Manish Saxena Appointed Member of IVSC Expert Group

Milwaukee, WI, September 28, 2009 --(PR.com)-- American Appraisal’s Manish Saxena, an Associate Vice President in the Firm’s Mumbai office, has been appointed a member of an elite IVSC group which comprises fifteen of the world’s leading experts in the valuation of financial instruments. The IVSC, International Valuation Standards Council, is a non-profit organization formed in 1981 and restructured in October 2008. The IVSC expert group will advise the IVSC Board on the valuation of financial assets and liabilities and assist in developing relevant standards and guidance.

American Appraisal’s Chairman and Chief Executive Officer, Joseph Zvesper, attended an IVSC reception in London with keynote speaker Sir David Tweddie, Chairman of the International Accounting Standards Board (IASB). During his remarks, Sir David strongly endorsed the overall mission of the IVSC and also highlighted the significance of the mandate of the new expert group. A member of the IASB will act as an observer of the group.

Additionally, Chris Thorne, Chairman of the IVSC Board has stated, “The need for international standards in valuing illiquid and/or complex financial instruments has never been greater, as was highlighted by the recent G20 Summit. The combination of inactive markets, with new FASB and IASB financial reporting requirements, has created unprecedented levels of inconsistency and confusion throughout the financial industry. The IVSC seeks to pioneer the movement towards improved standards, which can only increase transparency, preserve the integrity of financial statements and contribute to reducing the financial sector’s vulnerability.”

Mr. Thorne further stated, “Valuation is at the heart of many of the issues integral to the recent credit crisis, and it is vital that a global consensus is reached on appropriate procedures and guidance if some of the problems that have been exposed are to be prevented in the future.”

At the first meeting of the newly formed group, specific goals and projects were identified, including:

· Input into the project to rewrite the International Valuation Standards to ensure that they adequately address concerns that have arisen over the valuation of financial assets and liabilities.

· Guidance on resolving some of the specific valuation issues that have arisen in the financial markets, including a discussion paper which will examine the suitability of different valuation methods for various situations.

· Identification and measurement of liquidity premiums, a controversial area of practice.

· Review of the impact of recent IASB and FASB reports to determine whether to recommend that the IVSC needs to develop further valuation guidance.

Mr. Zvesper commented, “Further to Lee Hackett’s recent election to the Board of Trustees of the Council, Manish’s appointment is additional demonstration of American Appraisal’s continued support for the IVSC and its on-going contributions to the thought leadership of the valuation profession.”

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