Addis Ababa University (AAU) in collaboration with the Accounting and Auditing Board of Ethiopia (AABE) offered Asset Valuation for financial reporting purpose training of trainers in Addis Ababa University from July 24 to 28, 2017.
Speaking at the opening ceremony, Director General of the Board Ato Gashe Yemane recalled that the adoption of IFRS requires and/or permit the use of fair values and, therefore, there is huge demand for asset valuers to meet the requirements of IFRS adoption. He further pointed out that objective of the training is to increase the capacity and number of professionals who can undertake the valuation of property, plant and Equipment to support the Implementation of International Financial Reporting Standards (IFRS).
According to the Director General, the Board cognizant of the chronic shortage of skilled manpower in asset Valuations, it has provided trained 110 trainers in two rounds in collaboration with the two qualified professional valuers. The training incorporated both theory and a practical field work on asset valuation. He finally appreciated Addis Ababa University for taking initiative to organize this TOT workshop.
Addis Ababa University Lecturer, Ato Ayele Kebede for his part said that the training was conducted with an objective of developing the capacity of asset valuers that support the public by restoring the trust on valuations practiced by independent asset valuers, in-house valuers and valuation reviewers. The training mainly bases on International Valuation Standards (IVS, 2017) as issued by International Valuation Standards Council (IVSC).
The training has been successfully offered by trainers who have taken the TOT on asset valuation formerly organized by the Board. Thus; it effectively shows the success of the board’s short-term strategy to promote skilled human manpower.
Up on completion of the training, the trainers are expected to organize asset valuation training when they return to their organizations, universities and regions, Ato Ayele reaffirmed. It was learnt that 76 participants attended the training, out of which 20 of them were from regional professional associations.