The International Valuation Standards Council (IVSC) is pleased to welcome the Saudi Authority for Accredited Valuers (the Authority) as a member. In a statement to Saudi Press Agency (SPA), David Tweedie, Chairman of the IVSC Board of Trustees, said that “the Board of Trustees of the IVSC, and the organization as a whole, are pleased to welcome the Saudi Authority for Accredited Valuers as a member and look forward to working with them going forward.†'The IVSCâ€TMs mission is to raise standards for valuation across the globe. This requires the combined effort of all those that conduct or rely on valuations and we are encouraged by the number of leading organizations that are contributing to ensure standards are set which can be adhered to globally,' he added. For his part, Esam Al-Mubarak, Secretary General of the Saudi Authority for Accredited Valuers, stressed that as the Saudi economy develops and grows, the challenges brought about by globalization demand that we adopt international best practices. The Authority considers the standards set by the IVSC to be a solid foundation for the valuation sector. The Saudi Valuation Standards, which will cover not only real estate, but also business, machinery and equipment, and personal property valuation, will comply with the requirements of the IVSs. “The Authority looks forward to cooperating with the IVSC Boards and Advisory Forum, and participating in its ongoing work to develop the valuation profession and to raise awareness of the value of a professional valuation practice,†he added. Al-Mubarak confirmed that the Authority will prepare and develop valuation standards that comply with the International Valuation Standards (IVSs). 'The Authority has also signed an agreement with the IVSC to translate the IVSs into Arabic,' he said. The Authorityâ€TMs membership of the IVSC indicates Saudi Arabiaâ€TMs increased recognition of the need for clarity and consistency in worldwide valuations, and shows the advancement of the IVSC globally as it continues to develop one set of high quality internationally recognized valuation standards. The International Valuation Standards Council (IVSC) is an independent, not-for-profit, private sector organization. As the established international standard setter for valuation, the IVSC develops and maintains standards for the reporting and disclosure of valuations, especially those that will be relied upon by investors and other third party stakeholders in financial statements or other published documents. It also supports the need to develop a framework of guidance on best practice for valuations of the various classes of assets and liabilities and for the consistent delivery of the standards by properly trained professionals around the globe. The governance structure of the IVSC includes two independent technical Boards - the International Valuation Standards Board and the International Valuation Professional Board - and a global Board of Trustees responsible for the overall strategic direction and funding of the IVSC. The Authority is an independent, non-profit governmental body established by a Royal decree in 2012 as a consequence of the Accredited Valuers Law. It operates under the supervision of the Ministry of Commerce and Industry with a separate budget from the State. The Saudi Authority for Accredited Valuers has been given the responsibility to set the controls and standards for the valuation of real estate, economic entities, machinery and equipment and personal property, as well as promoting the profession of valuation and improve the proficiency of valuers in Saudi Arabia.
