Under the patronage of the Minister of Commerce and Chair of the Board of Directors of the Saudi Authority for Certified Valuers, Dr. Tawfiq Al-Rabiah, the conference “The Present and Future of the Economic Valuation Profession in the Kingdom,” organized by the Saudi Authority for Certified Valuers “Ta’meem” in collaboration with the International Institute of Business Valuation (IIBV), and will take place over two days at The Ritz-Carlton Hotel in Riyadh.
The two-day conference will discuss several issues. The first day’s sessions will highlight the importance of valuation in all its forms, the valuation of economic entities in the Kingdom, and the international standards followed in valuation processes, in addition to addressing initiatives related to international qualification requirements for business valuators, the current market for the valuation of economic entities in the Kingdom, and the requirements for valuing economic entities in accordance with international standards for financial reporting, which will be implemented in the Kingdom in 2017. The same day will feature an extensive panel discussion on the importance of high-quality valuation by qualified professionals and specialists, while the Minister of Commerce and Industry, Dr. Tawfiq bin Fawzan Al-Rabiah, will address the opening ceremony preceding the conference, There will also be a speech by the Authority’s Secretary-General, Essam bin Hamad Al-Mubarak.
The second and final day of the conference will focus on the role of international valuation standards and international professional standards, in addition to a special presentation on the draft regulations, and the feedback received on them through an open discussion on the required academic degree for appraisers, training requirements, experience requirements, conflicts of interest, licensing and registration requirements, obligations of certified appraisers, ethics and codes of conduct. Workshops will also be held to elevate the profession of economic facility valuation to the ranks of leading professions.
The conference will feature a number of international valuation specialists and experts from the International Institute of Business Valuation (IIBV), including Lee P. Hackett, a member of the American Society of Valuers, and forensic accounting specialist Mary Jane Andrews, and Michael Badham, Executive Director of the International Institute of Business Valuators, who will present international best practices and standards in this field while highlighting the results of the market study conducted by the Authority on the current state of business valuation in the Kingdom, Proposed legislation developed by the Authority to regulate this profession will also be presented, and the views of experts and interested parties will be solicited.
