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Terms of Reference for Insolvency & Valuation Standards Board for the year 24-25

The Insolvency & Valuation Standards Board of ICAI has been newly constituted for the year 2024-25. The Board has been set up this year to act as an instrument for the empowerment of the profession and aims to facilitate a fair corporate regime with the best global practices in the sphere of Insolvency and Valuation. Also, the Board has been formed to focus on advancement of activities for formulation, implementation and recognition of ICAI Valuation Standards 2018.

The Terms of Reference will be divided into 2 Parts and will focus on the following Spheres:

  • A. Insolvency Laws
    • To examine Insolvency and Bankruptcy Laws, Rules, Regulations, Guidelines, Notifications, Schemes, Schedules issued thereunder, vis-à-vis best global practices and make appropriate representation/suggestions, to the concerned Ministries of Government/Insolvency and Bankruptcy Board of India and to participate as well as to facilitate the Law-making process.
    • To examine various issues/queries relating to Insolvency and Bankruptcy Laws either suo-moto or as referred by the Ministry of Corporate Affairs or the Insolvency and Bankruptcy Board of India or other Government Departments/Authorities and interact with them.
    • To bring out the publications/Technical Guides/Guidance Notes/books/e-learning modules/Newsletter/Resource material/Updates related to the Insolvency and Bankruptcy Laws.
    • To conduct Research about the difficulties/ problems being faced by the Corporate Sector/ Non-corporate Sector/Financial or Operational creditors in view of the rapid changes taking place in the Insolvency and Bankruptcy Laws world over.
    • To conduct training programmes for the officers of the Government Departments and Corporate Sector on the areas of the Insolvency and Bankruptcy Laws.
    • To organize Regional, National Conference/ International Conference/ Workshop/ Seminar/ Training programme/ Round Tables/ Events/ Webcasts/ Certificate Courses and other Specialized Courses in the areas of Insolvency and Bankruptcy Laws either by the Committee itself or in association with other Committee and/or Ministries/other bodies /organizations and Corporate sector.
    • To consider various issues relating to Insolvency and Bankruptcy Laws and making recommendations to Council as well as to offer comments and views on various Codes and Draft Legislations / Regulations.
    • To undertake Capacity building of Insolvency Professionals.
    • To engage with Indian Institute of Insolvency Professionals of ICAI (IIIPI) for any joint activity/ initiative.

  • B. Valuation Regime
    • To conceive of and suggest areas in which ICAI Valuation Standards need to be developed.
    • To formulate ICAI Valuation Standards with a view to assist the Institute in evolving and establishing Valuation Standards in India.
    • To engage with ICAI Registered Valuers Organisation for adoption of Valuation Standards formulated by the Institute.
    • To examine the extent upto which, ICAI Valuation Standards are to be aligned with globally accepted valuation practices and policies.
    • To review periodically the ICAI Valuation Standards in view of changed conditions, and, if necessary, revise the same.
    • To engage with and contribute to International bodies to support them in framing/ development of Valuation Standards and principles.
    • To provide Interpretations, Guidance and Technical Materials on ICAI Valuation Standards from time to time.
    • To invite experts (individuals or institutions) from the field of Valuation for formulating ICAI Valuation Standards or preparing Guidance Notes.
    • To interact with Government and Regulators on issues related to implementation of ICAI Valuation Standards and to propagate use of Indian Valuation Standards in preparation of financial statements, which are both general purpose or specifically prepared for a regulatory requirement. For eg., Income Tax Act, RBI/ SEBI etc.
    • To deal with industry-specific issues and interact with national and international bodies on issues in implementation of ICAI Valuation Standards.
    • To take adequate steps to enhance knowledge of members and other stakeholders for proper implementation of ICAI Valuation Standards by conducting workshops, seminars, Courses in India and abroad, and train the trainers programmes.
    • To co-ordinate with Direct Taxes Committee, Indirect Taxes Committee and Corporate Laws & Corporate Governance Committee and other Committees of the Institute with regard to various issues in ICAI Valuation Standards.
    • To explore international and domestic opportunities for members in the area of Valuation Standards.
    • To interact with Government, to take leadership role in regulation of Valuation Professionals.
    • To deal with any other tasks related to implementation of ICAI Valuation Standards

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