International Standards- a critical contribution to disaster recovery Ben Elder FRICS ACIArb RICS Global Director of Valuation belder@rics.org

What can we do to ensure they are adopted pre Disaster? Aim of this session Feedback on how International Standards can contribute to Disaster Recovery. And if so: What can we do to ensure they are adopted pre Disaster?

Speed of action is critical to recovery Including Economic Recovery Do you agree? Speed of action is critical to recovery Including Economic Recovery Information is critical to recovery times International Standards create a common language A common language can save time at points of stress

Is this the same as DeSoto? Do you agree? Example: IFRS Mission:- ‘to develop IFRS Standards that bring transparency, accountability and efficiency to financial markets around the world. Our work serves the public interest by fostering trust, growth and long-term financial stability in the global economy. Is this the same as DeSoto?

Hernando De Soto – “The mystery of capital” Capital Creation– “Capital is not created by money; it is created by people whose property systems help them to cooperate and think about how they can get assets they accumulate to deploy additional production”

Hernando De Soto – “The mystery of capital” Fungiability “If standard descriptions of assets were not readily available, anyone who wanted to buy, rent or give credit against an asset would have to expend enormous resources comparing and evaluating it against other assets- which would also lack standard descriptions.”

What International Standards? International Ethical Standards (IES) International Financial Reporting (IFRS) International Valuation Standards (IVSC) International Property Measurement Standards (IPMS) International Construction Measurement Standards (ICMS) International Land Measurement Standards (ILMS)

Your thoughts and questions welcome….. Thank You Your thoughts and questions welcome….. belder@rics.org