RICS will host a conference on Tuesday 12 March, 17.30-18.30, at MIPIM 2013 titled ‘Minimising risk and maximising value in volatile markets: the role of International Standards’.

The conference will examine how international standards – in valuation, property measurement and ethics – could support international financial reporting standards in achieving greater global financial stability.

The keynote address will be given by Jan Engström, a Board Member of the IFRS Foundation; and a panel of leading international property sector organisation heads will debate how the sector can work together to improve transparency and accuracy, and boost investor confidence, through agreed, high-level standards.

RICS believes the growth of vibrant and sustainable property markets around the world is hindered by imperfections in the quality and transparency of information. A critical ingredient for success is the ability to compare opportunities on a like-for-like basis, relying on transparent, high quality data, backed by independent professional analysis.

Accurate financial reports rely on accurate asset valuations, which in turn require uniform property measurement principles to be observed. All of this needs to be underpinned by high level ethical standards observed by the professionals who carry out these tasks. Yet there is no single set of international standards for property measurement or ethical conduct in the sector; and international valuation standards, which do exist, are not widely enough adopted.   

The conference in Cannes takes place ahead of a meeting hosted by the World Bank in Washington D.C. in May 2013, where RICS will convene a coalition of the leaders of some of the most highly respected professional bodies from around the world to plan the route to international property measurement standards.

Ken Creighton, RICS Director of Professional Standards, commented:

“This is a groundbreaking initiative which has the potential to deliver huge benefits, both to real estate markets and to the economies and the populations they support around the world, by creating a level playing field for the way property is measured, valued and ultimately reported in financial statements.“

Notes to Editors:

About the RICS conference ‘Minimising risk and maximising value in volatile markets: the role of International Standards’. Please find further information about the conference and RICS activities at MIPIM here: http://www.joinricsineurope.eu/en/events/mipim-2013-247

About RICS

RICS is the world’s leading qualification when it comes to professional standards in land, property and construction. In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining RICS status is the recognised mark of property professionalism.

Over 100 000 property professionals working in the major established and emerging economies of the world have already recognised the importance of securing RICS status by becoming members.

RICS is an independent professional body originally established in the UK by Royal Charter. Since 1868, RICS has been committed to setting and upholding the highest standards of excellence and integrity – providing impartial, authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector.