In the last three years, Chartered Accountants have seen dramatic changes in accounting rules, taxation regulation and corporate governance practice. Chartered Accountants in both business and practice will be aware of the sweeping effect these changes have had on their traditional roles. However, many may not have noticed some of the new skills that they will need. Business valuation, a skill previously regarded as peripheral to the core skill-set of many Chartered Accountants, is now front and centre.

In view of the level of education required to adopt business valuation processes and some of the issues that are outstanding in relation to this practice, the Institute of Chartered Accountants has established the Business Valuation Special Interest Group (BVSIG). It has three principal functions:

• To promote a better understanding of professional valuations within the accounting profession and those groups that rely on the work of valuation experts such as tax advisors, senior management, regulators and other stakeholders;
• To assist professional valuers maintain high professional standards, increase awareness of issues impacting their clients and to provide advice and direction in responding to these issues;
• To provide technical expertise and formulate policy.