Azerbaijan approves national standards of assessment activity
Azerbaijan, Baku, Dec. 19 / Trend U.Ismayilova /
The Azerbaijani State Committee on Standardization, Metrology and Patents approved the national standards of assessment activity on Dec.18, the executive director of Society of Appraisers of Azerbaijan, Elchin Samedli said today.
"Standards come into force from the date of signature, Dec.18," Samedli said.
State Committee adopted the following standards: professional ethics of appraiser; generally accepted assessment principles, the market value as the valuation base; the basis of valuation different from market value, compilation report on the evaluation, evaluation of the material assets, evaluation of industrial equipment, machinery and equipment; evaluation for training financial and accounting purposes; evaluation of loan security, assets and liabilities.
Improving the quality of evaluation activity is implemented within the program of the International Finance Corporation (IFC) on the development of mortgage lending in Azerbaijan and Central Asia.
The Azerbaijani Appraisers Society was founded in 1997. This is a public organization which unites all the appraisers, acting in the territory of Azerbaijan. Evaluation activity in the Republic is governed by the Law on Evaluation Activity, adopted in 1995.
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