The IACVS's 2024 World Council Meeting was successfully hosted at Dorsett Kai Tak Hotel in Kowloon Hong Kong on November 20, 2024.  Over 20 delegates from 7 countries joined this meeting.

Mr. William Hanlin started the opening greetings. He showed his deeply thanks to every attendee coming to this meeting. Then each attendee introduced himself/herself.

Mr. Hanlin talked about the new version of the International Valuation Standards (IVS) from IVSC. Meanwhile, he pointed out the valuation standards of IACVS is under being updated and reviewed by IACVS valuation standards team. Besides, he shared his opinions about the ESG Best Practices project to everyone. Delegates made their own presentations about the valuation and regulations in their countries. They discussed and exchanged opinions with each other.

This is a meaningful meeting, everyone thought we should strength communications and provide best service for clients.

Mr. Hanlin also attended the IVSC's AGM on November 21&22 in Hong Kong. He met some good friends and had a great time there.

On Monday, November 18, 2024, there was a free Webinar - Introduction to ESG Risks in Valuation organized by FIABCI World Council of Experts. 

Mr. William Hanlin, as the key speaker, delivered a 5 hours' speech.  It is a very successful webinar with over 100 participants. Attendees have learnt a lot from this valuation seminar.  Please see details at https://www.area.co.th/e/8291

Korea Valuation Association successfully hosted the ESG seminar on November 15. 

APIEx Symposium 2024 - A Focus on Valuation in Dispute Contexts

28 Nov 2024, 1.00pm - 6.00pm (GMT+8)

The Asia Pacific Institute of Experts (“APIEx”) is a Singapore-based Asia Pacific-focused professional body which aims to spearhead the development of professional expertise in the field of Expert evidence both locally and in the Asia Pacific region.  APIEx is currently chaired by Prof Leslie Chew SC and enjoys the support of the Singapore Judiciary (some of whom have been keynote speakers/speakers at our various events) as well as various Singapore government agencies such as the Ministry of Law, Intellectual Property Office of Singapore, Monetary Authority of Singapore.  

About the Symposium

As the complexity of disputes has increased, the rigour and sophistication with which Courts and Tribunals assess valuations has also become more intense. Asia Pacific Institute of Experts (APIEx) is delighted to host a half day Symposium dedicated to valuations and supported by the IVAS - Institute of Valuers and Appraisers, Singapore (IVAS), the Intellectual Property Office of Singapore (IPOS) and the International Valuation Standards Council (IVSC) on November 24, 2024.

IACVS is the supporter of this conference. So all of IACVS members will enjoy the preferential rate of S$295.00 (instead of S$395) to attend the Symposium. 

Register at Asia Pacific Institute of Experts - APIEx Symposium 2024 - A Focus on Valuation in Dispute Contexts (28 Nov 2024, 1.00pm - 6.00pm (GMT+8))

Welcome you join!

On 8 November 2024, the Business Valuers Association Malaysia (BVAM) hosted a highly impactful one-day hybrid seminar titled "Incorporating ESG into Business, Real Estate, and Intangible Assets Valuation Models" at the Kuala Lumpur Golf and Country Club that was attended by about 126 participants This transformative event brought together experts, practitioners, and stakeholders from various sectors to explore the critical integration of Environmental, Social, and Governance (ESG) factors into valuation practices, marking a significant step toward incorporating sustainable finance and investment approaches within the valuation profession.

The seminar offered attendees a comprehensive overview of how ESG considerations can be systematically embedded into valuation models, enhancing both the accuracy and relevance of valuations in today’s increasingly sustainability-conscious market.

Key Highlights

The sessions focused on the evolving frameworks and methodologies for integrating ESG factors into the valuation of businesses, real estate, and intangible assets, with valuable insights from the International Valuation Standards Council (IVSC).

Key topics included practical techniques for adjusting cash flow projections and discount rates to account for ESG-related risks and opportunities. The discussions underscored the growing importance of ESG factors in influencing both short-term financial performance and long-term asset resilience. Attendees gained valuable perspectives on assessing material ESG issues, overcoming data challenges, and aligning valuation practices with industry best practices.

Broader Implications of ESG Integration

In addition to the technical aspects of valuation, the seminar also highlighted the broader implications of ESG integration for investors, regulators, and businesses striving to meet rising standards of corporate responsibility and sustainability. By aligning valuation methodologies with ESG priorities, practitioners can offer a more holistic and forward-looking view of asset values, addressing the increasing demand for transparency and accountability in financial reporting.

This seminar provided an essential platform for valuation professionals to refine their skills, connect with peers, and contribute to the advancement of sustainable practices within the industry. It also served as a valuable opportunity for practitioners to deepen their understanding of how ESG factors can enhance the long-term value of assets, ensuring that valuations reflect the full scope of risks and opportunities in an evolving global market.

 

The Taiwan Association of Intangible Assets and Business Valuation successfully hosted the "ESG and International Intellectual Property Valuation and Operation Summit Forum" on the afternoon of November 6 at National Taipei University of Business. The event focused on exploring the effective integration of ESG (Environmental, Social, and Governance) factors into valuation and appraisal practices. The forum attracted numerous experts from academia and industry, fostering valuable discussions on the application, benefits, and challenges of incorporating ESG considerations into evaluation processes.

The keynote speech at the conference was chaired by Prof. Robert Kua-Terng Su, Honorary President of the Taiwan Association of Intangible Assets and Business Valuation, and delivered by William Hanlin, President of the International Association of Certified Valuation Specialists (IACVS). The keynote address, titled "Assessing and Reporting ESG Considerations in Valuation and Appraisal Work," covered foundational concepts of ESG (Environmental, Social, and Governance), its historical context, significance, international standards such as those established by the IVSC, data collection and analysis, and strategies for integrating ESG risks into valuation reports. In his address, President William Hanlin provided an in-depth analysis of ESG's role in modern valuation and appraisal practices, framing it through a historical and contextual lens. He highlighted that the concept of ESG first emerged in the 1960s and gained prominence through pivotal events, such as the 1989 Exxon Valdez oil spill, the 1997 Kyoto Protocol, and the 2015 Paris Agreement. These milestones drove regulatory bodies to mandate corporate disclosure of ESG ratings, emphasizing ESG's critical role in investment decisions and sustainable corporate development.

President William Hanlin emphasized the need for a comprehensive integration of ESG evaluation processes, spanning data collection, analysis, and report preparation. He highlighted that data must possess both "relevance" and "reliability," aligning with international valuation standards such as IVS 106. The speech further detailed how ESG factors can be incorporated into three common valuation methodologies. For the asset-based approach, considerations include replacement or reconstruction costs. In the market-based approach, ESG risks in comparable transactions are analyzed. For the income-based approach, adjustments are made to cash flows or discount rates. President Hanlin also recommended the use of tools such as questionnaires and "analytical assessment templates" to systematically collect data, ensuring accuracy in evaluation results.

President William Hanlin addressed the challenges in ESG evaluation, noting that while historical data may be reliable, it is not always relevant, whereas forward-looking data, though relevant, may lack reliability. He emphasized that in the absence of concrete data, appraisers must rely on professional judgment, taking care to avoid personal biases that could affect outcomes. The speech also highlighted how ESG factors influence the Weighted Average Cost of Capital (WACC), including their impact on equity costs, interest rates, and Beta. President Hanlin advocated for greater reference to international standards and practical experience in ESG evaluations to enhance decision-making transparency and fairness in the future.

The keynote speech was followed by three presentations from industry experts.

The first presentation was chaired by Prof. Huoshu Peng, Honorary President of the Taiwan Association of Intangible Assets and Business Valuation, and delivered by Dr. Zhi-li Sun. The topic of the presentation was "Principles of ESG Valuation, Biopharmaceutical Patent Valuation, and Operational Practices." Drawing on her extensive research experience, Dr. Sun provided a detailed explanation of how ESG valuation principles can be integrated into the practical application of biopharmaceutical patents, from technical value assessment to patent licensing operations, helping companies develop more competitive strategies in a rapidly changing environment. Dr. Sun emphasized that the value of patents extends beyond financial returns, serving as a critical resource for achieving ESG objectives. She conducted an in-depth analysis of the main purposes and applications of intellectual property valuation, including investment evaluation, transaction pricing, financial reporting, tax planning, and legal use cases. She particularly stressed the need to consider diverse variables in patent valuation, such as market demand, technological uniqueness, industry competition, and product lifecycle. These factors not only impact the immediate market value of assets but also determine their potential for future earnings. Additionally, Dr. Sun demonstrated, using international case studies, how market-based, cost-based, and income-based approaches can be applied to provide a comprehensive value judgment for intellectual property.

In addition, Dr. Sun provided a detailed explanation of the core process for evaluating biopharmaceutical patents, from preliminary data collection and market analysis to subsequent economic value assessment. She demonstrated how the risk-adjusted net present value (rNPV) method can be applied to evaluate the value of new drug technologies. Dr. Sun highlighted that this approach is particularly critical for resource-constrained companies, as it enables them to more accurately forecast the returns and risks of research and development investments, thereby improving the precision of their overall strategic decision-making.

The second presentation was chaired by Prof. Hsing-Chin Hsiao from the National Taipei University of Business and delivered by Mr. Jin-Rong Wu, General Manager of Microdrive Technology Co., Ltd. The presentation, titled "The Current State, Future, and Challenges of the Global Semiconductor and Artificial Intelligence Markets," began with an overview of the development of the semiconductor industry, tracing its history from the invention of the transistor at Bell Labs in 1947 to the birth of integrated circuits and the founding of Intel. General Manager Wu elaborated on how early technological breakthroughs significantly impacted the global semiconductor market, presenting a rich historical context that demonstrated how technology has driven market growth. He further analyzed current global trends in semiconductor market revenues and applications, specifically highlighting the significant revenue growth of TSMC in 2024 and its strong market share in core sectors. Mr. Wu emphasized that Taiwan, as a global leader in wafer foundry, will continue to strengthen its technological capabilities and market influence. However, he also noted the ESG challenges Taiwan faces, such as water resource scarcity and insufficient green energy supply, which require urgent attention.

The second part of General Manager Wu’s presentation focused on the rapid development of Artificial Intelligence (AI). Mr. Wu reviewed AI's evolution, from its origins at the Dartmouth Conference in 1956 to the breakthroughs in generative AI, such as ChatGPT, highlighting the market's anticipated exponential growth. He explained how advancements in NVIDIA's GPU technology and deep learning models have enabled AI to be widely applied across industries, including manufacturing, commerce, and healthcare. Using NVIDIA's dominance in the GPU market as an example, General Manager Wu provided an in-depth analysis of the surging demand for AI chips and their future growth potential. He also addressed the shared challenges facing the semiconductor and AI industries, such as the high energy demands of data center operations and the insufficiency of green energy supplies. General Manager Wu concluded by emphasizing that global tech giants like Google, Meta, and Tencent are accelerating their development of AI solutions, and that Taiwan's semiconductor industry must simultaneously enhance resource efficiency and technological innovation to remain its competitive in the global market.

The third presentation was moderated by Chien-Pu Chin, who is the Patent Attorneys Association of the Republic of China, and delivered by Mr. Cheng-Ta Chen, a patent attorney from Broad flow Intellectual Property Office, on the topic of "Technological Innovation and Patent Value: A Key Driver for ESG Transformation." Drawing from his practical experience, Attorney Chen explained how the integration of technological innovation and patent strategies can help businesses enhance their competitive advantage during the process of sustainable transformation. The presentation initially focused on how patent value is reflected in the core issues of ESG. Attorney Chen highlighted that patents are not only a representation of a company’s asset value but also an effective tool for achieving ESG objectives. For instance, the application of green technology patents allows businesses to achieve more efficient resource utilization and pollution reduction while simultaneously strengthening market competitiveness. Moreover, the cross-border licensing and transfer of patents can promote sustainable development globally, providing strong support for the realization of ESG goals.

The presentation featured multiple case studies to illustrate the practical application of technological innovation and patents. For instance, ECOCO leveraged AI classification technology to enhance recycling efficiency, enabling PET bottle materials to meet international food-grade standards. Similarly, the ZecZec Cup addressed the recycling challenges of disposable paper cups through its foldable design, offering a product that combines practicality with environmental value. These cases demonstrated how patented technologies can effectively reduce resource waste in traditional industries through innovative designs, achieving a win-win scenario for both ESG goals and economic benefits. Attorney Chen further emphasized that patent valuation is a critical component in technology operations and market strategy. He analyzed how the market approach, income approach, and cost approach can be employed to comprehensively assess the technological value of patents, ensuring optimal commercial benefits during technology transfer and licensing processes. Particularly in the context of the ESG trend, Attorney Chen highlighted that patent strategies must take into account environmental impact and long-term social value to ensure that technological innovations substantively contribute to a company’s sustainable development.

The forum covered a wide range of topics with in-depth discussions. Through multiple presentations and the sharing of practical case studies, participants gained a comprehensive understanding of the real-world applications of ESG in valuation and intellectual property assessment. It also offered forward-looking strategies and methodologies. The significance of this summit lies in its role as a valuable interdisciplinary platform for academia, industry, and policymakers to engage in dialogue. It delved deeply into how ESG evaluation serves as a critical driver for promoting sustainable development and enhancing innovative competitiveness in businesses. Looking ahead, events like this will continue to exert influence, advancing the practical implementation and widespread adoption of ESG principles. Moreover, they will help Taiwan showcase exemplary models of sustainable development on the international stage.

IACVS, KVA together with KISTI held a busy conference at the UST Auditorium, Daejeon, Korea on March 21-22, 2023. The theme of this conference is “Valuation new assets, what’s the future?” Attendees included experienced business valuation professionals from six countries –US, China, India, Korea, Malaysia and Indonesia. Nearly160 participants attended the conference.  

The conference was opened with remarks by Chairman of KVA, HoonSik Kim and president of KISTI, Jaesoon Kim.  

Hoonsik Kim discussed the importance of valuation purposes in the real market and financial market, and in particular, with the rise of the new assets such as big data, block-chain and cryptocurrency, interest in how to measure these values in increasing. Various professional institutions in Korea are developing and applying valuation models specialized for each industry, and new changes and various attempts are being made overseas, such as reflecting ESG in evaluation criteria. Mr. Kim also said KVA would be expected to contribute greatly to the vitalization and growth of the domestic valuation market. Hoonsik Kim wished everyone who attended this event good health and happiness.

Jaesoo Kim said, KISTI, as the national data chief officer, contributes to the realization of the digital economy by building, utilizing, and spreading science and technology knowledge infrastructure such as science and technology information and data, supercomputing, ultra-high- speed research networks, cybersecurity and intelligent analytics.  Jaesoo mentioned the most important thing in the digital economy is the valuation of intangible assets, and it is predicted that related industries will grow to unimaginable levels in the future through active trading of assets such as data. In line with this trend, Ministry of Science and ICT is taking the lead in creating a policy environment such as by preparing the data Industry Act for data valuation. As part of this, KISTI, a data-centric organization, was recently designated as a data valuation agency. KISTI aims to play a pivotal role in not only developing and analyzing data valuation models but also creating and revitalizing data trading and related markets based on its long-established capabilities in data management and valuation. Jaesoo Kim wished this conference ended with a completed success.

During the keynote speeches, Jaesoo Kim delivered a speech focus on the importance and use of Data. The worlds changes with data. He provided a good photo example – Just good food fresh ingredients (from Julia Child).

Bongsoo Kim, president of COMPA, gave a speech on technology valuation in research to business (R2B), a good collaboration system. 

Mr. William Hanlin, President & CEO of IACVS, expressed his warm welcome to all participants and discussed the global valuation trends & future. Hanlin also pointed out the standards updating about ESG and financial instruments, the evolution of data via internet resources and purchase as data.

During the first session key note speech, Jaepil Lee shared beginning of technology valuation in Korea, technology valuation trends and key issues in Korea industry. He pointed out the news types of intellectual property on the rise such as cultural content, software and semiconductor layout design.  Zhu Jun shared the ecosystem of technology valuation in China via professional status of Chinese technology valuation, demand and support of technology valuation, valuation approaches, methods and tools. Praveen Subramanya’s topic is on IP valuation in traditional practices & legal environment, he gave out the definitions of intellectual property rights in India, legal history of IP in India, evolution of valuation profession, requirement of IP valuation, valuation challenges and future in India.  Elvin Fernandez shared the framework for valuation in ASEAN.  He told us the established and development of ASEAN, real estate and business valuations in ASEAN, regulations governing valuers in the ASEAN counties, the governing framework for valuations in Malaysia and why the framework is important.

At the networking party for all attendees, Mr. Hanlin announced IACVS awarded Dr. Seol the IACVS honorary lifetime membership certificate to recognize his tireless efforts with respect to training professional valuators in the art & science of valuing intangible assets and his significantly contributions to South Korea valuation standards and IVSC standards.

During the second session key note speech, four speaker – Hyunjung Oh talked about the valuation model study for Healthcare. The current status of Bio-health valuation in Korea, differentiation of Bio-health Technology commercialization, characteristics of Biohealth industry, rish-adjusted net present value, analysis points for valuation and Khidi-value system for io-health valuation. Jerry Lin talked about the transfer pricing valuation vs valuation for other purposes from the two aspects – valuation in USA and challenges of valuation after COVID -19.  Jongtaik Lee spoke about the valuation model study for Bigdata. Seongkwang Baek told about the new asset valuation for Cryptocurrency. 

The third session key note speech followed on the second day. Airana Chen shared the topic about China’s asset appraisal industry in 2022 and a case study her firm done for the China Southern Airlines.  Donghyeon Jim delivered a topic about technology evaluation methodlogy for IPO of Tech-based commpany.  Nicholas Talbot talked about the international valuation standard update 2022, he also explained the IVSC structure and changes is constant: Covid, Inflation, AVMs, AI, ESG etc.  Jungeun Song shared a topic on a case study for technology value assessment, it’s a proof for best practices for valuation.

The fourth session key note speech continued in the afternoon. Su Zhengyu talked about application of AI technology in BV and her firm’s AI products to make valuator’s work easily.   Sungki Kang talked about performance for R&D based firm valuation. Prof. Huang Chih Sung from Chengchi University, talked legal perspectives of IP valuation. He pointed the value of IP would be significantly affected if they expire, are revoked or are not as effective as expected. IP evaluation from a legal perspective should be taken seriously. Heechang Park talked about AI based technology rating model for innovative SMEs.

There also had a special forum and discussion leadership and next challenge after the conference.  Sungsool Seol, William Hanlin, Jerry Lin, HoonSik Kim, Bongsoo Kim, Byeongsoo Park and Nicholas Talbot had a short discussion on the challenging of valuation profession. There have much work to do to make the valuation standards globalization used and to make out the guidelines for ESG. What we should do is in consistent.

It was a meaningful place for valuation experts from domestic and foreign to participate and discuss global valuation market trends and futures, newly emerging asset and industry valuation models, actual valuation cases, and share wisdom and insights.

We sincerely thank for the all participants (online / offline) despite their busy schedule and we ask for your continued interest and activities to grow the domestic and international valuation market and strengthen global capabilities through networking of valuation experts.

The Korea Valuation Association (KVA) will host its first Innovative Valuation Summit on March 21-22 at UST Auditorium in Daejeon, Korea.  IACVS and KiSTi is the co-cost of this conference.

The IVS is a multi-discipline conference, a knowledge exchange for international valuers where they share their experiences and opinions.   

The IVS topic is Valuation of new assets, what's the future ? It includes BigData, CryptoCurrency, NFT, MetaVerse, Start-Up, IP, AI, ESG.

• Global Valuation Standard, Trends & Future
• Valuation Model for New Assets and Various Industries
• Sharing for Valuation Case Studies & Best Practices
• Build a Global Networks & Competence of Valuers

Objectives:

• Understanding the latest global trends in valuation
• Valuation methodologies in various industries
• Measures to use the evaluation model by industry and share the results
• Recent changes in global valuation standards
• Domestic and foreign valuation case studies
• Blockchain, Cryptocurrency, NFT valuation model
• Networking and information sharing with domestic and foreign professional organizations and experts

By attending the conference, you will earn 16 CPD credits in your respective valuation discipline. You will meet with and connect to professional valuers from major international and national valuation organizations and leading firms from all around the world.

Conference flyer and agenda 

Live Streaming: Live & Zoom

Language: Korean, English Simultaneous interpretation

Register at  https://docs.google.com/forms/d/e/1FAIpQLSe_T1zkjgMuaYty1dkiOnsob-ODoIv-QnQI82UATKlewrDQQw/viewform

Registration Ticket - Pass 2 days - $200.00  ($150 for early bird until Feb.28, 2023)

IVS Online Ticket - Pass 2 days - $120.00   ($100 for early bird until Feb.28, 2023)

(The link to attend online will be sent by e-mail two days before the conference)

• Mr. William Hanlin, Chairman of IACVS was invited to serve as the Vice Chairman of the Expert Committee of the International Brand Academy (IABS)

• The inaugural meeting of the International Academy of Brand Sciences was held in Ningbo on October 12th, 2022 through online and offline methods. In addition to the main venue in Ningbo, the inaugural meeting also set up more than 20 sub-venues across the country, and a total of 36,000 people watched the live broadcast of the meeting online by video. The theme of this conference is "Establishing a scientific and fair international brand evaluation mechanism to promote the healthy development of global brands." Mr William Hanlin, chairman of IACVS, accepted the invitation of the international brand academy, served as the vice chairman of the expert committee and chairman of the brand evaluation committee of the international brand academy, and delivered a keynote speech by video.  Below is the speech of Mr. Hanlin.

  Hello Ladies and Gentlemen. 

  Greetings to Chairman Liu Pingjun.

  It is my pleasure to be asked to give these few remarks to those assembled for this Founding Conference of the IABS.  The IABS is a project that has been in development since before 2014.  It is gratifying to see that the early participants of this concept-project have been diligent in the pursuit of brand evaluation.

  For both myself, and the worldwide membership of IACVS (International Association of Certified Valuation Specialists), we are very excited to be a part of the IABS Brand Evaluation project.

  Brand valuation is not a new concept.  This is really a sub-set of the larger business valuation profession.  Brand evaluation has broader ramifications to a more comprehensive and global community of participants.  These participants include:

• • Customers
  • Employees
  • Investors
  • Manufactures
  • Service providers
  • Local, regional and country-wide governments and their economies
  • Others, yet to be identified

• Make no mistake, brands are very important intangible assets to every company and endeavor.  But most people who value brands consider them to be another commodity, another balance sheet asset to be included in a group of assets.  (Untrained business valuers often miss the fact that brands have significant value). 

  Recent studies of collected data from the last 15 years indicate that intangibles such as brands or product names reached 90% of the market value of S&P 500 companies. Additionally, customer relations is the most important of all intangible assets, accounting for 25% of total company value. Next in line are software and technology, at 18% each of total company value.  And trademarks account for 8% of company value.

  Valuation of brands is beneficial, however, only to a few, namely investors…and perhaps to the regulators of financial statements for large public companies.  Even the idea of brands having a financial value, while not a new idea, only began to be formalized beginning in 1991-1992.

  The IABS Brand Evaluation project will encompass a broad range of aspects of a brand.  Financial aspects are still very important, but the dimensions of brand evaluation will need to include more than just the financial aspects.  The IABS will develop and deploy innovative models and methodology of brand evaluation that addresses the requirements of the ISO Standard for Brand Evaluation.  These standards includes at least the following elements:

• • Tangible aspects that include material resources, financial resources, legal protection and legal costs, marketing budgets and more.
  • Quality aspects that include actual quality commitments, management of those commitments to quality, perceived quality and customer involvement.  These aspects will need to be documented and then reviewed under a quality management system.  Price-to-quality will be considered.
  • Service aspects will include service offerings, capabilities and effectiveness.  Effectiveness will be measures by training of technicians, availability of the technicians and, of course, customer satisfaction.
  • Innovation aspects will include an evaluation of the ability to innovate and improve, research efforts to confirm customer needs, and spending for research and development.
  • Financial aspects will include all of the valuation techniques currently employed for valuation of brands.

Brand Evaluation will eventually influence buyers of products and services everywhere.  This will be important to developed countries as well as developing countries.  The brand evaluation of products and services will make more clear the choices that are available to consumers, and will also bring to the market products that are deemed worthy of consideration by customers on a broader scale.  This will be important for the countries whose economies already hold significant market shares of various products and/or services.  This will also become essential to developing countries eager to share their domestic products/services that can be enjoyed by a wider and more global economy. Better economies around the world will mean more commerce and ultimately more harmony among people.

Brand valuation is an accepted aspect of finance and financial reporting around the world.  Brand evaluation will become more important than mere financial considerations.

I am very happy to have been invited to participate in this very important next step in creating a more transparent platform for brand evaluation.

There is much work to do!

Congratulation to all of the participants of this Founding Conference of the IABS!

I look forward to meeting all of you at that future point in time when we can convene in person again.

Other speakers also stressed that today's world has entered the era of brand economy, and the international market has risen from price competition and quality competition to brand competition. The purpose of the International Academy of Brand Sciences is to follow the international standards of brand evaluation, support countries to establish brand evaluation standard systems and publishing mechanisms, and finally form a scientific and fair brand evaluation standard system and publishing mechanism all over the world.

Subsequently, the launching ceremony and unveiling ceremony of the International Brand Academy were held at the conference site.

IACVS wishes the conference a complete success!

Dear fellow valuers, appraisers, and friends,

We were saddened to learn of the sudden  passing of Madam Liu Ping on June 5, 2021. She was 63 years old.  

Liu Ping was a true pioneer in the world of  asset appraisal and business valuation.  As the Secretary General of the China Appraisal Society (CAS), she was determined to bring China’s standards and practices for both asset appraisal and business valuation up to a level of competitiveness with international practices.  To achieve this goal, Madam Liu sent emissaries from CAS to visit with other well known valuation organizations around the world to observe their practices and methods for training.  She embraced the workings of the International Valuation Standards Council (IVSC) and their efforts at the promotion of international valuation standards for both asset appraisal and business valuation. Liu Ping was appointed to the Board of Trustees of IVSC as a valued adviser and contributor to the international effort to harmonize these important professional practices.

We learnt from her the evolution of  assets appraisal and business valuation in China.  We were honored to serve alongside of her in her quest to bring the international valuation theory and practices to China.

Madam Liu has been a respected and valued advisor to IACVS for more than ten years.  She received the IACVS Honorary Member Award in 2011 and had qualified for the ICVS – International Certified Valuation Specialist designation.  She provided guidance in training to valuation professionals, both in China and everywhere else.  She shared her invaluable insights at our many conferences in China and at many venues around the world.  In the meanwhile, she also brought her wit and humor to the world.  

Our organization benefited from her many suggestions while she served as the Vice-Chair of the IACVS Board of Directors.  We are forever grateful for her tenure at IACVS.  During our years of working with her, she demonstrated the utmost professionalism and contributed tremendously to the practical body of knowledge for all of us participating on the world stage in the accounting and valuation fields. 

The news of her death is being received by friends and acquaintances around the world with both shock and disbelief.  It is our deepest sorrow to learn about her untimely passing.  She was our friend, and she will be missed by many.