Brand Finance, the world’s leading independent brand valuation firm, was today officially certified by Austrian Standards as the only brand valuation consultancy producing reports and opinions compliant with ISO 10668 and ISO 20671 combined.
ISO 10668: Brand Valuation – Requirements for Monetary Brand Valuation was released in September 2010. Brand Finance not only helped to develop the standard but was one of the first consultancies certified by Austrian Standards to provide monetary brand valuations compliant with the new standard. The standard requires three types of analysis: firstly, Legal analysis, to prove ownership of brand assets; secondly, Behavioural analysis, to demonstrate the brand equity of brands; and finally, Financial analysis to determine a financial valuation opinion.
ISO 20671: Brand Evaluation – Principles and Fundamentals was released in March 2019. Brand Finance was actively involved in Technical Committee 289 of the International Standards Organisation which created the new standard. ISO 20671 is intended to provide much greater direction for brand valuers in their understanding of the Elements, Dimensions and Indicators of brand strength underpinning the Behavioural analysis required by ISO 10668.
David Haigh, CEO of Brand Finance, commented:
“For 25 years Brand Finance has been actively promoting the development of valuation and reporting standards for brands. ISO 10668 was the first major breakthrough and has transformed the professional practice of brand valuation. ISO 20671 is another major breakthrough because it indicates what brand management must do and what brand valuers must understand when appraising brands.
We have now reached the point where all key companies recognise that brands are real assets that can be reliably measured. We are proud to be the first brand valuation firm offering services totally compliant with both of these ground-breaking standards.
CEOs and their CFOs can now be totally confident that reliable brand valuations are available. CMOs increasingly refer to the new standard as ‘the golden ticket for marketers’.”
Dr. Holger Muehlbauer, auditor for ISO 20671 commented:
"The new international brand valuation standard ISO 20671 recognises that the primary purpose of a brand is to increase overall corporate value, reduce risk and ensure the sustainable existence of a brand. The standard applies to both internal and external brand valuations and helps analysts, investors and lenders as a reference for professionalism.”
Peter Jonas, Director Certification, Austrian Standards, added:
“I am pleased that Brand Finance is a pioneer in ISO 20671 certification and has successfully verified its technical expertise.”
About Brand Finance
Brand Finance is the world’s leading independent brand valuation consultancy, with offices in over 20 countries. Brand Finance bridges the gap between marketing and finance by quantifying the financial value of brands.
Every year, Brand Finance values 5,000 of the world’s biggest brands. Additional insights, charts, and more information about the methodology, as well as definitions of key terms are available can be found on the Brand Finance website.
Brand Finance is a chartered accountancy firm regulated by the Institute of Chartered Accountants in England and Wales (ICAEW), and also the first brand valuation consultancy to join the International Valuation Standards Council (IVSC).
Brand Finance’s brand value rankings have been certified by the Marketing Accountability Standards Board (MASB) through the Marketing Metric Audit Protocol (MMAP), the formal process for validating the relationship between marketing measurement and financial performance.
David Haigh, CEO of Brand Finance, represented the British Standards institute on the International Standards Committee working party on the standardisation of brand valuation methods and practices, ISO 10668.
About Austrian Standards
Austrian Standards, established in 1920, is structured in the business divisions of development, consulting, publishing, training and certification and finances the standardization system by more than 80 per cent through the sale of its products and services.
Austrian Standards is an internationally renowned member of the European Committee for Standardization (CEN) and the International Organization for Standardization (ISO).