Forest Valuation Subcommittee

Joint ANZ Valuation Standard: Exposure Draft Consultation

About:
Over the last 20 years the Australian plantation sector has seen a major recapitalisation, with a shift to institutional ownership which has reinforced a trend towards regular and formal reporting of treecrop and land valuations. At the same time, managers of natural forests, held in private and public ownership, have attracted increased scrutiny of their value proposition for timber and non-timber goods and services.

The Australian Forest Valuation Standard (A Standard for Valuing Commercial Forests in Australia – “AFVS” (2010) and associated Handbook (2012) were developed to provide professional and sectoral interpretation to the formal standards applied to forest valuations in Australia. The AFVS is an important guideline and plays a role in providing sectoral confidence in addressing issues associated with forestry valuations.   The IFA Forest Valuation Sub-committee was convened in September 2016 to promote and manage updates to the Australian Forest Valuation Standard. In late 2017 an invitation was received from Bruce Manley, on behalf of the NZ Forest Valuation Working Party to align on a joint ANZ standard.

In July 2020 the FWPA Growers Research Advisory Committee agreed to fund the drafting of a joint ANZ Standard, using as a base the 2020 Exposure Draft of the updated NZIF Valuation Standard (1999 & 2019). A technical committee convened to prepare the Exposure Draft of the Joint Standard, includes representatives of the leading ANZ forest valuation consulting firms.

This Joint ANZ Standard, for the first time, will reflect best practice thinking for planted and natural forests in New Zealand and Australia.

Click HERE to download the Forest Valuations Standards Exposure Draft

Click HERE to download the Natural Forest and Natural Capital Valuation Principles and Methods – Issues Paper

Would you please send any comments to valuationstandard@gmail.com before the consultation process closes on COB Friday 15 January.

This project is supported by:

Committee Members

Keith Lamb (Convener)
Tony O’Hara
Rudolf van Rensburg
Andrew Morton
Chris Brookwell

Additional members and observers include:

Glen Rivers
Nick Ping
Jerry Leech

Foundation Member: The late Professor Ian Ferguson.

Terms of Reference for the Subcommittee

1. A standing Sub-committee of the Institute of Foresters Australia be created with the purpose of promoting and managing updates to the Australian Forest Valuation Standard
2.The Sub-committee will prepare a works plan for reviewing and promoting the AFVS, for endorsement by the IFA.
3. The works plan to include a biannual meeting schedule comprising:

– one meeting per year dedicated to a review of the AFVS under a works plan to be agreed by the committee, and
– one meeting per year to provide a workshop forum to discuss topics of interest

4. The Sub-committee will publicise meetings and invitations will be issued to Members of the IFA and other interested parties;
5. The Sub-committee will seek to establish formal ties with the New Zealand Standard Valuation Working Group;
6. The Sub-committee will provide an expert forum for determining disputes or providing advice on matters of interest to users and practitioners;
7. The Sub-committee seek support from appropriate funding sources to provide funding for further development and promotion of the AFVS;

Australian Forest Valuation Standard

The Australian Forest Valuation Standard provides guidance for forest valuers in conducting a valuation.

The standard and an accompanying handbook are available for downloading below.

A Standard for Valuing Commercial Forests in Australia – Version 2.1

Handbook to accompany “An Australian Standard for Valuing Commercial Forests” – Version 2