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The First Egyptian Financial valuation Standards come into force

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• Financial valuation Standards are binding in all cases which need the  preparation for a fair value study
• Sherif Samy : Financial valuation Standards regulate appraiser’s independency, method’s of work and valuation report

 EFSA’s BOD Decision no.1 of 2017 on the issuance the First Egyptian Financial valuation Standards was published in the Egyptian Gazette (issue no.23). EFSA’s  Chairman pointed out  that the standards  include “scope of application” and “standard of professional conduct” and ”  Professional Competence  Requirements” as well as ” scope of work” and ” implementation of the valuation process” and ” reasonableness of assumptions” in addition to “valuation  methods  and ” preparation of  valuation report “.

Sherif Samy – EFSA’s Chairman revealed that the Egyptian Financial valuation Standards is considered as a guide for the best global practices. It was issued after being presented for social dialogue and consultations with associations operating in capital market, investment and financial analysis. These standards are issued to complete the system of disclosure. It includes the Egyptian Accounting Standards and the Egyptian Auditing Standards in addition to the Egyptian Real Estate evaluation standards.

Sherif Samy stressed that all independent financial consultants and their assistants shall abide by those standards. In addition, it shall be applied in all cases related to the valuation of   companies, securities or other assets taking the form of facility or project.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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