The author reviews the history of development of the International Mineral Property Valuation Standards Template (IMVAL Template) and SME Standards and Guidelines for Valuation of Mineral Properties (SME Valuation Standards), and their structure, content, and purpose, within the global setting of valuation standards. Both have been developed as a set of principles-based standards and guidelines, drawing extensively from the International Valuation Standards through referencing and quotes. He reviews the functioning and content of the mineral valuation standards of each of the IMVAL member societies, to determine the status of harmonization in their operation with that of the IMVAL Template, and provides suggested remedies to issues he observes. He finds the South African, Australasian, and Canadian standards and guidelines to dramatically differ from the IMVAL Template’s structural philosophy, by being rules-based, and discusses functional issues that he considers important to remedy. The author proposes expansion of the types of mineral assets covered by the IMVAL Template and SME Valuation Standards. He then suggests future roles for the IMVAL and SME committees, while also introducing analysis of the ongoing minerals industry standards development projects of two globally over-arching bodies, being the International Valuation Standards Council and the International Accounting Standards Board (IASB). He reviews the IASB’s two decades of unsuccessful attempts to develop a comprehensive financial reporting standard for the minerals industry sector and encourages provision of technical assistance through IMVAL to both bodies’ projects.
Source : me.smenet.org