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This is an English version (translated from simplified Chinese) of the Chinese Valuation Standards.
Valuation standards are the foundation of professional services and the safeguard of ethical practice.
The implementation of the Chinese Valuation Standards:
- offers valuation practitioners a set of comprehensive and unified standards;
- enables the supervision departments to study and judge the quality of practice based on a set of criteria; and
- enables the users of valuation reports to understand and apply valuation conclusions based on the valuation standards.
The Chinese Valuation Standards are mainly composed of incorporated international valuation standards which were especially selected to suit the conditions of the PRC and to encourage innovative development. For over ten years, whilst maintaining its connection with the international community, the PRC has been innovatively formulating principles which accommodate the practical needs within the PRC. The formulation of the Chinese Valuation Standards has enhanced the Nation’s international position and the PRC valuation industry’s professional reputation.
In order to make the Chinese Valuation Standards accessible to all social sectors and fellow foreigners, Chinese Appraisal Society (CAS) published this English version of the Chinese Valuation Standards (2013) to facilitate foreigners’ understanding of the Chinese Valuation Standards and to promote international exchanges and studies of the Valuation Standards.
Features:
- The principles cover areas of operational requirements for and practice of valuers, reasonable requirements for clients on the contents and formats of valuation reports, conventional valuation engagements, etc, and all of which are coordinated by a system of standards.
- The implementation of the Chinese Valuation Standards offers valuation practitioners a set of comprehensive and unified standards, enables supervision departments to study and judge the quality of a practice based on a set of criteria, and provide users of valuation reports a comprehensive basis for making valuation conclusions.
- Regulated practices, effective supervision, and reasonable use of these standards have contributed to the improvement of the overall ability of certified public valuers to serve and the social creditability of the profession, which in turn consolidates the position of the services by the valuation profession in the market economy.
- In just over 10 years and with reference to international valuation standards, the PRC has been formulating principles – the Chinese Valuation Standards – which accommodate the contemporary practice needs within the PRC. The formulation of the Chinese Valuation Standards has enhanced the international position and the professional image of the valuation industry in the PRC.
