Effective from 1 January 2016, the Indonesian Valuation Standard (Standar Penilai Indonesia/”SPI”) has been updated from Indonesian Valuation Standard (SPI) 2013 to Indonesian Valuation Standard (SPI) Edition VI – 2015. SPI is mandatory for all valuers who are practicing valuation in Indonesia. The standard is adhered in connection with the Indonesian Valuers Code of Ethics (Kode Etik Penilai Indonesia/KEPI). SPI is made by KPSPI.
The Purpose of SPI
The purpose of SPI is as follow:
- Encourage valuers to carefully define and understand the needs and requirements of the client, and to provide certainty to the assessor that the assessor is equipped with an adequate assessment standards to meet those needs.
- Promote the use of valuation basis and consistent assumption in the assessment and selection of appropriate valuation basis according to the needs of the client.
- Assists the valuerto achieve professional competence with a relatively high standard in the preparation and implementation of valuation assignment.
- Ensure that a valuation report is produced is not ambiguous and is comprehensive, easy to understand and contains opinions and information, which are required and must be obtained by readers.
- Ensure that references are published in the valuation report contains information that is clear, accurate, and appropriate so as not to mislead.