15)Valuation Standard Fifteen states that all standards issued by the Securities Commission must be strictly adhered to. 16)Valuation Standard Sixteen sets out that “Guidelines on Asset Valuations” issued by the Director General Of Insurance, Central Bank must be strictly adhered to. 17)Valuation Standard Seventeen sets out the standard limiting conditions under which the report is prepared. Any other limiting conditions must be agreed with he client and spelt out in the report7.There is also some of the rules and ethics that need to be follow by Malaysia valuer whenthey conducting valuation on a property:Every registered valuer or appraiser or estate agent are duty bound to render service to his client with absolute fidelity, and to practise his profession with devotion to the high ideals of integrity, honour and courtesy, loyalty to his country, and also to conduct business in the spirit of fairness and goodwill to his fellow professionals in the real estate industry.A registered valuer or appraiser who acts as an estate agent to a transaction shouldnot subsequently value the same property for the same purchaser.All valuation reports must follow the format and guidelines issued by the Board from time to time.No registered valuer, appraiser or estate agent shall, directly or indirectly, allow oragree to allow participation by any person or company, other than a registered valuer, appraiser or estate agent in the profits of his professional work.A registered valuer, appraiser and estate agent must inform his client of the nature of any business connection , interest or other affiliations he may have in connection with the service to the client.A registered valuer’s, appraiser’s and estate agent’s branch offices shall be headedby a resident registered valuer or appraiser or estate agent.87 8
2.2) MALAYSIA VALUATION MARKETCase:In the examinations report on the intangible assets value of the Malaysian market had measured the relationship between intangible assets and corporate market value of Malaysian firms and whether they are consistent with findings in other advanced markets.In the report reveal that the Malaysian market developed intangible assets at a rather slowpace, with significant development from year 2004 onwards. It also reveals that the book value of net assets (BVNA) are still dominant in Malaysian corporate valuation but this trend is declining as greater interest has now been developed in employing intangible assets and earnings as important variables. Furthermore, the results indicate that there is apositive trend in intangible assets development in Malaysia, consistent with those of advanced markets such as the US, Europe and Australia. However, the Malaysian market lags by about 20 years as compared to the more advanced ones.