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Association of Certified Appraisers in Bosnia and Herzegovina 
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Cara Lazara 22
BA-78000 Banja Luka
Bosnia and Herzegovina

Tel.: +387 51 433 823
Fax: +387 51 433 821


President: Milan Pucarević MSc
Chairman of the Board of Directors: Branimir Kovačević
Directors: Mira Bijelac, Silvana Vrhovac, Ranko Batinić, Nada Đurić.
Scretary: Nenad Majstorović
Secretariat: 1 staff

Number of direct members: 140
Number of qualified valuers (individuals): 102
Number of valuation companies: 0

Member of TEGoVA since: October 2017
Category of membership: Associate


Established in 2010, UOPBiH brings together professionals in the field of appraisal of legal entities, assets, liabilities and capital in Bosnia and Herzegovina.

Permanent representatives to TEGoVA

Milan Pucarevic

Milan Pucarević MSc


Finrar d.o.o. Banja Luka
Mirka Kovačevića 13a

Tel: +387 51 431 270

 Nenad Majstorovic

Nenad Majstorović

Administrator & Accountant

Tel: +387 51 433 823
Fax: +387 51 433 821

Brief History and Role

The Association of Certified Appraisers in Bosnia and Herzegovina was established on 15 November 2010 as a professional, non-profit and non-governmental organization that brings together professionals in the field of appraisal of legal entities, assets, liabilities and capital in Bosnia and Herzegovina.

Principal Activities

  • ensuring financial stability and technical conditions for the work of Association.
  • maintenance of internationally approved training program for certified appraisers.
  • organizing training for certified appraisers by providing quality, affordable professional development program for current and emerging needs of the membership and the profession.
  • Association for their own purposes may organize a separate organization to provide education and organization of various forms of professional development.
  • cooperation with other professional organizations in the provision of professional training.
  • publishing of books and journals in the field of appraisal of legal entities, assets, liabilities and capital and related professional disciplines, to promote the statutory goals.
  • creating and distributing educational material for continuing education of members and the profession, in accordance with the Law.
  • providing technical assistance to high schools and colleges in development of profession of certified appraiser.
  • development of international cooperation and involvement in the work of professional associations in Europe and in the world.
  • informing the public of the Association`s work.
  • appraisal of projects, value of investments, property and fixed assets appraisal and the value of legal entities in the process of status changes, sale, etc.

Principal Areas of Policy

The main goals and tasks of Association of Certified Appraisers in Bosnia and Herzegovina are:

  • development of the profession of certified appraisers by raising the professional level and reputation of certified appraisers in order to contribute to the profession and the impact on economic and social progress of Bosnia and Herzegovina.
  • the establishment and maintenance of specific methodological standards and ethical rules in accordance with IVS (International Valuation Standards established by Committee of International Valuation Standards).
  • introducing and informing members about the ethical rules in accordance with standards and principles of valuation.
  • training and certification of persons for expert and independent appraisal and their continuing education and professional development.
  • protection of ethical rules in the interest of profession.
  • promoting of professional practice of certified appraisers to all interested parties.
  • organizing professional meetings of members to get acquainted with the practice of appraisers and its existence in various countries of the world.


Bodies of the Association are: Assembly, Managing Board, Supervisory Board.

Assembly is the highest body of the Association. Assembly conducts its activities and decisions at meetings. Assembly meetings are held at least once a year. Assembly meetings are public. Assembly is the supreme body and is made of elected members who are elected for a term of four years with the possibility of re-election.

Managing Board is the executive body of the Association. Managing Board manages and coordinates the activities of the Association on the basis of law, Statute, decisions and other acts of the Assembly. Managing Board consists of five members, according to the criteria set by the Managing Board. Managing Board is appointed by President of the Association.

President of Managing Board represents the Association and manages the work of the Board.


Any person and entity who accepts this Statute and rules of the Association can become a member of the Association.

A person or entity becomes a member of the Association by registering in the Register of members of the Association. Members of the Association may have a different status and responsibilities: full members, associate members and student members. Full members of the Association may be individuals who have a certificate of certified appraiser issued by the Association of Certified Appraisers in Bosnia and Herzegovina and entities who sign the agreement with the Association. Associate member may be individuals who have a college degree (4-year college). Student members may be regular college students of a 4- year college.


The association is member of International Valuation Standards Council (IVSC).