Chartered accountants' apex body ICAI has issued a framework for consistent, uniform and transparent valuation practices for its members. The Institute of Chartered Accountants of India (ICAI), in a release, said that it has issued valuation standards as a benchmark for valuation practices applicable for its members. "With a vision to promote best practices in this niche area of practice, the standards lay down a framework for the chartered accountants to ensure uniformity in approach and quality of valuation output," ICAI said. The standards include the framework for the preparation of valuation report, valuation bases, approaches and methods, scope of work, analyses and evaluations, documentation and reporting, intangible assets and financial instruments, among several other aspects. Compliance with the standards would be mandatory for chartered accountants providing valuation reports under various provisions of the Companies Act. However, for valuation under other statutes, it would be "recommendatory" to comply with the valuation standards. The standards have been issued "to set up concepts, principles and procedures" which are generally accepted internationally having regard to legal framework and practices prevalent in India, ICAI said. The valuation standards have been formulated by ICAI after considering the best practices followed "globally as well as in India", uniqueness of Indian conditions and current practices in India along with their advantages and disadvantages, among others.