Written by Yulia Romaschenko, Technical Director of Social Value International 

SVI has been working with its member networks and communities of practice to produce a response to the International Foundation for Valuing Impacts (IFVI)’s public consultation on its ‘General Methodology 2: Impact Measurement and Valuation Techniques’. 

Contributing to this consultation was essential, as the General Methodology focuses on well-defined outcomes and valuation approaches; both core to the Principles of Social Value and the Social Return on Investment (SROI) approach. 

Our response highlights the importance of incorporating stakeholder perspectives in both defining and valuing outcomes, ensuring consistency in the terminology used by SVI. 

IFVI’s General Methodology 2 is an important development in the field of impact measurement and valuation, building on the experience of other players in the field, including the Capitals Coalition, the Impact Management Platform, and Social Value International.  

We welcome IFVI’s focus on wellbeing and well-defined outcomes, which demonstrate the convergence among different approaches to impact measurement and valuation. However, for the methodology to be truly effective, it must prioritize stakeholder voices at every stage of the impact accounting process. Stakeholders play a critical role in identifying well-defined outcomes and shaping valuation techniques. This might often mean allowing more flexibility for the practitioner in identifying and valuing outcomes and being less prescriptive about the frameworks and techniques used. 

We think it important to keep focusing on the overall goal of impact accounting, which is- to inform decision-making that optimises wellbeing for people and the planet, and that contributes positively to sustainable development. Achieving this requires ongoing, meaningful stakeholder engagement. 

As an active member of IFVI’s Valuation Technical & Practitioner Committee (VTPC) and through our new partnership to advance impact accounting knowledge among trainers and practitioners, SVI remains committed to working together to ensure that impact accounting is able to transform stakeholder voices into meaningful data for decision-makers. 

We at SVI would like to thank everyone who contributed to this consultation response and to those who submitted individual responses. Your insights have strengthened and amplified these important messages.