April 29, 2014 - (Beijing)—(BUSINESS WIRE)--China Appraisal Society (“CAS”) announced to cooperate with CCH, the flagship brand under Wolters Kluwer, a market-leading global information services company, to publish the English version of the Chinese Valuation Standards (“CVS”) 2013, in an aim to introduce various standards of Chinese valuation industry to the international community.
The CVS offers a unified set of comprehensive standards for asset valuation, which cover 26 valuation standards for China’s asset valuation industry, including two general standards, 12 specific standards (i.e. procedural and assets), four valuation applications and eight valuation guidance notes. The CVS is applicable for the administrators of relevant international organizations, experts in the valuation industry and overseas enterprises or investors. These standards cover the basic procedures and main asset types in valuation service, provide valuation firms with standard grounds for valuation practice, offer all the parties involved in appraising economic behaviors with definite service standards, and furnish relevant regulatory authorities with unified measures for effective administration. The CVS systematically presents the achievements in building Chinese valuation standards at a professional level and provides timely and professional information to the administrators of international organizations, experts in the valuation industry and overseas enterprises or investors.
The publication and distribution of the English version of the CVS will facilitate overseas readers and relevant professionals to have a further understanding of the development of China’s asset valuation industry. Meanwhile, it also marks another substantial step in the “Going Out” efforts of Chinese standards, and it will elevate the recognition and influence of Chinese standards in the international market.
China’s valuation standards attach importance to using the experience in formulating international valuation standards for reference and absorbing advanced international theoretical and practical outcomes. For over a decade, the relationship between the building of Chinese valuation standards and the international valuation standards has made strides from the very beginning stage of “completely following”, to the later stage of “gradually paralleling” and to the current stage of “partially leading”. The experience and outcomes in formulating Chinese valuation standards have been universally recognized and highly appraised by the international peers. The building of Chinese valuation standards has enhanced the international prestige and professional profile of the Chinese valuation industry.
Ms. Liu Ping, Vice President & Secretary General of the CAS, stated that, the translation and overseas promotion of Chinese valuation standards are of great significance as well as a long-term program, and it is believed that the global influence of Chinese valuation industry will be further enlarged as Chinese standards are “going out”.
Ms. Liu introduced that, in order to promote the development of the Chinese valuation industry and the exchange with the international counterparts, as well as provide them with timely, professional information in this regard, the latest published English version of the CVS completely, systematically and comprehensively reflects the achievements in the development of Chinese valuation standards at a professional level, and will facilitate the administrators of international valuation organizations and the international valuation industry to more conveniently and directly understand the characteristics and development directions of Chinese valuation standards, its consistency with international valuation standards, and its innovative outcomes. Moreover, it will also contribute to the enhancement of Chinese valuation industry’s discourse power and professional profile and support Chinese valuation industry in further participating in international valuation affairs.
“During the formulation of Chinese valuation standards, international valuation experts have provided unconditional supports. The English version of the CVS will help international experts to have a deep understanding of the connotations and concepts of Chinese valuation standards and will play a positive role for their better participation in and support to the building of Chinese valuation standards,” added Ms. Liu.
Wolters Kluwer, a global market-leading publication and information service company with a long history, has a very high prestige in the international financial, tax, legal and commercial circles. The CAS expressed its desires to build up, through this cooperation, a communication bridge between Chinese and international valuation colleagues and investors, to provide more professional information about Chinese valuation industry and standards to more international valuation colleagues who pay attention to China, and meanwhile, to deliver more excellent information and contents about China to the world by virtue of Wolters Kluwer’s powerful global publication system and distribution channels.
“This is a timely publication,” said Shasha Chang, China CEO of Wolters Kluwer. “In major global information and publishing markets, including Europe and North America, professionals have an increasing demand for China professional information.’’
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About China Appraisal Society
Founded in December 1993, the China Appraisal Society (“CAS”) is a national self-governing organization for the valuation profession directed and guided by the Ministry of Finance and the Ministry of Civil Affairs of People’s Republic of China. By the end of 2013, CAS had more than 3,200 corporate members, 32,675 practicing individual members, and 2,348 non-practicing individual members. CAS has 35 subsidiaries located in 36 provinces, municipalities, autonomous regions, and cities under separate headings in the national economic plan.
About CCH, a part of Wolters Kluwer
CCH, a part of Wolters Kluwer (CCHGroup.com) is a leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Among its market-leading solutions are The ProSystem fx® Suite, CCH Axcess™, CCH® IntelliConnect®, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.