• 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.