H.E. the Minister of Commerce and Investment Launches the Arabic Version of the International Valuation Standards (IVS 2017)

18 Dec 2017
Concurrently with the International Arabic Language Day
His Excellency the Minister of Commerce and Investment, Dr. Majid bin Abdullah Al Qasabi, Chairman of the Board of Directors of the Saudi Commission for Certified Evaluators, has launched today the Arabic version of the International Valuation Standards (IVS 2017), which is considered a major international reference for professional evaluators. This Version consolidates the practical language among evaluators and promotes clarity and consistency in the valuation process. It is considered an important factor for preparing the financial reports and for taking investment decisions, besides enhancing the companies and individuals confidence in the valuation process.

The Secretary-General of the said Commission, Mr. Sultan Al-Jrais, explained that International Valuation Standards (IVS) are considered the most important pillars for boosting the public confidence in the valuation services. These standards set up the general framework and procedures required to evaluate various assets or to be used for other multiple valuation purposes. The International Valuation Standards also provide accepted concepts and principles, as well as the instructions and guidance that would support and guarantee the implementation of such procedures, in a professional, consistent and steady manner, aiming at providing reliable valuation through qualified professional evaluators, committed to the ethics and conduct of the valuation profession.

Al-Jaris affirmed that launching this version today comes within the efforts of the aforementioned Commission and its keenness to support the Arabic language and to enrich the Arabic content to be availed by a large number of those interested or those practicing the valuation profession in the Arab world. The said commission has been preparing and nationalizing the training courses for the valuation services, besides participating in forming and preparing these international standards in cooperation with global countries. This comes as a confirmation of its pivotal role in the region and its keenness to develop and organize the valuation profession and raise the level of its employees. This would contribute to raise the level of professionalism, justice and reliability in the Saudi market. Consequently, this will be reflected in the growth of the National Economy in a very safe way.

It is worth mentioning that the Saudi Commission for Accredited Evaluators has signed a cooperation agreement with the International Valuation Standards Council. Thus, the said Commission has been granted the authority and the right to train and qualify the staff on the International Valuation Standards (IVS 2017) in the Arab World. Also a Royal Order has been issued approving the joining of the said Commission to the International Valuation Standards Council, in addition the said Commission is participating in the Council for the Preparation and Review of the International Standards with representatives from the States of America, Canada, Australia, Italy and France.
Last Modified 26 Dec 2018