A Legal Framework Comes First If International Valuation Standards Are to Work in Ukraine

Why International Valuation Standards Depend on a Legal Framework

According to Офіс реформ: International and European valuation standards can only become operational in Ukraine once a fully functioning legal mechanism is in place. That mechanism needs to address several key issues: the regulation of intellectual property and professional language, and the boundaries of the standards' application. It also has to be harmonized with national legislation and include clear procedures for moving from one edition of the standards to the next.

These rules matter because consistent valuation standards serve as a common basis for appraisers operating across different countries. In an article co-written by Andriy Martyn and published in the Legal Gazette, the IVS and EVS frameworks are discussed in detail. Martyn is a senior project manager for land reform at the Cabinet of Ministers' Office of Recovery and Reforms and holds a doctorate in economics.

The Promise of New Valuation Standards for Ukraine

Ukraine stands to gain significantly from introducing new valuation standards, particularly in terms of quality, transparency, and investor confidence. A legal mechanism aligned with international practice could help integrate the country's economy into the global market. For that to happen, government agencies, businesses, and the research community need to work together closely in adapting the standards to domestic law.