THE FUTURE OF THE VALUATION PROFESSION STEVEN G. ELLIOTT, SRA, MRA CHAIRMAIN

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THE FUTURE OF THE VALUATION PROFESSIONSTEVEN G.
ELLIOTT, SRA, MRA CHAIRMAIN BOARD OF
TRUSTEESTHE APPRAISAL FOUNDATION
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CPAs

• The American Institute of Certified Public
  Accountants (AICPA) and its predecessors have a
  history dating back to 1887, when the American
  Association of Public Accountants (AAPA) was
  formed. In 1916, the American Association was
  succeeded by the Institute of Public Accountants,
  when there was a membership of 1,150. The name
  was changed to the American Institute of
  Accountants in 1917 and remained so until 1957,
  when it changed to its current name of the
  American Institute of Certified Public
  Accountants. The American Society of Certified
  Public Accountants was formed in 1921 and acted
  as a federation of state societies. The Society
  was merged into the Institute in 1936 and, at
  that time, the Institute agreed to restrict its
  future members to CPAs.
• It has a membership of approximately 385,000

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AMERICAN BAR ASSOCIATION

• On August 21, 1878, seventy-five lawyers from
  twenty states and the District of Columbia met in
  Saratoga Springs, New York, to establish the
  American Bar Association. Since that first
  meeting, the ABA has played a formative role in
  the development of the profession of law in the
  United States. 
• It currently has approximately 400,000 members

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U.S. Appraiser Population As of June 30, 2013
As of June 30, 2013, the total number of real
estate appraiser licenses/certifications
decreased 0.6 percent from year-end 2012.
Comparatively, the actual number of active
appraisers in the U.S. decreased 1.4 percent for
the same period. As of 2013, the actual number of
appraisers decreased by 16.5 percent from the
peak 2007 level.
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AI MembershipAs of June 30, 2013
Counts rounded.
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As of June 30, 2013, the Appraisal Institute has
nearly 400 Designated members and Candidates for
designation in more than 60 countries outside the
U.S. The breakdown is 231 Designated members who
hold 1 or more Appraisal Institute designations
and 160 Candidates for designation.  
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ROYAL INSTITUTION OF CHARTERED SURVEYORS(RICS)P
er the U.S. Headquarters in New York, more than
500 MAIs have obtained their RICS designation
(MRICS, FRICS)
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International Valuation Standards Council(IVSC)

• The IVSC is a membership organization and is open
  to a wide range of stakeholders including
  professional institutes, valuation providers,
  standard setters, regulators of valuation
  services and academia. Members are provided with
  a forum for participation in the work of the IVSC
  which can advise the Boards on agenda priorities.
  The IVSC currently has 74 member bodies from 54
  countries

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TEGoVA The European Group of Valuers'
Associations, is a European non profit making
association composed of 53 valuers' associations
from 30 countries representing about 70,000
valuers in Europe.
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Valuers Global Forum (VGF) The Valuers Global
Forum, an organization comprised of leading
valuers from around the world. The purpose of the
Forum, which was established by the Board of
Trustees of The Appraisal Foundation, is To
create opportunities for representatives from
many countries to dialogue concerning notable
issues and solutions that impact the valuation
profession around the globe To create
initiatives that will advance the valuation
profession in development, credibility and
influence around the world To provide an
information portal for The Appraisal Foundation
and the international valuation community
relative to international activities and
occurrences within the valuation profession.
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International Property Management Standards
Coalition On May 2nd, a group of professional
organizations met at the World Bank to work
toward formulating a uniform professional
standard for property measurement on a worldwide
basis. The following 20 members having signed the
Declaration Australian Property Institute
(API) The Appraisal Foundation (TAF) Appraisal
Institute (AI) Asia-Pacific Real Estate
Association (APREA) Asociacion Professional de
Sociedades de Valoracion (ATASA) American Society
of Farm Managers and Rural Appraisers
(ASFMRA) ASTM International Building Owners and
Managers Association (BOMA) China Institute of
Real Estate Appraisers and Agents (CIREA) CoreNet
Global Council of European Geodetic Surveyors
(CLGE) Commonwealth Association of Surveying and
Land Economy (CASLE) International Consortium of
Real Estate Associations (ICREA) International
Federation of Surveyors (FIG) International
Monetary Fund (IMF) International Real Estate
Federation (FIABCI) Property Council of Australia
(PCA) Royal Institution of Chartered Surveyors
(RICS) Open Standards Consortium for Real Estate
(OSCRE) South African Property Owners Association
(SAPOA)
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IFRS (International Financial Reporting
Standards) r13 Fair Value Measurement applies
to IFRSs that require or permit fair value
measurements or disclosures and provides a single
IFRS framework for measuring fair value and
requires disclosures about fair value
measurement. The Standard defines fair value on
the basis of an 'exit price' notion and uses a
'fair value hierarchy', which results in a
market-based, rather than entity-specific,
measurement. IFRS 13 was originally issued in
May 2011 and applies to annual periods beginning
on or after 1 January 2013.
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Alliance for Valuation Education(AVE)The
Appraisal Foundation (TAF) and its Sponsoring
Organizations have formed a national education
partnership, the Alliance for Valuation Education
(AVE), an organization dedicated to providing
greater availability of consistent, quality
valuation education. The AVE will be composed of
TAF and 11 of its Sponsoring Organizations
(Alliance Sponsors).
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WHERE IS ALL OF THIS GOING?
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STARDATE 2053

• The Alliance of Professional Valuation
  Organizations (APVO) announces the retirement of
  long time member and past national president of
  the Appraisal Institute Rick Borges, after 75
  years of service.
• Rick was president of AI in 2013 and retired
  briefly in 2028 but quickly returned to the
  profession after his wife, Lavonne, also an
  appraiser, told him she didnt want him just
  hanging around

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• His re-entrance into the profession was extremely
  fortuitous. Rick immediately headed up a
  committee to battle the increasingly restrictive
  valuation guidelines imposed by UGLC ( Universes
  Giant Lending Consortium) (UHGLICK)
• UGLC controlled all institutional lending for all
  property types throughout the galaxy and was
  hampering valuation professionals in their
  ability to perform ethical and competent
  valuations.

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• At the hearing before the Council of Interstellar
  Financial Guardians, his quote of Ill be damned
  if Im going to restrict my comparables to the
  same planet or keep them within one light year of
  the date of valuation simply because UGLC says
  so turned the tide in favor of our profession.
• His impassioned defense of valuation
  professionals in all fields was the tipping point
  in the hearings that resulted in a dramatic
  overhaul of UGLC and the elimination of its choke
  hold over the valuation profession.

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• It was truly eventful night with many other
  luminaries from all of the valuation disciplines
  honored for their hard work and contributions to
  the valuation profession.
• Following the awards ceremony the 10,000
  attendees were treated to the superb musical
  musings of Fred Grubbe and his Jazz Junkies,
  until the early morning hours when the sun came
  up over all of Jupiters 66 moons.

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THANKS VERY MUCH

• ANY QUESTIONS?