GPD held its 2011 AGM on 10 November 2011 at the HKIS Office. 214 members attended. In the meeting, I informed that 2011 is a fruitful year for GPD. We had successfully organized a series of important events including CIREA Reciprocity Arrangement, WAVO Meeting, and IVSC Conference. GPD also had revised of a number of guidelines, fee scales and valuation standards. All these were done

with the enthusiasm of council members. Please refer to my report annexed for details.

 

The Hon Treasurer reported the financial situation GPD which had a balance of $779,998.00. In the past year (for the period from November 2010 to October 2011), GPD had a total income of $473,145.00 whereas, the total expense was $391,673.34. The net income was $81,471.00. The income mainly came from CPD and Social Events while expenses covered venue charges and expenses for Council’s activities. We had a higher income and expenditure accounted than that of last year. This was mainly due to holding the second reciprocity arrangement with CIREA. Details breakdown of the account is as annexed.

 

The present office of came to an end upon holding of the AGM on 10 November 2011. Election of Council Members was conducted immediately after the meeting. This year,

twenty-three candidates competed for the 20 seats. 213 members casted their votes. The following members were elected as new GPD Council Member for a term of two years

from November 2011 to the AGM in November 2013.

 

 

 

This year, the GPD Council had good achievement. It was a busy yet productive year. The summary of the works done during the year is published on the Surveyors Time – November 2011, which can be downloaded via the following link. http://www.hkis.org.hk/en/st/ST2011/201111/2011st11_5b_gpd.pdf

 

 

IVSC held its annual conference, Trustees Board Meetings and AGM in HK in the first week of November 2011. HKIS GPD participated and assisted in the arrangement of this international event. To promote and introduce the new IVSC valuation standards, a Joint Seminar on Valuation Standards was organized jointly by HKIS & CPA on 2 November 2011. Meanwhile, GPD is working on the revision of the HKIS Valuation Standards with a view to incorporate the new IVSC standards for local practice. Members will be kept informed on progress from time to time.

 

The International Valuation Standards Council (IVSC) held its Annual General Meeting on 5 November 2011 where about 100 representatives from different countries joined the Meeting. Before the AGM, Board of Trustees, Standards Board, Professional Board and Professional Organization Advisory Forum of IVSC held their meetings between 3 -5 November 2011. As a member of the IVSC, HKIS has given full support to and organized the event. Mr Wong Bay, President of HKIS, Mr Francis Ng, Chairman of GPD Division, Mr K K Chiu, representatives of HKIS on IVSC together with the Council members invited the Board of Trustees of IVSC for lunch on 4 November. The Standards Board has approved to commence 6 new projects after the publication of 12 new International Valuation Standards in July 2011. The Professional Board also approved the Code of Ethical Principles for Professional Valuers which has been updated to reflect the comments received on the second Exposure Draft. It also approved a revised paper on “The Professional Valuer” for release as an Exposure Draft. Three technical Information Papers on Discounted Cash Flow, The Cost Approach for Tangible Assets and Intangible Assets are near completion and should be published in early 2012. Publication of Exposure Drafts on Guidelines for Fairness Opinions and a Technical Information Paper on Contributory Asset Charges is also expected within the next few weeks. Professional Organization Advisory Forum has agreed with the Board of Trustees in the meeting in Hong Kong and the Forum will aim at improving the effectiveness of the Forum and communications with the Board of Trustees and the two operational Boards. The Forum has also agreed to form an Executive Group to help focus its efforts and enable better communication with the different world regions.

 

Before the meetings of IVSC, Steven J Sherman, Chariman of Standards Board of IVSC together with other members of Standards Board and Professional Boards have kindly given us a talk on the new development of International Valuation Standards on 2 November 2011. This CPD was jointly sponsored by HKICPA and us.