Directorate of Valuation Standards shall, for the Council ―

(a) develop an appropriate conceptual framework to guide the setting of relevant valuation standards, including the explicit objectives and characteristics of such standards;

(b) create a process for the development and adoption of standards which ensures that the objectives of the conceptual framework can be applied in practice;


(c) develop relevant valuation standards, or amend existing ones, in response to evolving commercial practices, economic developments and deficiencies identified in current practice;

(d) take account, where appropriate, of the regulatory requirements of the legislation and any other relevant regulatory body. Liaise with the valuation profession regarding areas of practice for which new standards may be required or existing standards should be modified or clarified;

(e) consider the need for a generic standard for the communication of valuation advice;

(f) liaise with the International Valuation Standards Board and other international bodies on the development and application of international valuation standards; and

(g) perform such other duties which in the opinion of the Board are necessary or expedient to ensure the efficient performance of the functions of the Council.