The Authority for Accredited Valuers holds workshop with the Big Four

The Saudi Authority for Accredited Valuers (Taqeem) held a workshop related to the discussion of the final executive regulations in the field of business valuation on Tuesday 23 February 2016. It is scheduled that the adoption of the final version would be in the meeting of the Board of Directors on the end of next March, which will be the base of facilitating the process of business valuation, which means determining the value of the aggregate assets and liabilities, which may include operating and non-operating assets and economic gains or losses, of the whole or any part of, an activity, which could include the value of the entire or any part of a Business entity, shares or a shareholding in a Business entity, a business activity of an organization or entity or of the individual assets and liabilities of an entity or activity, including real property, personal property, economic gains or losses, or intangible assets such as patents, trademarks, goodwill and intellectual property.

Through this workshop and other activities that the Authority organizes, participates in and sponsors , it performs its responsibility by getting closer to the practitioners of the valuation profession, sharing with them the vision and listening to their notes and suggestions, sparing no efforts to establish integrated comprehensive system which achieves the general purposes for the valuation profession in particular, and participates in building solid economy of the Kingdom of Saudi Arabian in general.

The Deputy of the Secretary General of the Saudi Authority for the Accredited Valuers, the Engineer Sultan Al Jorais reviews - during the workshop - the executive regulations for the field of business valuation in all its articles, pertaining to classifying the valuers as active members, associate members, student members or honorary members , and the requirements of getting that membership, the standards and the general ethics that should be followed during practicing the profession , the modality of practicing the profession,  the licensing terms, the services that provided by the Authority in that regard and the obligations of the business valuer, dealing with the pyramid of accreditation, the required experience hours  and the required  curriculum at each degree of the accreditation ladder.

Al Jorais pointed out to the training programs related to the business valuation, which is Standards and Ethics in Valuations, Introductory Course for Business Valuers – IIBV 101, International Cost of Capital – IIBV 102, Business Valuation Case Studies – IIBV 103, Advanced Topics in Business Valuation – IIBV 104 (or ASA 204) and Valuation of Intangible Assets and Other Advanced Topics – IIBV 301, and he answered the inquiries related to the regulations, listening to the comments and suggestions of the audience, stressing that all the comments and suggestions will be taken into account in the final formation of the regulations .

The workshop was attended by representatives from Ernst and Young, KPMG Al Fozan & Al Sadhan, Deloitte Touche Tohmatsu Limited, Price Water House Coopers and Talal Abo Ghazaleh Group. They praised these initiatives which is provided by the Taqeem Authority in the framework of its efforts to develop the valuation profession, raising the level of its employees socially technically and morally, qualifying the young cadres through specialized educational programs and accredit the qualified valuers to practice the profession in all valuation fields.