In December 1993, China Appraisal Society (CAS) was established with the approval of the Ministry of Civil Affairs as a self-disciplinary organization of the appraisal profession under the supervision, regulation and guidance of Ministry of Finance (MOF).
At the outset of its establishment, CAS worked in the name of the Management Center of Assets Appraisal with the same working staff and the combination of administrative and self-disciplinary regulation. With the cancellation of the former State-owned Assets Administration Bureau in 1998, the appraisal profession was put under the unified supervision of MOF, which set up the Department of Property Evaluation to exercise administrative regulation over the appraisal profession. CAS implemented professional self-disciplinary regulation, separating administrative regulation from self-disciplinary regulation in the appraisal profession. To rectify such service organizations as verification intermediaries as required by MOF, CAS and the Chinese Institute of Certified Public Accountants consolidated according to the principle of “one association, one set of agencies, two qualifications, and unified management of two professions.” The consolidated association was thereby entitled Certified Public Accountant Association with the brand of China Appraisal Society retained, and would engage in international communication in the name of CAS. Since the appraisal profession and the certified public accountants profession required distinctive specialization respectively, the two professions, after consolidation, did not adapt themselves to and meet the needs of both market economy and the professional development. In view of this situation, with the deliberation of the MOF Party Committee and the approval of the State Council, the General Office of the State Council forwarded in the form of Document No. 101 the Comments of the Ministry of Finance on Reinforcing and Standardizing Regulation of the Appraisal Profession in December of 2003. On February 16th, 2004, MOF issued the Suggestions on Restoring the Status of CAS as an Independent Professional Body, and CAS continued to operate as an independent professional association.
1995 witnessed CAS ‘s joining the International Valuation Standards Committee (IVSC) as the sole representative of People’s Republic of
In July 2005, CAS convened its 3rd National Assembly of Delegates which elected the new leadership of CAS Council, Board members and Standing Board members. The regulation pattern of the appraisal profession has already taken shape in which administrative regulation of the government is combined with self-disciplinary regulation of professional associations and self-consummation of appraisal firms. CAS boasts a complete organizational framework, including the National Assembly of Delegates, the CAS Council, special and professional committees, and the Secretariat. In addition, CAS encompasses sound local chapters, 3500 appraisal firms as CAS group membership, and 32000 appraisers as CAS individual membership.
Up to the end of February 2007, the CAS secretariat has already set up 12 intra-departments with a total of 56 staff members.