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.
