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Background of the Hong Kong Business Valuation Forum
The Hong Kong Business Valuation Forum ("HKBVF") was formed under a Memorandum of Mutual Understanding signed on 29 September 2005 by the its three member institutes: The Hong Kong Institute of Surveyors ("HKIS"), the Hong Kong Society of Financial Analysts ("HKSFA") and The Royal Institution of Chartered Surveyors ("RICS").
The formation of the HKBVF is to address the increasing needs for business valuation services in Hong Kong. Since there are presently no uniform standards in Hong Kong to guide and regulate the business valuation practitioners in Hong Kong and members of the HKIS, the HKSFA and the RICS are involved in the delivery of business valuation services in Hong Kong, the three institutes have agreed to form this joint forum to provide guidance for the business valuation services carried out by their members.
The member institutes in the Memorandum of Mutual Understanding agreed that only professional institutes who agree on the following vision and objective statements could join the HKBVF. The vision of the HKBVF is to "protect the public interest by providing quality business valuation services" and the objectives of the HKBVF are:
Members of the HKBVF institutes who meet the specified requirements may apply to register with the HKBVF as Registered Business Value ("RBV"). All RBV are required to follow the Business Valuation Standards adopted by the HKBVF when carrying our business valuation activities so that reports prepared by them can achieve the highest standards of professionalism, integrity, clarity, reliability and impartiality, and are prepared in accordance with recognised bases that are appropriate for the purposes of its preparation. RBV are also required to fulfill the annual Continuing Professional Development ("CPD") requirement.
The operation of the HKBVF is undertaken by the HKBVF Council, which consists of representatives from its member institutes. In addition, the Advisory Board, where the majoirty are independent members, serves as a consulting body to the Council to reflect independent views from non-valuers.