Business valuation standard refers to a general rule which is mandatory in the valuation of a business or asset. Such standards, normally issued by valuation bodies, provide guidelines to standardise how business valuations are conducted by their members. The standards cover items such as definitions, principles and concepts, measurements, valuation approaches and methods, and reporting. Valuation standards seek to harmonise the conduct of business valuation among members and across the world. The International Valuation Standards Council (IVSC), a nongovernmental organisation (NGO) is the oldest international valuation standards body in the world. The National Association of Certified Valuators and Analysts (NACVA) with chapters across all regions in the world is the largest business valuation professional body. NACVA has standards which guide business valuation practice among its community members.