The novelties in the International Valuation Standards (IVS) and their relationship with the Bulgarian Valuation Standards (BVS) and appraisal practice

The purpose of the article is to examine the novelties in the latest edition of the IVS (issued by IVSC and published in the UK by Page Bros, Norwich) and to make a connection with the Bulgarian Valuation Standards (BVS), their update, as well as the overall improvement of the appraisal practice in our country. The IVS are the basis for professional valuation practice on a global scale. They are also a foundation for European Valuation Standards (EVS), The European Business Valuation Standards (EBVS), several other current valuation standards around the world and the BVS and the Bulgarian valuation practice. The new highlights of the IVS are mainly related to changes in the market environment, the development and needs of the valuation profession, and the challenges faced by professional valuers of assets, liabilities and businesses. The scope of the research corresponds to the used bibliography sources, including, in addition to the IVS, but also other leading valuation standards worldwide and mainly in Europe, Asia and North America, the professional organization of valuers in the country, namely the Chamber of Independent Appraisers in Bulgaria (CIAB), domestic regulations, the Independent Valuers Act (IVA), BVS, the development of appraisal activity in our country over the last 30 years, as well as the activities of major international appraiser organizations, including the latest editions of the best authors in the world in the field of asset appraisal and businesses appraisal. The research is mainly limited to the latest editions of the IVS and BVS, as well as the valuation activity in our country since 1992. The design and layout of the article include the main points regarding the emergence of the appraisal profession in our country, the presentation in chronological order of the main stages of development, including the timetable-type figure, tables, as well as the presentation of the novelties in the IVS effective from 31 January 2022. The methodology used includes a historical approach, a systematic approach, a method of analysis and synthesis, and a method of induction and deduction. Empirical research methods applied are survey, observation, comparison and measurement, and statistical and descriptive methods of analysis. The findings, practical implementations (consequences) and originality in the research are determined by the type of the researched matter, its poor knowledge in our country, and the good international practices that can be imposed in the assessment guild in Bulgaria, which in turn are largely related to some gaps in our regulations, the evaluation standards and the activity of the CIAB. Logically, the main conclusion is formed at the end of the article, which mainly covers the possible change in the BVS based on the International evaluation standards, which would have a positive impact on the evaluation practice in Bulgaria in general.