PNG told to participate in proper asset valuation

PROPER asset valuation is vital in the economies of the Asia-Pacific Economic Cooperation and PNG should participate more in this area to gain regional best practice, says an official.
Apec International Valuation Standard Council Valuation Initiative project leader Nicholas Brooke said the importance of valuation was realised after the 2008 financial crisis.
“Apec members realised after this that there was a lot of work to be done in improving valuation across the region, both in having common standards as well as having a robust valuation profession,” he said.
“So what they did was agree to have a working group setup to help different economies with their valuation capabilities and to see what scope there was in improving the current practice.”
Brooke proposed partnering with PNG Institute Valuers and Land Administrators Inc to help them make the change at its annual conference yesterday.
“This year PNG is the Apec chair and is an ideal opportunity to report at the Ministerial Meeting in October its intention of change,” he said.
“The international standards are principal-based and they are at a fairly high level. What you do is you have local guidance notes which deals with special cases like land in PNG for instance”.