Including Recognition of Reports by Accredited Chartered Valuers and Appraisers Under Appraisers Act 1906

Debated in Parliament on 1 Aug 2022.

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Don Wee asked if the Appraisers Act 1906 could recognize reports from chartered valuers accredited by the Singapore Institute of Valuers and Appraisers (IVAS) in addition to those from the Singapore Institute of Surveyors and Valuers (SISV).
Lawrence Wong explained that SISV specializes in real estate and immovable property valuation, while IVAS focuses on business and intangible asset valuation.
The Appraisers Act licenses appraisers for real estate and immovable property, but IVAS's Chartered Valuer and Appraiser designation covers business valuation, which is not regulated under the Act.
Therefore, it is not appropriate to recognize IVAS-accredited reports under the Appraisers Act, as the Act's scope is limited to real estate and immovable property valuation.

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Don Wee

Mr Don Wee asked the Deputy Prime Minister and Minister for Finance regarding the Appraisers Act 1906, whether the Ministry will consider including recognition of reports by chartered valuers and appraisers accredited by the Singapore Institute of Valuers and Appraisers in addition to reports by the Singapore Institute of Surveyors and Valuers.

Lawrence Wong

The Singapore Institute of Surveyors and Valuers (SISV) and the Institute of Valuers and Appraisers, Singapore (IVAS) have different areas of specialisation. SISV focuses on matters relating to the valuation of real estate and immovable property, while IVAS focuses on the valuation of businesses and intangible assets.

The Appraisers Act provides for the licensing of appraisers for the valuation of real estate and immovable property, including land. As IVAS focuses on business valuation, which is not regulated under the Appraisers Act, it would not be appropriate to recognise the Chartered Valuer and Appraiser (CVA) designation that IVAS confers, for purposes of the Act.

Summary written by AI (learn more)

Don Wee asked if the Appraisers Act 1906 could recognize reports from chartered valuers accredited by the Singapore Institute of Valuers and Appraisers (IVAS) in addition to those from the Singapore Institute of Surveyors and Valuers (SISV).
Lawrence Wong explained that SISV specializes in real estate and immovable property valuation, while IVAS focuses on business and intangible asset valuation.
The Appraisers Act licenses appraisers for real estate and immovable property, but IVAS's Chartered Valuer and Appraiser designation covers business valuation, which is not regulated under the Act.
Therefore, it is not appropriate to recognize IVAS-accredited reports under the Appraisers Act, as the Act's scope is limited to real estate and immovable property valuation.

Questions identified by AI (learn more)

Including Recognition of Reports by Accredited Chartered Valuers and Appraisers Under Appraisers Act 1906 | PAPERCUTS

Including Recognition of Reports by Accredited Chartered Valuers and Appraisers Under Appraisers Act 1906

Debated in Parliament on 1 Aug 2022.

Summary written by AI (learn more)

Don Wee asked if the Appraisers Act 1906 could recognize reports from chartered valuers accredited by the Singapore Institute of Valuers and Appraisers (IVAS) in addition to those from the Singapore Institute of Surveyors and Valuers (SISV).
Lawrence Wong explained that SISV specializes in real estate and immovable property valuation, while IVAS focuses on business and intangible asset valuation.
The Appraisers Act licenses appraisers for real estate and immovable property, but IVAS's Chartered Valuer and Appraiser designation covers business valuation, which is not regulated under the Act.
Therefore, it is not appropriate to recognize IVAS-accredited reports under the Appraisers Act, as the Act's scope is limited to real estate and immovable property valuation.

Questions identified by AI (learn more)

Full Transcript

Don Wee

Lawrence Wong

Summary written by AI (learn more)

Don Wee asked if the Appraisers Act 1906 could recognize reports from chartered valuers accredited by the Singapore Institute of Valuers and Appraisers (IVAS) in addition to those from the Singapore Institute of Surveyors and Valuers (SISV).
Lawrence Wong explained that SISV specializes in real estate and immovable property valuation, while IVAS focuses on business and intangible asset valuation.
The Appraisers Act licenses appraisers for real estate and immovable property, but IVAS's Chartered Valuer and Appraiser designation covers business valuation, which is not regulated under the Act.
Therefore, it is not appropriate to recognize IVAS-accredited reports under the Appraisers Act, as the Act's scope is limited to real estate and immovable property valuation.

Questions identified by AI (learn more)

Including Recognition of Reports by Accredited Chartered Valuers and Appraisers Under Appraisers Act 1906

Summary

Questions Identified

Full Transcript

Don Wee

Lawrence Wong

Summary

Questions Identified

Including Recognition of Reports by Accredited Chartered Valuers and Appraisers Under Appraisers Act 1906

Summary

Questions Identified

Full Transcript

Don Wee

Lawrence Wong

Summary

Questions Identified