Russian Club of Financial Directors and its members actively cooperate with valuers, self-regulatory organizations of valuers and the professional community. As a matter of fact, any financial director resorts to a valuer a few times a month to specify asset value estimation or to get a consultation. This is why Russian Club of Financial Directors actively participates in the celebration of this holiday.
On November 27, 1996 the Ministry of Labor and Social Development of Russia approved the qualification profile of valuers under the Decree No. 11 making property valuation a totally separate profession. In 1999 under the initiative of Russian valuers’ portal valuer.ru the community of valuers selected November 27 as the Valuer’s Day.
Today, the valuation activity is one of the main instruments helping to build market relations in Russia. Valuation is an integral part of Russian economic activity providing the domestic market with an instrument for making important business decisions necessary to maintain a favorable financial climate in the Russian Federation.
However, the valuation activity in Russia is not goes beyond the modern history. A legal act confirming setting the rules of real estate appraisal was first adopted by the State Council of the Russian Empire on June 8, 1893. This regulation made a basis for the preparation of the State valuation standard fixed by a legal act and became a prototype of today’s federal valuation standards.
Today, financial directors, analysts and managers use valuation reports in their activities. Information presented by valuers is the basis of strategic management decisions and allow finding the best solutions.
Contribution of valuers to the development of Russian economy and the scale of the modern valuation activity in Russia are the reasons why the professional union of valuers turned to the Ministry of Economic Development and Trade requesting to prepare a petition for the President and the Government of the Russian Federation for the establishment of the Valuer’s Day as professional holiday at the national level. The Ministry of Economic Development and Trade supported the initiative of the trade union and, at the present moment, the proposals substantiating the supposed celebration date are being considered.