deloitte
“The Business Valuation profession is driven by intellectual capital. Historically, there has been very little structured formal training available for Business Valuers. The Chartered Valuer and Appraiser programme is highly relevant for professionals involved in valuations as it equips them with the right skill set, knowledge and competencies to deliver distinctive value proposition. That is why Duff & Phelps works closely with IVAS as we strongly support their efforts to expand and deepen the pool of Business Valuation professionals.”
Ms Srividya Gopalakrishnan, Managing director and Southeast Asia Leader, Valuation Advisory Services practice, Duff & Phelps
“The legal profession regularly taps on valuers as expert witnesses for litigation and arbitration cases heard in Singapore. The launch of the Chartered Valuer and Appraiser programme by IVAS is timely as it will enable legal practitioners and their clients to assess the competency of expert witnesses. I believe this could be a significant enhancement to our dispute resolution processes. Over time, I am confident that the programme and the accompanying certification will raise the standards for the quality, professionalism and ethics in business valuation.”
Ms Rachel Eng, Managing Director, Eng and Co. LLC
Hear from Shao Kwan Kiat, Senior Director, Strategic Development at Jabil as he shares his experience going through the CVA Programme and the key learnings that will be useful to his job.
Other Testimonials
"The Chartered Valuer and Appraiser Programme has equipped me with the specialised knowledge and constructive methodologies for a firm foundation on business valuation. Through the CVA programme, I have not only acquired a deep understanding of the business and financial valuation process, but also built up my confidence in using this process to make better informed business decisions."
Gail Shan
Portfolio Management Director
Iron Lotus Advisory
“The CVA programme has enriched my understanding of valuation issues. The breadth of topics covered in the programme only underscores the importance of valuation in the corporate business environment. It also enabled me to build wide contacts with like-minded professionals and different practising leaders who teach in the programme."
Nicholas Cheong
Valuation Director
Fairfield Capital Advisory
Ms. Rae Wong
Manager, Professional & Qualifications Development
Singapore Accountancy Commission
Email: cvaprog@sac.gov.sg
Ms. Jessica Leong
Deputy Director
Nanyang Executive Programme, Nanyang Business School
Email: jessicaleong@ntu.edu.sg
CVA CHARTER
CVA Charter holders are able to use the CVA designation as a post-nominal title after their name (e.g Mr John Tan, CVA). This is a privilege that only CVA Charter holders enjoy.
They are also included in the List of CVA Charter Holders on the SAC website, and enjoy preferential rates and invitations to member-only events as part of a growing CVA community across the region.
To become a CVA holder, an individual must have:
Core Valuation Experience
At least 1.5 years of the required minimum of 3 years of relevant experience required to become a CVA Charter holder should be Core Valuation Experience. This is experience in Business Valuation, Corporate Finance and Litigation Support, where a conclusion of value related to a business, business interest, intangible property or losses is reached or rendered. This should comprise significant responsibility in any of these areas:
Non-Core Valuation Experience
Having fulfilled at least 1.5 years of Core Experience, the balance of the minimum of 3 years of experience required can be Non-Core Valuation experience. These activities are consistent with business valuation and include any of the following:
Application Period
Evaluation of applications will take place 8 to 12 weeks after the closing date if complete information is provided in the application. During this time, IVAS may request for additional information.
Application Form
Submit the application form to ivas@sac.gov.sg.
Download the 'IVAS Disciplinary Rule Book' which governs CVA Charter holders.
IVAS reserves the right not to disclose the reasons for approving or rejecting any application.
CVA Endorsers
You may seek support from IVAS (ivas@sac.gov.sg) to connect to a CVA Charter Holder to endorse your application should you find it difficult to identify one.
Do submit your request in writing with the completed application form, including detailed information on your core valuation experience. The CVA Endorser may request more information through sanitised valuation reports; and an interview to better evaluate your suitability as a CVA Charter Holder. Connection to a CVA Endorser does not guarantee an endorsement.
The annual certification fee is S$ 400 (excluding GST).
CVA Charter holders are committed to:
1. Fulfil 20 Continuing Professional Development (CPD) hours annually
2. Adhere to the International Valuation Standards
3. Adhere to the Code of Ethical Principles for Professional Valuers
4. Comply with the rules in the IVAS Disciplinary Rulebook.
CVA Charter holders are required to uphold high standards of business valuation. They have agreed to comply with the Code of Ethical Principles for Professional Valuers by the Institute of Valuers and Appraisers (IVAS); and the International Valuation Standards set by the International Valuation Standards Council (IVSC). They are required to comply with the rules in the IVAS Disciplinary Rulebook.
Reporting a Complaint
If you believe that a CVA Charter holder did not comply with the IVAS Code of Ethical Principles for Professional Valuers and/or the IVSC International Valuation Standards, you may make a complaint against the CVA Charter holder. The list of CVA Charter holders is here.
Before you make a complaint, please note:
• Complaints can be filed against individual CVA Charter holders, not against companies or employers of CVA Charter holders.
• IVAS will not handle fee disputes as business valuation is not regulated in Singapore.
• IVAS cannot award damages or restitution.
• There should be an attempt to resolve the issue with the CVA Charter holder before complaint is lodged with IVAS.
When making a complaint, please note:
• Your complaint should be on issues that occurred after the launch of the IVAS Disciplinary Framework on 25 Jun 2020 and within 6 years of this complaint.
• IVAS does not accept anonymous complaints. All fields in the Complaint Form need to be completed and the form signed. Your complaint will be acknowledged. You may be requested by the Investigations Panel to provide more information, in the form of relevant supporting documents.
• IVAS reserves the right to accept your complaint and proceed with the investigation.
• The complainant will be made aware of your complaint, and all relevant supporting documents provided by you, and reserves the right to defend himself/herself.
• Please inform IVAS if you believe that a criminal offence has been committed and a police report has been made.
Complaint Process
1. Email your Complaint Form and all relevant supporting documents to ivas@sac.gov.sg.
2. You will receive an email acknowledgement of your complaint within 1 working week.
3. You may be requested to provide more information in the form of relevant supporting documents.
4. The duration of the investigation depends on the complexity the complaint.
5. The outcome of the investigation will be published on the SAC website.
6. IVAS’ decision on the investigation is final.
ASSOCIATE CVA
You will be conferred the Associate CVA designation once you complete the CVA programme. This designation recognises your effort in completing the programme while you work towards getting the necessary valuation experience to be a CVA Charter holder.
Benefits
As an Associate CVA, you will:
Maintaining the Associate CVA Designation
You will need to adhere to the Code of Ethical Principles for Professional Valuers, as advocated by the International Valuation Standards Council (IVSC), and the IVAS Disciplinary Rulebook. Acceptance of the designation will be deemed as acknowledgement.
Certification Fee
An annual fee of SGD $200 (before GST) applies, payable on 1 April each year. A letter of conferment will be issued to Associate CVAs. You may choose to opt out of the Associate CVA designation by writing in to ivas@sac.gov.sg.
Contact Us
Should you have any queries, please contact us at ivas@sac.gov.sg.
LIST OF CVA CHARTER HOLDERS
NAME | OFFICE LOCATION | ||
Ms Adeline Khoo | Malaysia | ||
Mr Aditya Gupta (Adie) | Malaysia | ||
Mr Ahmad Zubir Zahid | Malaysia | ||
Mr Albert Christian | Singapore | ||
Mr Albert Tan Tiong Heng | Singapore | ||
Mr Allen Cheong Jee Mun | Singapore | ||
Mr Amit Gupta | Singapore | ||
Mr Amit Jain | India | ||
Mr Andre Toh Sern | Singapore | ||
Ms Andrea Yan Yuen | Singapore | ||
Mr Andrew Heng | Malaysia | ||
Dr Andrew Lee | Singapore | ||
Mr Andrew Ooi Lih De | Singapore | ||
Mr Ang Keng Siang, Terence | Singapore | ||
Mr Ang Thiam Hong Elsley | Singapore | ||
Ms Anongnuch Cheewaratanaphan | Thailand | ||
Mr Apurva Shah | India | ||
Mr Ashish R. McLaren | Singapore | ||
Mr Avinaash Ravi | Singapore | ||
Mr Benjamin Tee Chin Keat | Singapore | ||
Mr Benjamin Oh Zhi Yong | Singapore | ||
Mr Braden Joseph Billiet | Korea | ||
Mr Brett Shadbolt | Singapore | ||
Ms Camellia Ng Kai Zhen | Singapore | ||
Ms Cao Thao Uyen | Singapore | ||
Mr Carlos Santiago Bernal Tabora | Philippines | ||
Ms Celina Chan Yee Ling | Singapore | ||
Ms Chai Li-Lin Charlene | Singapore | ||
Mr Chan Cheuk Wing Kevin | Hong Kong | ||
Mr Chan Joon Keong Nicholas | Singapore | ||
Ms Chan Li Shan (Rae) | Singapore | ||
Mr Chan Ming Kit (Simon) | Hong Kong | ||
Mr Chan Soon Hee, Eric | Singapore | ||
Ms Chan U-Nice | Singapore | ||
Mr Chay Yiowmin | Singapore | ||
Ms Chauwei Yak | Singapore | ||
Ms Chen Yuxi | Singapore | ||
Ms Cheah Mun Lin | Singapore | ||
Mr Cheng Soon Keong | Singapore | ||
Mr Cheong Kong Yee Nicholas | Singapore | ||
Mr Chew Kwan Eng | Singapore | ||
Mr Chia Ee Luen Kelvin | Singapore | ||
Mr Chia Soo Hien Frankie | Singapore | ||
Ms Chiam Li Bing | Singapore | ||
Mr Chian Siet Heng | Singapore | ||
Ms Chin Yuan Feng, Angeline | Singapore | ||
Ms Chong Hui Shan | Singapore | ||
Mr Chong Lun Yao | Malaysia | ||
Ms Chua Ai Leng | Singapore | ||
Mr Chua Boon Shyan, Thomas | Hong Kong | ||
Mr Chua Siong Kiat, Alex | Singapore | ||
Ms Chunhui Wang (Cheryl) | Singapore | ||
Ms Clarinda Irene Chandra | Singapore | ||
Mr Conrad Jacob Werner | Singapore | ||
Mr David Rimbo Lim | Indonesia | ||
Mr Dimas Kurnia Gunadi | Indonesia | ||
Mr Ding Hock Chai | Singapore | ||
Mr Doan Thuan Hai (Jason Doan) | Singapore | ||
Ms Dorothy Chiang Kar Fong | Singapore | ||
Ms Elaine Chai | Singapore | ||
Mr Eric Teo Khee Hwee | Singapore | ||
Dr Ervinna Pang | Singapore | ||
Mr Eugen Chua | Singapore | ||
Mr Feizal Bin Mustapha | Malaysia | ||
Mr Foo Sheue Chuan | Singapore | ||
Mr Fock Yong Zhao Michael | Singapore | ||
Ms Foong Yu Wen | Singapore | ||
Mr Franz Degenhardt | Vietnam | ||
Mr Fu Chuanjie | Singapore | ||
Ms Gail Shan Xu Nan | Singapore | ||
Mr Gary Loh Weng Fatt | Singapore | ||
Mr Girish Sahajwalla | Singapore | ||
Mr Goh Chee Kiat Richard | Singapore | ||
Mr Goh Jun Wee | Singapore | ||
Mr Goh Hong Chuan | Singapore | ||
Ms Goh Hui Pin | Singapore | ||
Ms Grace Lui Kit Ying | Singapore | ||
Mr Guo Zhiyong | Singapore | ||
Mr Hamish Charles Egan | Singapore | ||
Mr Handoko Tan Wei Liang | Singapore | ||
Ms Han Shu Hui | Singapore | ||
Mr Harsha Basnayake | Singapore | ||
Mr Henry Tan Song Kok | Singapore | ||
Mr Henry Young | Singapore | ||
Mr Herison Ng | Indonesia | ||
Mr Hoo Jiunn Yih | Singapore | ||
Mr Hooi Weng Yew Edwin Mario | Singapore | ||
Mr Iain Cameron Potter | Singapore | ||
Mr Jamesy Laya | Singapore | ||
Ms Jamie Nguyen Ha Lan | Singapore | ||
Mr Jan Michael P. Saniel | Philippines | ||
Mr Jason Jin Thean, Teoh | Singapore | ||
Mr Jason Murphy | Australia | ||
Mr Jason Ng Bak Huat | Singapore | ||
Mr Jayaram Krishna Moorthy | Malaysia | ||
Mr Jayems Dhingra Jag Mohan | Singapore | ||
Ms Jean Thoh Jing Herng | Singapore | ||
Mr Jeffrey Chien-Cheun Chi | Singapore | ||
Mr Jerome Andrew H. Garcia | Philippines | ||
Mr Jerry Chu | Taiwan | ||
Mr Jesse Chen | Taiwan | ||
Mr Johnathan Ooi Siew Loke | Vietnam | ||
Ms Josephine Hong | Singapore | ||
Mr Juay Sze Sin (Bernard Juay) | Singapore | ||
Mr Kaka Singh | Singapore | ||
Mr Kan Seng Yu, David | Singapore | ||
Ms Karen Lau Shy Yunn | Singapore | ||
Ms Kee Poh Ling (Pauline) | Singapore | ||
Mr Kelvin Song Wee Keong | Singapore | ||
Mr Keoy Soo Earn | Singapore | ||
Ms Kerk Su Ngee | Malaysia | ||
Mr Kevin Prasetio | Singapore | ||
Mr Khaw Jing Huan | Singapore | ||
Mr Koh Chee Han | Singapore | ||
Ms Koh Lay Choo Jessie | Singapore | ||
Mr Koh Yuan Xing | Singapore | ||
Mr Konialidis Nicolas | Singapore | ||
Mr Kon Yin Tong | Singapore | ||
Mr Kwong Kin Sun | Hong Kong | ||
Mr Kriangkrai Lertphokanont | Thailand | ||
Mr Lai Keng Wei | Singapore | ||
Mr Lai Fong Chin | Singapore | ||
Mr Lai Yong Quan Kelvin | Singapore | ||
Ms Lau Wai Ping (Rita) | Hong Kong | ||
Ms Lam Wen Yan, Jane | Singapore | ||
Mr Lars Barslev | Singapore | ||
Mr Lau Yi Xiang Jonathan | Singapore | ||
Ms Lau Sze Ming Serene | Singapore | ||
Ms Lee Chai Lian, Carmen | Singapore | ||
Ms Lee Chiu Chorn | Singapore | ||
Ms Lee Pei Xuan | Singapore | ||
Mr Leonard Woo Chi Leong | Singapore | ||
Mr Leow Quek Shiong | Singapore | ||
Mr Leung Kai Wan | Hong Kong | ||
Ms Li Miaosheng | Singapore | ||
Mr Li Shang | Singapore | ||
Mr Lie Kok Keong | Singapore | ||
Mr Lim Chin Hao, Bryan | Singapore | ||
Mr Lim Ghim Yew, Terence | Singapore | ||
Mr Lim Shao Lin Bryan | Singapore | ||
Mr Lim, Smith Copeng | Philippines | ||
Mr Lim Ti (Lin Zhi), David-Mark | Singapore | ||
Mr Lim Tin Boon, Jimmy | Singapore | ||
Mr Lim Tze Hsien, John Brendan | Singapore | ||
Ms Lim Yuhyuh Leona | Singapore | ||
Ms Lim Yong Qi Tiffany | Singapore | ||
Mr Ling Tok Hong | Singapore | ||
Mr Loh Yee Chuan | Singapore | ||
Mr Loo Peng Siang Roger | Singapore | ||
Ms Looi Pei Yan | Singapore | ||
Dr Low Buen Sin | Singapore | ||
Mr Low Kok Hong, Daniel | Singapore | ||
Ms Low Yan Ting Georgina | Singapore | ||
Mr Mah Kah Loon | Singapore | ||
Mr Mahek Vikamsey | India | ||
Mr Mark Liew Wai Weng | Singapore | ||
Ms Mary Jade T. Roxas-Divinagracia | Philippines | ||
Mr Mick Aw | Singapore | ||
Ms Melanie Wong Wai Fun | Singapore | ||
Mr Melvin Teo | Singapore | ||
Mr Montek Mayal | New Delhi | ||
Mr Mun Siong Yoong | Singapore | ||
Mr Navin Suresh Maheshwari | Singapore | ||
Mr Neo Chun How Alton | Singapore | ||
Mr Neo Keng Jin | Singapore | ||
Mr Ng Boon Eng | Singapore | ||
Mr Ng Boon Hui | Malaysia | ||
Ms Ng Cheah Chen Adeline | Singapore | ||
Ms Ng Jia Hui Melissa | Singapore | ||
Mr Ng Kim Hee, Allan | Singapore | ||
Mr Ng Wei Jiat (Jake) | Singapore | ||
Ms Ng Yi Ling Nicolette | Singapore | ||
Mr Nguyen Dang Truong Huy | Singapore | ||
Ms Nithawan Jarernporn | Thailand | ||
Ms Norijane Agpalo | Singapore | ||
Mr Ong Bing Shen | Singapore | ||
Mr Ong Hwee Li | Singapore | ||
Ms Ong Kay Yuen | Singapore | ||
Mr Ong Lien Wan | Singapore | ||
Ms Ong Lui Chun | Singapore | ||
Mr Ong Tuen Suan | Singapore | ||
Mr Ong Woon Pheng | Singapore | ||
Ms Pan Meiyun Grace | Singapore | ||
Mr Pang Chee Siang | Singapore | ||
Mr Pang Xu Xian | Singapore | ||
Mr Panca Arief Jatmika | Indonesia | ||
Mr Paul Wu | Hong Kong | ||
Ms Phang Lay Koon | Singapore | ||
Ms Piera Murone | Australia | ||
Ms Pu Meng | Singapore | ||
Ms Qiu Wenqi | Singapore | ||
Mdm Quek Li Huan | Singapore | ||
Mr Rajeev. R. Shah | India | ||
Mr Rommy Leonard Sjahraney | Indonesia | ||
Mr Ross Yu Limjoco | Singapore | ||
Mr Sajjad Akhtar | Singapore | ||
Mr Sarjit Singh | Singapore | ||
Mr Shao Kwan Kiat | Singapore | ||
Ms Shi Jiayu | Singapore | ||
Ms Sim Pik Sian | Singapore | ||
Mr Soo Hon Weng | Singapore | ||
Ms Soh Lin Sin | Singapore | ||
Ms Srividya C. Gopalakrishnan | Singapore | ||
Mr Steven Lwi Tong Boon | Singapore | ||
Mr Su Jun Ming (Martin Su) | Singapore | ||
Ms Suluksana Artamnuayvipas | Thailand | ||
Mr Sunu B Setiawan | Indonesia | ||
Mr Tan Chi Kit | Singapore | ||
Ms Tan-Hamed, Marie Stephanie C. | Philippines | ||
Mr Tan Khim Eam (Christopher Tan) | Singapore | ||
Mr Tan Khoon Guan | Singapore | ||
Mr Tan Kuan Thim | Singapore | ||
Ms Tan Si Ying Jacqueline | Singapore | ||
Mr Tan Teck Yong John | Singapore | ||
Mr Tan Tiong Huat Alex | Singapore | ||
Mr Tan Wei Cheong | Singapore | ||
Mr Tan Wei Jie Remus | Singapore | ||
Ms Tan Yen Ling Olivia | Singapore | ||
Mdm Tay Bee Gek (Dorriz) | Singapore | ||
Ms Tay Lee Sie, Fiona | Singapore | ||
Mr Tay Woon Teck | Singapore | ||
Mdm Teo Jenny | Singapore | ||
Ms Teo Yen Lin | Singapore | ||
Mr Terence Tay | Singapore | ||
Mr Thio Khiaw Ping Kelvin | Singapore | ||
Ms Tian Shi Qi Sophia | Singapore | ||
Mr Tsang Ka Fai (Kenneth) | Hong Kong | ||
Mr Toh Puay Yong | Singapore | ||
Mr Triono Soedirdjo | Indonesia | ||
Mr Tyler Capson | Singapore | ||
Mr Venkata Satya Ramakrishna Maruvada | Singapore | ||
Mr Vishal Sharma | Singapore | ||
Mr Vishal Vachaspati Thapliyal | Singapore | ||
Mr Wang Liang | Singapore | ||
Mr Wang Xiaoqiang | Singapore | ||
Ms Wang Ze Cheng (Elene) | Singapore | ||
Mr Wayne Lee | Singapore | ||
Mr William Yuen | Hong Kong | ||
Mr William Tan | Singapore | ||
Ms Wong Bee Eng | Singapore | ||
Ms Wong Hey Herng | Singapore | ||
Mr Wong Soon Leong | Singapore | ||
Mr Wong Ting Yung (Derek) | Hong Kong | ||
Mr Wong Quee Quee Jeffrey | Singapore | ||
Ms Wong Wei Peng | Singapore | ||
Mr Wong Wing Seong | Malaysia | ||
Ms Xiang Yi | Singapore | ||
Mr Yam Mow Lam Robert | Singapore | ||
Mr Yap Beng Tat Richard | Singapore | ||
Ms Yap Lee Pheng Phyllis | Singapore | ||
Ms Yeap Hui Lin Adalyn | Singapore | ||
Ms Yeo Jia Lin Valerie Michelle | Singapore | ||
Mr Yeo Teck Keng | Singapore | ||
Mr Yeo Zi Xuan | Singapore | ||
Mr Yeo Wee Thee (Royce) | Singapore | ||
Ms Yun Hui Li Florence | Singapore | ||
Ms Zhang Yan | Singapore |
CVA Charter holders are required to fulfil a minimum of 20 hours of Continuing Professional Development (CPD) per year to renew their CVA certification annually.
CVA Charter holders are required to fulfil a minimum of 20 hours of CPD per year, with 10 CPD hours related to Core Valuation Practice Areas, using the CPD Framework.
CPD FRAMEWORK |
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Class-based or e-learning courses A minimum of 10 hours must be spent attending class-based or e-learning courses (internal and external) and forums such as seminars and conferences.
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Core Valuation Practice Areas
A minimum of 10 CPD hours must be spent in any of the following Core Valuation Practice Areas:
CVA Charter holders must declare their CPD compliance status, alongside the payment of the annual certification fee, for the annual renewal of CVA certification. Submit your CPD records for the period, 1 April – 31 March using the Certification Renewal Form.
IVAS conducts a random sampling audit of CPD fulfilment annually.
Auditing Process | |
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1 |
If you are selected for CPD audit, you will be notified via email by March each year. |
2 | Submit the required supporting documents or evidence of participation to support your CPD records submission. |
3 | You will be notified of the audit outcome. |
CVA Charter holders may request for an extension to comply with the CPD requirements under exceptional circumstances that have made it difficult to meet the CPD requirements. These include:
Submit your request by end February to ivas@sac.gov.sg.
The grant of extension is subject to IVAS’ approval.
Practice Guides help BV professionals maintain the highest standard of delivery. They also provide stakeholders and regulators information on key developments in the profession, and expectations of CVAs.
The table below shows the various types of Practice Guides:
Practice Guide | Requirement of CVA Charter Holders | Purpose |
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Practice Note (PN) | Expected to comply | To ensure that CVA Charter holders adhere to high standards for ethics and professionalism |
Guidance Note (GN) | Comply or explain departure | To provide more clarity to CVA Charter holders on the application of professional and industry standards |
Bulletin (BU) | For Information | To provide information on the developments within the profession, its potential impact, and ways CVA Charter holders can address such developments. |
Practice Note
PN-001 | Minimum Requirements for Performing Valuations and Issuing Business Valuation Reports | Read Here |
PN-002 | Minimum Disclosure Requirements for Summary Valuation Letters | Read Here |
Guidance Note
GN-001 | Impact of IFRS 16 on Valuation Analysis | Read Here |
Bulletin
BU-001 | Important Consideration Regarding the Impact of IBOR Reform on Valuations | Read Here |
Supply Chain Disruption, Inflation and High Interest rates: How do these impact the value of your business? | Read Here |
How companies can link ESG to long-term value | Read Here |
Why sustainability must sit firmly on the board agenda | Read Here |
Renewable energy valuation in the global energy transition | Read Here |
Building an ESG lens into business valuations | Read Here |
Understanding How ESG Drives Future Growth and Value | Read Here |
Understanding Basic Valuation Principles - A 101 Guide for Lawyers | Read Here |
SID AC Pit-Stop: Valuation in Southeast Asia's Technology Industry | Read Here |
The Role of Valuation in Southeast Asia's Technology Industry | Read Here |
Common Pitfalls in Valuation and Impairment Assessment | Read Here |
How To Enhance Long-term Business Value Through Sustainability | Read Here |
Is Your Capital Allocation Strategy A Long-term Plan or a Short-term Fix? | Read Here |
Quantifying Value Created From Private Equity ESG Initiatives | Read Here |
Summary from Singapore Business Valuations Roundtable | Read Here |
Business Valuation of Companies with Incomplete Information | Read Here |
Valuation of Technology Companies | Read Here |
Trust and Value Creation | Read Here |
Valuation - Addressing Challenges in Uncertain Economic Times | Read Here |
The New Normal in Valuations | Read Here |
Valuing Intangible Assets in a Tangible World | Read Here |
Asking The Right Questions - Reviewing Financial Statements and Selecting Auditors in the Covid-19 Era | Read Here |
3 Things You Need To Know About Business Valuation |
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10 Key Insights on Business Valuation |
International Valuation Glossary – Business Valuation | Read Here |
Business Valuation Market Study 2017 |
Conferences and CPD Courses
IVAS-IVSC BUSINESS VALUATION CONFERENCES
The IVAS-IVSC Business Valuation Conference is Asia Pacific's leading Business Valuation conference.
The conference is organised by the Institute of Valuers and Appraisers, Singapore (IVAS) in partnership with the International Valuation Standards Council (IVSC).
Refer to tab Past Business Valuation Conferences below for a list of past conferences.
CONTINUING PROFESSIONAL DEVELOPMENT (CPD)
CVA Charter holders have a range of courses to fulfil their annual CPD hours. Refer to tab Continuing Professional Development Programmes below for the selection of CPD programmes.
1 | IP Fundamentals in Business by IPOS International |
2 | Courses by the American Society of Appraisers Registration Guide |
3 | Courses by CBV Institute Registration Guide |
4 |
Business Valuation in Uncertain Times by Institute of Singapore Chartered Accountants |