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Tweedie Takes Top Spot at Valuation Council

A former head of the International Accounting Standards Board is set to take o

A former champion of international accounting standards is set to take the reins at an organization dedicated to standardizing valuations and other financial instruments, according to a report from

A former champion of international accounting standards is set to take the reins at an organization dedicated to standardizing valuations and other financial instruments, according to a report from Reuters.

David Tweedie, who formerly served as chairman of the International Accounting Standards Board, will take over the top spot at the International Valuation Standards Council at the end of October. In an interview with Reuters, Tweedie said valuations are largely unregulated, and that the rules concerning them need to be pulled together and unified across the globe.

"We are trying to inject credibility and turn it into a profession, to make sure things are done by people that are accredited and disciplined if they get it wrong," he told the source.

During his tenure at the IVSC, Tweedie said he plans to focus his efforts at unifying valuation standards on the world's largest economies, chiefly the United States, China, Japan, Canada and a number of European countries.

In comments made during the announcement of his new job, Tweedie said valuation standards are "vital in order to provide a consistent approach to portfolio and asset valuation and to improve the confidence of both investors and users of valuation services."