According to Reuters, global regulators, including the International Valuation Standards Council (IVSC), have begun to plan the first worldwide standard for valuing some of the more difficult-to-price assets held by banks.

The first task of the IVSC, it seems, will be developing a benchmark by which to base this valuation. There is currently little to no guidance on how to price an asset contained within a company’s account, particularly when there is no market for the asset.

The independent, not-for-profit IVSC will be playing a large role in valuating these assets.

According to the IVSC, the main difficulty behind pricing will be derivatives, which should not be much of a surprise, given their reputation for being more risky than most assets.

The IVSC, which is headed by David Tweedie, consists of 74 member bodies from 54 countries, but does not actually have any enforcement powers, which leaves the question of who will be ensuring that any new rules created are followed up for debate.

At any rate, based on the large scope with which the standards will encompass, and with many top accountants in the industry currently warning of moving too fast, it seems unlikely that any actual effect from these standards will be seen for quite some time.