New CA Maldives Regulation: Registered Valuers Now Mandatory for Financial Reporting

Malé, Maldives – 23 Apr 2026 - The Institute of Chartered Accountants of the Maldives (CA Maldives) has introduced a ground-breaking regulation that, for the first time, formally governs the provision of valuation services in the Maldives. The Regulation on Registering Valuation Service Providers for Financial Reporting Purposes establishes a mandatory registration framework for all individuals and firms providing valuation services in connection with the preparation of financial accounts and financial statements of private sector businesses.

This is a significant development for the Maldivian business community. For the first time, businesses and taxpayers that commission property or asset valuations for financial reporting purposes are required by regulation to ensure those valuations are carried out and signed by a Registered Valuer, either a Registered Individual Valuer or a Registered Firm Valuer, duly registered with CA Maldives.

Why This Matters for Businesses and Taxpayers

Prior to this regulation, there was no formal licensing or registration framework governing who could carry out and sign off on valuations used in financial statements in the Maldives. Valuations are a critical component of financial reporting — they determine the recorded value of assets such as land, property, and equipment on a company's balance sheet, and directly affect financial disclosures relied upon by auditors, lenders, investors, and regulators.

Under the new framework, only Registered Valuers are authorised to sign valuations prepared for financial reporting purposes. This means that businesses whose financial statements include asset valuations, whether prepared for audit, banking, or statutory compliance purposes, must now ensure their valuer holds a valid registration under this regulation. Using an unregistered valuer for financial reporting purposes is a breach of the regulation and may carry consequences for both the valuer and the business concerned.

Key Features of the Regulation

Two categories of registration are available: Registered Individual Valuers, who are natural persons meeting the qualification and experience requirements; and Registered Firm Valuers, which are companies, partnerships, or sole proprietorships that employ or are partnered with at least one Registered Individual Valuer.

Qualification requirements for individual valuers include membership of a CA Maldives-recognised valuation professional organisation, holding a recognised certificate, and a minimum of two years of relevant experience.

A public register of all Registered Valuers is maintained and published on the CA Maldives website, allowing businesses to verify the registration status of any valuer before engaging their services.

Continuing Professional Development (CPD) is mandatory. Registered Individual Valuers must complete a minimum of 10 hours of CPD annually and 60 hours over every three-year period, ensuring their knowledge and competence remain current.

Professional indemnity insurance is compulsory. All Registered Valuers must hold professional indemnity insurance from a CA Maldives-recognised insurer, providing businesses with a layer of financial protection in the event of errors or inadequate services.

Registration is renewable annually and is subject to ongoing compliance with CPD requirements, annual reporting obligations, and fee payments.

What Businesses Should Do Now

Any business that includes asset valuations in its financial statements should take immediate steps to verify that its appointed valuer is registered under this regulation. The CA Maldives public register is the authoritative source for confirming registration status.

Businesses that have historically relied on unregistered valuers for financial reporting purposes should transition to a Registered Valuer without delay to ensure their financial statements remain compliant.