Internalising International Valuation Standards: Relevance and Applicability Issues in the Nigerian Context

The trail of globalisation has transformed the business world and imposed a commonality of approach in all facets of investment and financial reporting. For Valuers, it accentuated the need for convergence towards common practice standards in valuation. The emergence and subsequent institution of the International Valuation Standards (IVSs) Committee as a world body for setting such standards sustained the momentum and caters for this need. The paper examined the extent of adherence to international valuation standards at national level in a practical setting. The extent of market maturity and existence of environment specific factors have elicited the questions of applicability and relevance in the context of valuation practice in Nigeria. The paper, through extensive literature review, traced the process and forces which have informed a commonality of approach to valuation practice and standards the world over. It draws implications for applying IVSs in emerging economies like Nigeria.