The State Assets Management Agency of the republic of Uzbekistan

On February 28 of the current year in the building of the State Assets Management Agency was organized a seminar on "The essence and meaning of a unified national standard of valuation". This event was held with the participation of employees of the central office, territorial departments of UzSAMA, as well as representatives of ministries and bodies, appraisal organizations and professional public associations of appraisal organizations, a total of more than 100 specialists of the industry. Also, more than 70 appraisal organizations operating in the country and 121 appraisers watched the event via online video link.

At the seminar it was noted that the new version of the Unified National Valuation Standard, developed by UzSAMA, was registered by the Ministry of Justice of the Republic of Uzbekistan on December 28, 2023 under No. 3487 and came into force on January 1, 2024.

The purpose of the new version of the standard is to increase the level of customer satisfaction with the quality of valuation services through reliability, transparency and consistency of valuation processes to make reasonable decisions. The standard also serves to develop an independent and impartial valuation system, improve the professional level and quality of valuation services, as well as to ensure a unified interpretation of the legislation on valuation and increase confidence in the local valuation system.

Bakhtiyor Rajabov, Head of the Coordination of appraisal and realtor activities division of UzSAMA, spoke about the work carried out in the sphere of improvement of valuation activities and analysis of problems arising in practice.

As B.Rajabov noted, the new edition of the Unified National Valuation Standard was brought in line with the norms of international valuation standards based on the specifics of economic development of the Republic, was systematized and consists of three sections. The first section includes a group of general standards defining the basic principles and concepts from the valuation task to the preparation of the valuation report, the second section contains a group of special standards for the valuation of certain types of assets, and the third section includes methodologies defining the requirements and procedures for practical application of valuation standards.

At the same time, Zukhriddin Nigmankhanov, Chairman of the "Society of Appraisers, Experts and Consultants of Uzbekistan", a high-class appraiser, took part in the event with his report and spoke about the importance of the Unified National Valuation Standard today and the condition of its implementation. The speaker informed the audience about the innovations introduced in the standard, peculiarities of real estate valuation in the process of development, as well as the issue of valuation of intangible assets in the form of non-financial liabilities.

The next speaker, Chairman of the "Association of Appraisal Organizations", high-class appraiser Adiljon Islamov, acquainted the guests with the specifics of applying the Unified National Valuation Standard in valuation of objects with state share, including for the purposes of privatization.

In addition, Dinara Abdikarimova, Doctor of Economics, Professor, qualified appraiser of the Banking and Finance Academy, told about harmonization of international appraisal standards with the Unified National Valuation Standard. As the speaker noted, the new version of the Unified National Valuation Standard will help to increase consumer confidence, including foreign investors, in valuation services, as well as improve the level of internal valuation and its entry into foreign markets.

During the event, appraisers actively participated by asking interesting questions that were answered with concrete examples.