KUALA LUMPUR, Sept 8 — The Board of Valuers, Appraisers and Estate Agents Malaysia (BOVAEA) has introduced the fifth edition of Malaysian Valuation Standards (MVS fifth edition), which comes into force today.
President Faizan Abdul Rahman said the latest revision entailed the most ever changes made with the addition of two new standards — the Standard on Valuation of Biological Assets and Standard on Mass Valuation for Property-backed Portfolios.
“These changes are necessary as today’s ever-changing dynamic environment demands a high-level of competence among valuers in this country,” he told reporters at the launch of the board’s new office and MVS fifth edition here today.
The event was officiated by the Deputy Finance Minister Datuk Chua Tee Yong.
Faizan said effort had been made to ensure the latest MVS was in line with the International Valuation Standards as well as other major worldwide standards.
“I trust the valuers will benefit immensely from the revised MVS,” he added.
Valuation standards enabled industry-wide valuations that display high levels of integrity and competence, incorporating codes of ethics, enunciation of principles of valuations and supporting best practices.
Valuations also underpin the banking sector where valuations for loan securities depend on proper valuations and periodic revaluations to ensure the maintenance of loan security values.