Article 29 of the Saudi Accredited Valuers Law

This article sets the financial year of the Saudi Authority for Accredited Valuers.

The rule: the Authority's financial year begins at the beginning of the State's financial year and ends at the end of the State's financial year. The Authority therefore follows the same financial calendar as the State.

The exception: the first financial year begins from the date the law takes effect, and ends at the end of the State's financial year of the following year. The purpose is that the first year is not short if the law takes effect in the middle of a financial year, so it extends to the end of the following financial year.

Why the financial year matters: setting the financial year is necessary for preparing the budget and the final accounts and auditing them. Its importance appears in the neighboring articles:

• Article 28 sets the powers of the board of directors, including adopting the annual plan and the estimated budget, preparing the Authority's annual report and final accounts and presenting them to the general assembly, and proposing the names of auditors to the general assembly.
• Article 30 sets the Authority's resources, including members' subscriptions, government subsidies, gifts, donations, bequests and endowments that the board decides to accept, investment returns, the fee for its services, and amounts collected from violations.

The article is organizational and concerns the Authority's administration; it creates no direct obligations on valuers or clients.