ICAI Advisory to follow the ICAI Valuation Standards 2018 while conducting any type of Valuation Engagement to ensure uniformity and transparency
The Institute of Chartered Accountants of India (ICAI) has issued ten Valuation Standards 2018 to promote best practices in this niche area of practice and ensure the consistent, uniform and transparent valuation policies for the members undertaking the Valuation Assignments.
These standards lay down a framework for the chartered accountants (CAs) to ensure uniformity in approach and quality of valuation output.
Indian Valuation Standards 2018 issued by ICAI apply for the valuation reports issued on or after 1st July 2018.
The Valuation Standards have been issued by the Institute of Chartered Accountants of India to set up concepts, principles and procedures which are generally accepted internationally having regard to legal framework and practices prevalent in India.
Applicability of Indian Valuation Standards:
The ICAI Valuation Standards are applicable for all valuation engagements on mandatory basis for members undertaking valuation engagements under the Companies Act 2013. In respect of Valuation engagements under other Statutes like Income Tax, SEBI, FEMA etc, it will be on recommendatory basis for the members of the Institute.
ICAI Valuation Standards, 2018 are applicable on recommendatory basis for all the valuation engagements undertaken by members under various laws.
The ICAI has advised its member Chartered Accountants to follow the ICAI Valuation Standards 2018 while conducting any type of Valuation Engagement to ensure uniformity and transparency.
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