International Valuation Standards Council (IVSC) launches a new version of Valuation Standards (IVS -2017). The standards are an international, fundamental reference for professional valuers. IVS will enhance the transparency and consistency of the valuation process in preparing financial reports and making investments decisions. It also builds businesses and individuals’ trust in the valuation profession. The IVS 2017 consists of five general standards and six assets standards. The general standards explain the requirements for valuation process including biases of value, valuation approaches and methods and reporting, while assets standards include all the requirements related to assets types and essential information that may affect its value. Moreover, the new version of IVS-2017 provides a great service for financial markets and meets the public interest.
A royal approval was granted for Taqeem to join the International Valuation Standards Council membership. Taqeem has collaborated with the Standards Review Board along with other representatives from the United States, Canada, Australia, Italy and France.
Mr. Ahmad Sabry, Executive Director of Taqeem Academy, member of Standards Review Board states that" IVS is an important pillar to gain the audience’s confidence in valuation services where it provides all the required procedures to value different assets for different purposes. In addition, the IVS provides concepts, principles and instructions to ensure a transparent and consistent application of valuation procedures to get trusted valuation opinions by professional valuers.
He added "Taqeem participation with the Standard Review Board along with other major countries reassure its central role in the region as an entity keen on developing and organizing the valuation profession to raise the professionally and transparency of the Saudi market and that will reflect generally on the economy.’
During “the Reality and Future of Real Estate Valuation Profession in KSA” conference, Taqeem has signed a cooperation agreement with IVSC, which allows Taqeem to provide IVS training and qualifying programs exclusively in the Arab region. The conference was held in Riyadh on the 9th of November 2016 and lasted for two days.
