VS 2.4 - RICS

RICS RICS 估价 估价 估价 - 专业标准
专业标准
2012 2012 年 3 月
(RICS|世界范围的物业专业主义标志)

前言
前言
2012 2012年3月 此版本红皮书对现有标准作出了一些变更,使其完全符合新的国际估价标准(IVS)。RICS标准采用的 是2011年7月出版、2012年1月1日起生效的IVS标准,并在某些情况下对其作出补充。 2012
格式提供。 IVS的一项重大更改是扩大了应用范围,不仅应用于物业房地产,还包括所有类型的资产;其中“资产” 为了方便用户,本标准对IVS2011进行了整篇转载,印刷版以附件形式提供,对于电子用户,则以PDF
法达到一致。然而,跟以往一样,RICS标准仍然详细涉及针对不动产形式的资产(土地、房屋及其中 的权益)的估价,因此,为了清晰起见,必要之处仍然使用“物业房地产”一词。 一词在适当情况下也包括“债务”。相应地,此版本RICS某些参考条目也作出了更改,与IVS措辞方
查工作正全面展开,其中将包括业务估价及无形资产等方面的新材料以及其他改进内容。审查后的版本 按计划将于2013年完成并出版。 读者应认识到,此版本红皮书是为了保证现有材料与IVS相符而发行的暂行版本。目前,对红皮书的审
标准变更的全部细节及说明载于下表。
参考条目 所作变更 引言 第1款进行了重新排序。 参考条目
将“物业”一词更改为“资产”。此外,修订后的第2款强调“符合本标准的估价 亦必将符合IVS标准”这条原则。 第2款增添了新内容,使RICS标准与IVS标准达到一致,并说明本标准的某些部分
在该网站均有提供。 第5.2款新增了RICS红皮书版块的网站地址。征求意见稿及其它有关红皮书的资料
同于或晚于本版标准 第6.1款进行了修订,以确认本标准的适用范围是:估价时点
• 术语表 为了采用IVS 2011的定义,进行了多处修订: 生效日期的估价。基于网站的标准也已经针对此变更进行了更新。
现在指的是“假设”而非“原则”; 价值基准 术语表
• 新增成本计算法
• 修改公允价值
• 新增收益还原法
• 新增商誉
定义; 定义;
定义; 定义;
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• 新增投资物业
• 修改投资价值
• 新增市场比较法
• 修改市场租金
• 新增不动产
• 修改了特殊假设
• 修改特殊购买者
• 修改协同价值
• 优先使用估价时点(Valuation
定义; 投资性房地产定义;
定义; 定义;
两个定义; 的定义; 和固定财产
定义; 定义,现在是指“某个特定的买家”。
一词,而估价日期(date of valuation)仅作为对该定义的交叉引用; date)
1.1 VS 1.1 VS 1.1 VS 1.1 对各种例外情形进行排序编号,更加清晰。第5款的新增内容是为了提请读者注意 如果估价意图落在例外情形范围,仍需顾及IVS标准的应用。 VS
版(2010)。 对“IRRV行为准则”的摘录进行了扩充,提及“RICS执业准则:评级顾问”第3
1.2 VS 1.2 VS 1.2 VS 1.2 插入新的一款,用以解释本标准如何符合IVS标准。 VS 1.7 VS 1.7 VS 1.7 VS 1.7 增添新的一款,要求估价师必须在工作底稿中保留关于利益冲突的解决的笔记。 VS
2.1 VS 2.1 VS 2.1 VS 2.1 该条标准进行了扩充,以确认已经包含IVS 101 “工作范围”的所有要求。该清单 VS
• (a)提到“其它预期用户”; 进行了修改,以包含IVS标准的下列特定用语:
• (e)用“资产或负债”代替“物业房地产”一词;
• (i)进行了扩充,要求指出哪名估价师是负责者;
• (p)进行了扩充,指出在适当情况下,应对估价的IVS合规性进行确认。
101的所有相似条款。 VS 2.3 VS 2.3 VS 2.3 VS 2.3 第4款涉及“强制出售”的部分进行了修改,以达到与IVS框架一致。 增添了一条陈述,指出最低要求清单包含IVS
VS 3.1 VS 3.1 VS 3.1 VS 3.1 第2款提到IVS框架对价值基准的注解。 VS 3.2 VS 3.2 VS 3.2 VS 3.2 该条标准现在与IVS框架直接关联。
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3.3 VS 3.3 VS 3.3 VS 3.3 修改并全文引述了市场租金 的解释。 VS 3.4 VS 3.4 VS 3.4 VS 3.4 该条标准现在与IVS框架直接关联。 VS
3.5 VS 3.5 VS 3.5 VS 3.5 该条标准已经彻底改写,以突出IVS及国际会计标准委员会(IASB)采用的公允价 值 的定义不同,现在该条标准与IVS框架直接关联。 VS
4 VS 4 VS 4 VS 4 该条标准已经彻底改写,改写后包含提到两类IVS应用(财会报表及抵押贷款)的 VS
VS 5.1 VS 5.1 VS 5.1 该条标准进行了扩充,强调估价师需要充分保留有关估价的笔记。 内容。该条标准并未原样转载IVS材料,而是指明了其内容。
• 6.1 VS 6.1 VS 6.1 VS 6.1 该条标准进行了扩充,以确认已经包含IVS 103“报告”的所有要求。该清单进行 5.1
(a)提到“其它预期用户”; 了修改,以包含IVS的下列具体要求: VS
• (e)用“资产或负债”代替“物业房地产”一词;
• (i)进行了扩充,要求指出哪名估价师是负责者;
• (p)进行了扩充,指出在适当情况下,应对估价的IVS合规性进行确认。
103的所有相似条款。 VS 6.9 VS 6.9 VS 6.9 VS 6.9 提及“国家”(state)之处,改为“国家”(country)。 增添了一条陈述,指出最低要求清单已经包含IVS
• 附录 2 引言部分进行了修改,以解释该附录与IVS 101及VS 2.1的修订条款的关系。该附 录进行了修改,以包含IVS 101的下列新增材料及重新措辞: (a)该项进行了扩充,提到“其它预期用户”。 附录
• (c)提到以资产群或组合资产方式持有的资产。
• (f)进行了修改,强调在采用公允价值
• (h)新增内容提到VS
• (i)提出一个重要的注意事项,确认RICS不允许一项估价由事务所
• (m)新增词语“无需进一步核实”。
• (p)该项进行了扩充,要求视情况用一条评论指出该估价符合IVS。
1.7.4。 时,价值基准的识别认定要正确。
这与IVS不同。始终必须指出哪名估价师是负责者。 完成,
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•
附录 6 引言部分进行了修改,以解释本附录与IVS 103的关系。该附录进行了修改,以合 并IVS 103当中的下列新增材料及重新措辞:该附录进行了修改,以合并IVS 101 的下列新增材料及重新措辞: 附录
(a)该项进行了扩充,提到“其它预期用户”。
• (c)提到作为资产群或组合资产持有的资产。
• (f)进行了修改,强调在采用公允价值
• (h)新增内容提到VS
• (i)提出一个重要的注意事项,确认RICS不允许一项估价由事务所
• (p)该项进行了扩充,要求视情况用一条评论指出该项估价符合IVS。
• (q)要求注明估价推理已经修改,现在与IVS的对应部分相似。
• (s)新增针对估价时点
• (t)这里的注解部分确认估价报告的编制人不可签署为“某事务所”。
1.7.4。 时,价值基准的识别认定要正确。
这与IVS不同。始终必须指出哪名估价师是负责者。 完成,
用户指南:投资意图估价不确定性体现》(2011)。 之后发生的重大变化进行评论的要求,并提到《RICS
附录 7 新增第(2.4)款,提醒注意VS 1.9的披露要求。 附录
附录 9 新增一个附录,提供现行IVS版本与本版红皮书的详细对比。 GN 4 GN 4 GN 4 GN 4 项目清单进行了修改,现在与VS 2.1的清单完全一致。 附录
7 GN 7 GN 7 GN 7 该指南 已经撤销,将另外单独出版。 国际估价标准 RICS标准的电子版及印刷版均转载了2012年1月1日发布的IVS全文。
GN
v

声明
声明
•
• 产估价的指南; 《RICS评估与估价手册》最初出版时,分为两个标题: 《资产估价实践与指南陈述》第1版(1976)、第2版(1981)和第3版(1990),提供资 《估价指南手册》第1版(1980)、第2版(1981年3月)和第3版(1992年4月)。
《RICS评估与估价标准》于2003年第一次出版,2003年3月至2007年4月共作出9次修订。 《RICS评估与估价手册》于1993年、1996年(两次)、1998年、2000年和2002年重印。
年7月再次修订,2010年4月再次重印。 第7版书名更改为《RICS估价-全球和英国标准》,出版于2011处4月。 《RICS估价标准》第6版于2008年第一次出版,2008年9月进行了修订,2009年3月重印,2009
发表的内容所包含信息的准确性,IVSC不承担任何责任。IVSC不定时出版的IVS英文版本是IVSC标 准的唯一正式版本。 经过国际估价标准委员会(IVSC)的版权许可,此次出版对《国际估价标准2011》进行了转载。对RICS
41号(邮编:EC2R 6PP),也可登录网 站www.ivsc.org查找。 附录8的内容版权归欧洲抵押贷款联合会,经其许可予以转载。 该唯一正式版本可从以下地址获取:英国伦敦Moorgate
15)“有形固定资产”的版权归会计准则委员会,经其善意许可,予以部分 转载。 英国估价标准(UKVS)第2.6节以及附录9内容版权归金融服务管理局(FSA),经其许可予以转载。 财务报告准则第15号(FRS
特许公共财务会计师协会(CIPFA)在英国标准附录5的修订中给予了帮助,RICS特此鸣谢。 (虽然使用FSA材料,并不表示FSA认可本出版物或其材料、观点。)
5“地区当局按低于最优对价处置土地”的修订 “社区和当地政府”部(原副首相办公室)在英国标准GN
英国估价标准(UKVS)第1.15条内容版权归财政部,经其许可予以转载。
中给予了帮助,RICS特此鸣谢。
vi

与以下单位合作出版:
IRRV是地方税务、福利与估价方面的专业团体。地址:伦敦 高霍尔303-305号 5楼 诺森伯兰宿舍 邮 与IRRV合作出版。
7691 8988
020 7831 2048
www.irrv.org.uk 网址: 传真:
020 电话: 7JZ 编:WC1V
有RICS和IRRV双重会员资格。
英国收益评级与估价协会(IRRV)是国税、收益及估价领域英国最大的专业团体。IRRV估价师通常具
vii

目录
目录
..................................................................................................................... ii
.................................................................................................................... vi
..................................................................................................................... 1
1 .............................................................................................. 1
2 .................................................................................... 1
前言
3 ......................................................................................................... 3
声明
4 .............................................................................................. 3
引言
5 ........................................................................................... 5
6
本标准的目的
生效日....................................................................................................... 5
国际估价标准(IVS)
.................................................................................................................. 6
VS 1 .....................................................................................
出版
12 修订案及讨论稿 本标准的编排
合规性和道德要求 术语表
........................................................... 12 本标准的编排:适用范围和例外情形 1.1 VS
........................................................... 16
......................................................................... VS 1.3 RICS国家协会估价标准 合规性、监管和披露方面的背离要求 1.2 VS
19
............................................................................................ 19 聘用条款 1.4 VS
......................................................................................... 20 估价师资格 1.5 VS
......................................................................................... 20 知识与技能 1.6 VS
.................................................................................... 22
........................................................................... VS 1.8 独立性的额外判断准则 独立性与客观性 1.7 VS
24
............................... 24
............................................................................................ VS 2 聘用条款协议 对涉及公众利益的或者第三方可能依赖的估价进行额外披露 1.9 VS
29
.................................................................................... 29 聘用条款确认书 2.1 VS
............................................................................................ 30
.............................................................................. VS 2.3 营销约束与强制出售 特殊假设 2.2 VS
32
VS 2.4 ......................................................................................... 32
VS 2.5 ........................................................................... 33
VS 2.6 ......................................................................................... 34
VS 3 .................................................................................................. 35
VS 3.1 ............................................................................................ 35
限制性信息
VS 3.2 ............................................................................................ 36
重新估价而不重新勘查
VS 3.3 ............................................................................................ 36
批判性审查
VS 3.4 ............................................................................................ 37
VS
价值基准
3.5 ............................................................................................ 37
价值基准
VS 4 ....................................................................................................... 38
市场价值
VS 4.1 ........................................................................ 38
市场租金
VS 4.2 .............................................................................. 40
41
投资价值
42
42
45
45
46
46
47
公允价值 用于担保贷款的估价 用于财务报表的估价项目 应用
47
.....................................................
.......................................................................................................
.........................................................................................
..................................................................................................
...................................................................... 勘测 VS 5.1 勘查与勘测 VS 6 估价报告 VS 4.3
......................................................................................
为财务报告目的对公共部门资产进行估价
.................................................................................
............................................................................................
VS
........................................................................
5
怎样描述报告 VS 6.3 怎样报告价值基准 VS 6.4 特殊假设 VS 6.1 估价报告至少应包括的内容 6.2 VS 私营部门的折旧重置成本 6.5 VS
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48
48
49
49
50
50
51
52
53
57
65
.................................................................................................... 69
.......................................................................................... 72
........................................................................... 附录 6关于估价报告内容的最低要求 附录5商业抵押贷款估价 特殊假设 附录4
........................................................................
.....................................................
...............................................................................................
..............................................................................
...................................................................................... 折旧重置成本估价与备择市场价值的比较 VS 6.8 负价值 VS 6.9 位于多个国家的物业 VS 6.6
......................................................................................
公共部门的折旧重置成本
......................................................................................
...........................................................
VS
..................................................
6.7
初步估价意见 VS 6.12 公开发表陈述 VS 6.13 公开出版物对背离及特殊假设的引用 VS 6.10
...............................................................................................
..........................................................................................................
合并其它估价 VS 6.11
假设 附录3 确定聘用条款 附录2 保密职责、独立性与客观性面临的威胁、利益冲突 附录1
78
........................................................................ 公开出版物引用估价报告的例子 7 附录
83
.......................................................... 85
................................................................. 88 附录9 《RICS估价-专业标准》与IVS的比较 欧洲抵押贷款协会关于抵押贷款价值的文件 8 附录
94
98
105
107
112
116
............................................................................................
..............................................................................
.......................................................................
................................................................................................
............................................................................................. 个体贸易相关物业的估价 GN 3 物业资产组合与物业群的估价 GN 4 个人财产 GN 1
............................................................
估价的确定性 GN 2
用于财务报告的折旧重置成本估价方法 6 GN 厂房与设备 5 GN
ix

引言
引言
1 本标准的目的
本标准的目的
1.1
1.2
此RICS标准旨在使估价服务的用户确信,由RICS合格估价师提供的估价服务是按照最高专业 标准进行的,是独立而且客观的,符合IVSC制定的国际公认标准。
执行与交付过程提供了最佳实践的框架,但并不指导估价师针对具体案例如何估价。注册接受RICS监 本标准按照“RICS行为规则”,规定了估价师应当遵守的程序规则及指南,它为各种目的估价
1.3 本标准的要求及定义如下: 管的个别估价师或公司有强制义务遵循本标准,若出现重大违约,将受到有效制裁。
1.4 此版本是《RICS估价-专业标准》的2012版。原标准于1976年出版,通常被称为“红皮书”。
• 估价师必须具有适当的从业资格,这种资格是通过明确的标准而评判认定的。
• 估价师所用方法必须具有独立性、客观性。
• 雇用条件必须清晰,包括需要提及哪些事项以及需要作出哪些披露。
• 价值基准方面的清晰性,任何假设或重大对价均需考虑。
• 估价报告内容方面的最低标准。
• 如果第三方需要依赖估价结果,则应进行充分且适当的披露。
2 国际估价标准(IVS
国际估价标准 IVS)
国际估价标准 IVS
2.1 期审查,是国际公认的高水准估价原则及定义。RICS标准采用并(在适当情形)补充IVS标准,这在红 皮书一系列版本中均有体现。IVS标准成为RICS标准整体框架的一部分,由全面的监管方案对其提供支 国际估价标准委员会(IVSC)是RICS的赞助者之一。国际估价标准(IVS)由该委员会出版并定
2.2 RICS标准首次整篇转载IVS标准。尽管某些RICS标准表述方式与IVS有所不同,但是两者原 持,确保有效落实与交付。
则、目标及定义的术语均相同。RICS认为,按照红皮书展开的估价亦将符合IVS标准。
1

2.3 IVS
产”这个词被视为适当情况下也包括“负债”(详见IVS 2011的一项重大更改是扩大了应用范围,除物业房地产外,还包括所有类型的资产;其中“资
2.4 使用词语“物业房地产”而非“资产”。 2011“引言”部分)。本标准(RICS标准)大部分
200 或210标准并遵守RICS标准的其它 提醒承接企业估价及无形资产估价任务的会员遵循IVS 是针对不动产(土地、房屋及其中权益)、个人财产以及厂房与设备的估价,因此,为清晰起见,优先
一般要求。RICS预期将针对这些特殊类别的资产发布进一步指南。
2

2.5
3 出版
内容,请参阅IVSC网站www.ivsc.org RICS标准合并了2012年1月1日起生效的IVS2001全篇。至于2012年1月之后修订或新增
出版
3.1 估价标准、指南、讨论稿、估价警报以及其它估价资料,并且包括本版本(第8版)生效日之后发布的
•
本标准主要资源来自RICS网站(www.rics.org/redbook)。该网站提供了国际标准、国家协会
RICS估价-专业标准,第8版(2012年3月)
3.2 本标准的所有版本均可直接向RICS索取,分为以下几册: 所有修订或新增出版材料。
• RICS估价–专业标准及英国估价标准合订本,第8版(2012年3月)
• RICS估价–专业标准及印度估价标准合订本,第2版(2012年3月)。
3.3
4 本标准的编排
以下语言版本的RICS标准仅能从网站获取:中文、荷兰语、英语、法语、德语、意大利语、俄
3.4 可用的国家协会估价标准包括:香港、爱尔兰、荷兰、法国以及英国标准。 语、葡萄牙语以及西班牙语版本。
4.1 本标准编排结构如下:
本标准的编排
引言 术语表 估价标准 引言
1 合规性与道德要求 VS 2 聘用条款 VS
3 价值基准 VS 4 应用 VS
5 勘测 VS 6 估价报告
VS
3

4.2 估价标准使用VS参考号作为标记(例如VS
附录 指南 国际估价标准 国际估价标准2011 2011 附录
述或称“规则”,并视情况在其后给出注解,以提供关于其解释与应用的更多信息。
1.1)。每条标准在上述VS标记后紧跟一条简短陈
4

4.3 每篇附录提供的是标准的解说当中引用的支持信息,有助于了解相关具体标准的背景。
4.4
4.5 标准当中如果使用了术语表定义的词语,则该词语以斜体显示。引用其它出版物的内容,则如下 指南部分针对指定实例给出建议,并包括“最佳实践”条目,即:RICS认为按照高标准达到专 业称职的操作程序。 显示:
4. 会员应能够按客户所预期的熟练、谨慎和勤勉程度展开专业工作,并正确参照技术标准。
RICS会员行为规则2010,第4条
5 修订案及讨论稿
修订案及讨论稿
修订案及讨论稿
5.1 修订与补充将在基于WEB的刊物发表,但是对于印刷版,修订与补充内容将仅在接下来的重印当中予
5.3
RICS对本标准内容定期进行审查,并根据需要,不时发布修订案及补充内容。根据需要,临时
这些内容才能收入红皮书。评论意见经过RICS估价委员会的考虑以及最终批准之后,讨论稿案文将在发 征求意见稿旨在使会员能够对通过批准的案文进行评论,并且如有可能,指明其中的缺陷;之后
5.2 如果某些修订将产生重大影响,例如需要改写一篇附录或指南,则此等修订将以讨论稿形式发表 。讨论稿将包含经过RICS估价标准委员会授权,由公众进行评论的内容(详见www.rics.org/redbook) 以收录,一般情况下,每年重印一次。
。
5.4 RICS估价委员会也很乐意收到关于收录其它材料的建议,或者对案文进行澄清的要求。 表之后第一次更新日开始具有强制效力。
6 生效日
生效日
6.1 此版本的标准自2012年3月30日起生效,适用于当天或之后开展的估价工作。如果2012年1
6.2 任何指定日期的现存的案文副本可从RICS图书馆获取。 月2日之后作出任何修订,将在每条估价标准、附录或指南末尾注明相关的生效日。
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术语表
术语表
规定的含义。如果某术语按照本部分的定义使用,则以斜体表示。如果本部分术语表包括IVS定义的术 语,则采用的是IVS的措词方法。 术语表部分定义了本标准使用的具有特殊或限定含义的术语。本部分未出现的术语,视为具有普通词典
假设 国家协会估价标准当中可能使用了其它术语,这些术语按照国家协会特定估价标准的上下文定义。
被认定为真实的一项推定。其中涉及的事实、条件或状况对一项估价的对象或途径
师为证明某事的真实性而进行具体勘测的地方需要做出假设。 有影响,但根据约定,在估价过程中无需由估价师进行验证。通常,在不要求估价
价值基准 关于一项估价的基本衡量假设的陈述。 价值基准
成本计算法 用这种方法提供资产价值的指征,是指估价过程使用经济原则,资产的买方支付的 额度不超过获取(无论购买或建造)同等效用资产所需的成本。 成本计算法
报告日期 估价师签署报告的日期。 报告日期
估价日期 估价日期(date of date of date of date of valuation valuation) 参见估价时点(valuation date)。 估价日期
背离 是指一些特殊情况下,完全按照估价标准进行估价是不恰当或不切实际的,或者客 户要求估价师按照非RICS估价标准进行估价。 背离
折旧重置成本 (DRC DRC DRC) 使用新式等效资产重置某项资产的时价成本,扣除物理损坏以及各种形式的折旧与 优化。
折旧重置成本
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外部估价师 与客户、代表客户行为的代理人、或任务的对象没有实质联系的估价师及其协作人 。 外部估价师
公允价值 1. 知晓行情的、自愿的各方之间,资产或债务转让时对各方各自利益均有所体现的 估计价格。 公允价值
在衡量当天,市场参与者之间完成资产出售应收到的价格,或完成债务转让应支 付的价格(参见IFRS 13)。 2.
3.5及VS 4.1。) (关于这些定义的详细解释,见VS
财务报表 个人或法人实体财务状况的书面报告,是按照规定的内容和格式撰写的正式财务记 录。将它们公布的目的是为广大的不特定第三方用户提供信息。财务报表是在会计 财务报表
标准和相关法律的监管框架之下发展而成的、考查是否对公众负责任的衡量标准。
事务所 估价师为其工作,或者成员通过其进行交易的事务所或机构。 事务所
商誉 来源于某个企业或在某个企业拥有的权益的远期经济利益;也可以是来源于不可分 商誉
割的资产群的使用。
指南 指南中提供有关适用于特定类型情况的良好估价执业惯例的详细内容和信息。这些 指南为特定的专业任务推荐了工作程序,其目的是将“最佳执业惯例”具体化。RICS 指南
和IRRV认为,正常情况下会员应采纳这些程序,以体现必要的专业能力水准。
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收益还原法 这种估价方法是把未来现金流量转换成单一的资本现值,从而提供资产价值的一种 指征指证。 收益还原法
勘查 对物业进行的实地访问,其目的是检查并获取相关信息,从而提供物业价值的专业 意见。 勘查
无形资产 一种非货币性资产,它以其经济属性来证明其自身。它不具有实体物质形态,但能 向其所有者授予权利和经济收益。 无形资产
内部估价师 是指该估价师受雇的企业是被估价资产的拥有者,或其受雇的会计事务所是为该企 业编制财务记录和/或报告的负责者。一般情况下,内部估价师能够符合所有的独立 性要求,以及VS 1.5至VS 1.8对专业客观性的要求,但是,由于向公众表述和法 内部估价师
1.9中额外的独 立性要求。 规方面的原因,在某些类型的任务中内部估价师并不总是能满足VS
国际财务报告标 准(IFRS IFRS IFRS) 为了实现会计原则的一致性而由国际会计标准委员会设立的标准。该标准是在一个 概念性框架之内发展而成,从而使用一种普遍适用的方式来确定和处理财务报表的 国际财务报告标
各个要素。IFRS标准就是以前所谓的国际会计标准(IAS)。
投资物业 投资物业投资性 投资性 房地产 土地或一个建筑(或一个建筑的一部分)或两者都有的等物业房地产,业主持有该 物业是为了赚取租金或资本增值而持有,而非用于以下目的: 投资物业
用于生产或供应货物或服务,或用于办公行政目的,或:
以通常业务运作方式出售用于日常业务过程中的出售。
8

投资价值 投资价值(或称 或称 或称: 所有值 所有值) 一项资产对其业主或准业主而言,用于个人投资或经营目标的价值。(有时也称作 “所有值”。) 投资价值
市场比较法 指参照有明确价格信息的、与被估价对象相同或类似的资产,从而给出被估价资产 的价值的一种指征证的方法。 市场比较法
市场租金 在进行了适当的营销(其中各方均以知晓行情、谨慎的方式参与,且无强制因素) 之后,自愿买家和自愿卖家以公平交易的方式,在估价时点对一项物业进行租用的 市场租金
估算金额。
市场价值 在进行了适当的营销(其中各方均以知晓行情、谨慎的方式参与,且无强制因素) 市场价值
交换的估算金额。 之后,自愿买家和自愿卖家以公平交易的方式,在估价时点对一项资产或债务进行
联姻价值 见协同价值。 联姻价值
会员 英国皇家特许测量师协会(RICS)的研究员、专业会员、准会员或名誉会员,或收 益评级与估价协会(IRRV)的研究员、持证会员或名誉会员。 会员
公开市场价值 红皮书最初四个版本支持的一条价值基准。现在不再作为定义术语。使用该基准, 公开市场价值
与使用市场价值所得结果相同。
9

(real estate) 土地以及无论地面上方或下方的所有物体,这些物体可能自然属于土地一部分(如
不动产 树木、矿物质),或附着于土地(如建筑、现场改善),或属于建筑的永久附件(如 服务于建筑的机械和电气厂房)。 不动产
固定财产 固定财产(即物 即物 业)房地产 房地产 (realproperty) 固定财产 与不动产的所有权相关的所有权利、利益及收益,包括正面的和负面的(即义务、 产权负担或债务)。
RICS RICS注册的 注册的 注册的/注 册接受 册接受RICS RICS RICS监管 监管 的 (a) 遵照RICS章程在RICS注册接受监管的事务所。 (b) 遵照RICS的《估价师注册方案》注册为估价师的会员。 在RICS
特殊假设 特殊假设是指这个假设当中的事实与估价时点的实际情况不同,或者在估价时点的 一次交易当中市场参与者通常不会做出这样的假设。 特殊假设
特殊购买者 特殊购买者是指某项特定资产对于该购买者具有特殊价值,因为如果该购买者拥有 该资产,将产生好处,而对于市场上的普通购买者,则不会产生这种好处。 特殊购买者
特殊价值 反应一项资产或债务的特殊属性的一个数额,这种特殊属性仅对特殊购买者具有价 值。 特殊价值
特殊物业 是指该物业由于特性、设计、构造、大小、位置或其他因素带来的独特性,而极少 或从不在市场上出售(除非作为企业或实体的一部分共同出售)。 特殊物业
协同价值 协同价值(或联姻 或联姻 价值 价值) 由于两个或多个利益的结合而产生的一个附加价值要素,它使得结合之后的价值高 于原有各利益的价值之和。(有时也称作“联姻价值”)。
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聘用条款 适用于承办并报告一项估价的条款条件的书面确认,这些条件可能是由会员提议的, 或者会员与客户已经达成一致的。 聘用条款
第三方 除客户之外,可能与估价或估价结果有利益关系的任何另外一方。 第三方
与贸易有关的 与贸易有关的物 业房地产 房地产 专为某种特定类型的业务而设计的物业,该物业的价值反映的是该业务的贸易潜力 。 与贸易有关的
经营存货 通常业务运作中持有的待售存货。例如,在物业方面,是指建筑商和开发公司持有 的土地和建筑物。 经营存货
估价时点 估价意见适用的日期。 估价时点
估价标准 会员提供书面估价时适用的、最高水准的专业标准的陈述。 估价标准
所有值 见投资价值。
所有值
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估价标准
估价标准
VS 1 合规性和道德要求
VS VS 1.1 1.1 本标准的编排
本标准的编排:适用范围和例外情形
本标准的编排
适用范围和例外情形
RICS RICS和IRRV IRRV IRRV的全部 的全部 的全部会员 会员 会员,以及接受 以及接受 以及接受RICS RICS RICS监管的全部 监管的全部 监管的全部事务所 事务所 事务所,在承办任何事务时 在承办任何事务时 在承办任何事务时,若需进行书面估价 若需进行书面估价 若需进行书面估价, 则必须遵守 则必须遵守VS 1 VS 1 VS 1 VS 1的规定 的规定 的规定。 RICS
•
RICS
下列情形下 下列情形下,不必强制应用 不必强制应用 不必强制应用VS 2 VS 2 VS 2 VS 2 至VS 6 VS 6 VS 6 VS 6(但是只要具有可行性 但是只要具有可行性 但是只要具有可行性,仍应从原则上遵循这些 仍应从原则上遵循这些 仍应从原则上遵循这些估价标准 估价标准 估价标准): ):
• 估价意见是特意地明确地为谈判或可能的诉讼而准备的 估价意见是特意地明确地为谈判或可能的诉讼而准备的,或者是在这样的谈判或诉讼过程中提 或者是在这样的谈判或诉讼过程中提 供的 供的。 下列情形下
估价师执行法定职能 估价师执行法定职能,或者估价师必须遵守指定的法定或法律程序 或者估价师必须遵守指定的法定或法律程序 或者估价师必须遵守指定的法定或法律程序。 估价师执行法定职能
•
•
•
该项估价专供内部用途。 与特定的代理工作或经纪工作相关而提供的估价 与特定的代理工作或经纪工作相关而提供的估价。 该项估价专供内部用途
为了保险用途在估价报告中提供或另外单独提供一个重置成本数字。 每条估价标准之后带有注解 每条估价标准之后带有注解,如果注解要求估价师采取特定行动 如果注解要求估价师采取特定行动 如果注解要求估价师采取特定行动,则视为具有强制性 则视为具有强制性 则视为具有强制性。至于附录 附录 附录当中的 中的 材料 材料,如果与之关联的估价标准如 如果与之关联的估价标准如 如果与之关联的估价标准如此指出,则该 则该 则该材料 材料 材料具有强制性 具有强制性 具有强制性,否则仅建议 仅建议 仅建议采取而 采取而 采取而非强制 强制 强制。 为了保险用途在估价报告中提供或另外单独提供一个重置成本数字
注解
注解
1.
2. 本标准针对RICS行为规则和IRRV行为准则在估价业务当中的应用,提出强制要求和指导,以保 本标准吸收采纳了IVS标准,是经过RICS知识委员会和IRRV共同批准的、用于其成员估价工作 的实践与交付的一整套全面的技术标准。
能够确信,估价工作是按照高水准的称职要求及正直要求承办的,并且完全符合公认的相关的国内(英 证估价师在资格、知识、技能及经验等方面达到并维持指定的水准。进行,估价结果的索要者或依赖者
3. RICS或IRRV的任何成员参与承办任何估价业务时,必须强制应用这些标准;但是本部分第5 国)协会及国际估价标准。
的任何人。这可能包括单位内部仅参与估价报告的制作而未参与其签署的个人,以及反之,仅签署估价 款特别指出的例外情形除外。“承办估价业务”包括计算和签署书面估价意见并对此负全面或部分责任
4. 这些标准是按照应用于估价师的标准写成的。如果需要考虑某条标准如何应用于在RICS注册并 报告而未参与其制作的个人。
接受监管的事务所,则尚待作出相应的诠释。
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例外情形
例外情形
5. VS
(a) 特意地明确地为谈判或可能的诉讼而提前准备的估价意见,或者在这样的谈判或诉讼过程中准备 的估价意见。 2至VS 6不必强制适用的情形如下:
法院裁决,请估价师务必参考第(b)款的注解。 与这种例外情形相关的估价意见是指,该意见是按照当前或即将进行的谈判的可能结果而提供的;或者 按照请求,该意见提供的数字将用于与这种谈判相关的报价。如果与谈判相关的事项最终将由仲裁庭或 这种例外情形还包括向正在考虑采取与法定或法律程序有关的行动(例如:租金审查、向当地物业课税
(b) 估价师执行法定职能,或者估价师必须遵守指定的法定或法律程序。
额的自我评估),则该例外情形不适用。 价格提出质疑、发起收购权等)的客户提供估价意见。如果估价结果将用于法定申报表(例如:应纳税
• 编制各种价值清单用于为地方或国家税收(例如:物业税)提供一个基准。 本项下的例外情形包括:
• 须符合法定要求或假设,或者它可能受到规定程序的管辖。在优先符合此等要求的前提下,采用 本标准当中相关且可行的原则与定义会使证据更加可靠,并且能协助估价师经受得起质证。 编制的估价意见预期将作为专家鉴定人在法院、仲裁庭或委员会提供证据。此等估价行为可能必
• 为了解决争议的目的,指定的仲裁员、独立专家以及调解人作出的判决与报告。
(c)
应用”范围内的目的,也不适用于“VS 1.3 RICS国家协会估价标准”范 围内的任何标准。 这条例外情形不适用于“VS 4
该项估价专供内部用途。
字)均不会对任何第三方可见,或向任何第三方传达。 采用本条例外情形时,估价师应注意保证所给意见是适度有保留意见,并且在聘用条款中应由双方明确 这条例外情形适用于提供的估价意见仅限于接收人单位内部使用,而估价报告的任何部分(包括估价数
(d) 与特定的代理工作或经纪工作相关而提供的估价。 承认并同意估价意见的范围及用途是有限的并且不承担任何责任的。
包括针对是否应当接受或做出某项特定报价而提出意见。这条例外情形包括属于《RICS指南-不动产和
(e)
书,则这条例外情形不适用。 这条例外情形适用于为代理机构预期或当下的指令提供的估价,用于处置或收购物业当中的一份权益; 经纪标准》(2011年7月起生效)范围内的估价工作。如果客户要求提供其中包含一项估价的收购报告
为了保险用途在估价报告中提供或另外单独提供一个重置成本数字。
13

14
这条例外情形适用于提供的重置成本数字用于保险目的,无论这个数字是在估价报告当中提供还是独立
于估价报告另外提供。如果该数字在估价报告当中提供(通常用于住宅按揭贷款目的),则聘用条款当
中应包括对计算该数字时采用的基准的解释。这条例外情形不适用于为了保险目的为个人财产提供估价
(详见GN 4 个人财产)。
某些情况下,尽管估价目的符合上述例外情形之一,却可能仍然要求估价师遵守IVS标准。在这些情况
下,应当确认尽管在VS 2至VS 6不强制适用的情形下,估价意见仍然符合IVS标准。
6. 无论在特定情形下VS 2至VS 6是否适用,会员以及注册接受RICS监管的事务所始终受RICS
行为规则(2011修订版)和IRRV行为准则的约束,其中的关键要求摘录如下:
适用于会员
会员
会员
会员:
道德
道德
道德
道德行为
行为
行为
行为
3.
3.
3.
3.会员应
会员应
会员应
会员应始终诚信
始终诚信
始终诚信
始终诚信行事
行事
行事
行事,避免利
避免利
避免利
避免利益冲突
冲突
冲突
冲突,避免
避免
避免
避免任何与专业
任何与专业
任何与专业
任何与专业义务不一
务不一
务不一
务不一致的行为与情
的行为与情
的行为与情
的行为与情况。
称职
称职
称职
称职
4.会员应能够按客户所预期的熟练、谨慎和勤勉程度展开专业工作,并正确参照技术标准。
服务
5.会员展开专业工作应当及时,并且按照客户的期望良好地顾及服务标准和顾客关怀。
适用于事务所
事务所
事务所
事务所:
专业行为
3.事务所应始终诚信行事,避免利益冲突,避免任何与专业义务不一致的行为与情况。
称职
称职
称职
称职
4.事务所应能够按客户所预期的熟练、谨慎和勤勉程度展开专业工作,并正确参照技术标准。

5.事务所展开专业工作应当迅速,并且按照客户的期望良好地顾及服务标准以及顾客关怀。 服务
IRRV IRRV行为准则 行为准则 IRRV
2.
行为准则摘录:
会员行事应当勤奋、正直、诚实,以其行为方式宣传提升其所在机构及机构会员的良好专业
7.
8.
声誉。
会员应保证在知识、技能和称职等方面跟上时代步伐,以按照最高标准展开专业工作,并且 应遵守所在机构酌情加于他们的持续专业发展要求。 会员应遵守其所属专业团体的专业行为规则,如果会员的行为违反了IRRV准则,也违反了
10. 会员应遵守IRRV不时制定的技术指南及实践陈述,无论此等指南或陈述(包括但不限于附 其所在其它团体的准则,该团体可以自行采取行为。
件所列出的那些)可能是由IRRV发布或认可的,也可能是由其职能部门发布或认可的。
1.由IRRV、皇家特许测量师协会、评级测量师协会联合发布,2004年4月1日起生效的《英国 附件
2. 由英国收益评级与估价协会(IRRV)和皇家特许测量师协会(RICS)联合发布的《估价标准 评级顾问执业准则》及该执业准则的后续版本。
-红皮书》。
15
2011年1月,©IRRV版权所有

VS VS 1.2 1.2 合规性 合规性、监管和披露
合规性
监管和披露
监管和披露等方面的背离
监管和披露 方面的背离
注解
注解
事务所的合规性
事务所的合规性
RICS RICS和IRRV IRRV IRRV的全部会员承办估价业务时 的全部会员承办估价业务时 的全部会员承办估价业务时,无论以个 以个 以个人身份 人身份 人身份进行 进行 进行,或从事 或从事 或从事于某 于某 于某个事务所 事务所 事务所,也无论该事 该事 务所是 务所是否受RICS RICS RICS监管 监管 监管,均需遵守本标准 需遵守本标准 需遵守本标准。 RICS
RICS RICS会员估价师还必须遵守 会员估价师还必须遵守 会员估价师还必须遵守《RICS RICS RICS估价师注册方 估价师注册方 估价师注册方案》中的要求 中的要求 中的要求,其中VS 2 VS 2 VS 2 VS 2至VS 6 VS 6 VS 6 VS 6强制 强制 强制适用。 RICS
1. 遵守这些估价标准是全部RICS会员
•
•
受RICS
不受
员从业的事务所。该事务所 是否受RICS监管对估价师的影响如下: RICS RICS监管的 监管的 监管的事务所 事务所 事务所:该事务所 以及从事于该事务所 的RICS全部会员 必须保证所 的个人责任。此等责任如何落实,一定程度上取决于该会
。 不受 不受RICS RICS RICS监管的 监管的 监管的事务所 事务所 事务所:虽然据了解,此等事务所 可能有自己的企业流程,而RICS 有的流程和估价工作完全符合本标准。这包括估价工作并非单一RICS会员责任的情形
的个人会员 负责估价时,要求遵守本标准。
无权控制,但是从事于此等事务所
16

• 确信这种背离不会造成客户被误导或造成不道德行为;
• 在估价报告中指出因受到阻止而不能遵守本标准的地方,并注明背离的原因;
• 尽最大努力遵守本标准的其它各方面。
的标准更严格,必须遵守本标准;但是,该事务所 的流程可能明确阻止遵守本 标准的某特定方面。这种情况下,估价师有权背离此条特定估价标准 ,但是该估价师必须: 如果本标准比该事务所
仅为一项估价的协助者而非负责人时,该会员 亦应尽量使提供的协助符合本标准。 如果会员
针对其它 针对其它估价标准
针对其它 针对其它 估价标准 的合规性
估价标准 的合规性
2. (截止2012年1月)。RICS认为符合本标准的估价也将符合IVS标准,关于这一点,可以在估价报告 按要求,估价师可能需要提供符合IVS标准的报告。本RICS标准在原则及定义上均与IVS一致
• 定义 中作出陈述(详见附录6(p))。IVS标准由以下几部分组成:
• IVS框架
• 一般标准
• 资产标准
• 估价应用
本标准全文转载了2012年1月出版生效的IVS标准。转载内容是2011年7月1日发表的IVS标准原封
3.
不动的版本。因为RICS标准包含更多材料,某些部分的表述方式可能与IVS不同。但是,附录9提供了 本标准与IVS标准的详细比较,可以协助估价师回应与特定IVS标准合规性相关的问题。
并入)的估价报告。任何情况下,估价师必须作出陈述,声明估价工作符合《RICS估价-专业标准》(详 RICS承认估价师可能需按要求提供符合其它标准而非《RICS估价-专业标准》(已将IVS标准
背离
背离 6.1款),同时也符合其它任何指定标准的一项或多项特定要求。 2.1款和VS 见VS
4. 如果估价师背离本标准,必须在聘用条款
5. 如果在特殊情形下,认定不适宜应用某条特定估价标准
以及估价报告中就此作出明确陈述。
的整体或部分,必须在估价报告之前就 此背离作出确认并与客户达成一致。
17

6. 原因不满意,或对此等背离 的申报或证明方式不满意,两个机构均有权采取纪律措施。
作出背离的估价师可能需按要求向RICS或IRRV证明其原因。如果RICS或IRRV对转达的此等
18

7. 不为本标准所认可,则构成背离 ,聘用条款 以及估价报告当中必须对此作 出明确陈述。估价报告还须指出所采用的基准与本标准认可的最接近的等效基准之间的差异。 如果采用的价值基准
监管 监管:对是否符合
监管 对是否符合
对是否符合本标准
对是否符合 本标准 本标准进行监控
本标准 进行监控
8. 会员承办估价业务,如果本标准的VS
9.
对 IRRV 会员的适用性
RICS作为一个自我监管的机构,有责任监控和设法确保其成员以及受其监管的事务所遵守本标
6适用,则该会员必须按照指定的时标和流程加 入《RICS估价师注册方案》。关于该方案的细节详见www.rics.org的监管章节。 2至VS
见www.rics.org的监管章节。 准。按照其章程,RICS有权从会员或事务所索取信息。行使此等与估价相关的权力的程序详
10. IRRV行为准则(见
IRRV 会员的适用性
由RICS和IRRV联合发表,因而对IRRV的估价师会员具有约束力。IRRV行为准则的执行事宜由该协会 www.irrv.net)要求其会员遵守该协会发表的或认可的技术指南。本标准是
准则的行为,制裁手段包括暂停或取消会员资格。IRRV和RICS可以彼此要求对方处理在这两个机构具 有双重会员资格的估价师涉嫌违反本标准的行为;两个机构也可以为了保证合规性而共享信息。 的专业操守委员会负责,该委员会针对会员的期望值提供指导,并处理收到的投诉。对于经证明违反该
VS VS 1.3 1.3 RICS RICS 国家协会 国家协会估价标准
国家协会 估价标准 估价标准
注解
注解
1. RICS国家协会估价标准
2.
VS 1.4 聘用条款
准与客户协商一致。 如果估价涉及的资产位于两个或多个国家并且估价标准不同,则估价师必须就该指令适用哪种标
RICS RICS国家协会 协会 协会发布 发布 发布或采用的 或采用的 或采用的估价标准 估价标准 在适用的国 用的国 用的国家具有强制 具有强制 具有强制效力 效力 效力。 RICS
,以便满足地方法定或监管要求。如果 两者存在冲突,则全车协会估价标准 优先,不得解释为所施加的标准比国际标准次要。 旨在扩展或修订国际估价标准
VS 1.4
注解
注解
聘用条款
会员 会员在发布 发布 发布估价报告之 估价报告之 估价报告之前,始终 始终 始终要与 要与 要与客户 客户 客户确认承办该项估价的聘用条款 承办该项估价的聘用条款 承办该项估价的聘用条款。
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1. 一条基本而重要的原则是在估价项目得出结论之后,发布报告之前,估价师应使客户知悉所有相
2所述。估价用途属于VS 1.1所述例外情形范围的除外。VS 2.1特 别规定了条款应包含内容的最低要求。如果估价用途属于VS 1.1所述例外情形范围,则可以使用简短的 聘用条款。 的标准如下文VS
协议进行
2. 。 聘用条款 的任何修订 关事项,并适当记录在案。这样是为了保证估价报告不包含客户不知晓的针对最初聘用条款
3. 记载或证明。 由于估价完成之后,时经多年仍可能产生争议,因此必须使用全面的文档对聘用条款
VS VS 1.5 1.5 估价师资格
注解
注解
1. 检查一个个体是否具有承担一项估价责任的恰当资格时,应结合下列内容:
• 学术/专业资格,以表明具有技术能力;
• 专业机构的会员资格,以表明对道德标准的承诺;
本标准 本标准适用的任何一项估价 用的任何一项估价 用的任何一项估价,必须 必须 必须由具有 具有 具有恰当 恰当 恰当资格的估价师 的估价师 的估价师编制或监 制或监 制或监督,并由 并由 并由该估价师承 该估价师承 该估价师承担责 担责 担责任。 本标准
• 作为估价师的实践经验;
• 遵守该国管辖估价执业权利的法律法规;
• 如果
2. RICS的会员必须在培训与称职能力方面达到和维持指定标准。但是,由于会员活跃于范围广泛 估价师是RICS的会员,则应按照《估价师注册方案》进行注册。
的专业领域和市场,因此即使具有RICS会员资格或已经注册为估价师,也并不意味着该个体在某特定
3. 在某些国家,估价师按要求需获取证书或执照才能承办特定估价业务,这种情况下,应适用VS 领域或市场具有必要的执业经验。
VS 1.6 知识与技能
VS 1.6 1.2.2的规定。此时可以根据客户意愿或RICS国家协会的估价标准施加更严格的要求。
注解
注解
估价师必须 估价师必须掌握 掌握 掌握关于特定市场的地方 特定市场的地方 特定市场的地方、国家和国际 和国际 和国际(视情 视情 视情况)的现有知识 知识 知识,并具备称职地承办估价业务 称职地承办估价业务 所需的 所需的必要 必要 必要技能与理解能 能与理解能 能与理解能力。
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1. 需要哪些协助,进而收集和解释来自其它专业人士(如专家估价师、环境测量师、会计和律师等)的相 如果估价师不具备妥善处理所接受委任的某些方面所需的必要专业知识水准,那么他或她应决定
关信息。
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2.
3. 如果估价师提议聘用另外的事务所 来完成该任务对象的部分估价工作,则必须获得客户的许可 个人知识与技能要求可以由从事于同一事务所的多名估价师集体满足,但是每一个这样的估价师
6.10 合并其它估价)。 均须达到本条估价标准的全部其它要求。 (另见VS
4.
VS 1.7 独立性与客观性
1的全部要求。 则工作底稿上必须保留这些估价师的名单,并书面确认每个署名的估价师均已经遵守VS 估价任务由多名估价师一同承办或协助的,如果为了查验合规性或监管目的,需要提供审计线索,
VS 1.7
注解
注解
1. 按照RICS行为规则的规定,会员
独立性与客观性
承办估价项目的估价师必须独 承办估价项目的估价师必须独立、诚信 诚信 诚信、客观 客观 客观地行事 地行事 地行事。 承办估价项目的估价师必须独
始终应诚信行事,避免与其专业义务不符的行为或情况发生
符
2. 估价师按要求应在执行估价指令时始终保持独立与客观,顾及潜在的利益冲突的可能影响。 。IRRV行为准则也规定了类似的义务。
3. 附录1提供了关于保密性的指南以及如何识别针对独立性与客观性存在的威胁、如何识别和设
价指令是否值得接受。应当顾及将来由于两方客户各自利益分歧可能造成的利益冲突。如果估价师得出
1.8)的估价师,意味着该估价师能够确认他或她可以被认定是在 合本条规定(适当情况下还应符合VS
4.
按照独立估价师行事。
2.1和VS 6.1)。 对过去或当前的牵连事宜作出披露时,估价师必须同时顾及维持客户保密性方面的要求。通常, 须在聘用条款当中指出该条披露(见VS 法处理与估价项目明确相关的利益冲突。如果会员披露一条潜在的冲突之后,估价指令仍被确认,则必
5. 不必揭露机密信息即可作出有效披露。如若不然,必须谢绝承办该项估价指令。
6.
在拟进行的交易中,估价师可能按要求代表双方当事人行事。这种情况下应当慎重考虑这样的估
为了提供针对合规性或监管目的的审计线索,必须在工作底稿中完整保留关于利益冲突的检查以 方当事人的同意书,并且在估价报告中应指出该同意书。 结论,认为同时代表双方当事人行事并非不适宜或不明智之举,则该估价师在接受委任之前应当获取双
7 如果在估价项目完成之前,就其结果与客户或者其它利益相关方进行讨论,则可能对估价师的客 及这些冲突的解决方案。
观性造成威胁。如果此等讨论并非不适宜,并且确实对估价师与客户均有裨益,则估价师必须提高警惕, 注意此等讨论可能对他或她履行根本职责以便提供客观估价意见造成潜在影响。如果与客户进行了此等
22

估价结果,则必须仔细注明理由。(另见VS 6.11。)
谈话,估价师必须对任何此等会议或讨论做好书面记录;如果此等谈话造成估价师决定改变先前的临时
23

24
VS 1.8
VS 1.8
VS 1.8
VS 1.8 独立性的额外判断准则
独立性的额外判断准则
独立性的额外判断准则
独立性的额外判断准则
如果一项估价的意
如果一项估价的意
如果一项估价的意
如果一项估价的意图决
图决
图决
图决定了需要
定了需要
定了需要
定了需要对独立性设
性设
性设
性设立具体判断准则
准则
准则
准则,那么
那么
那么
那么估价师必须制定
估价师必须制定
估价师必须制定
估价师必须制定此等
此等
此等
此等判断准则
准则
准则
准则,并且
并且
并且
并且
在聘用条款
聘用条款
聘用条款
聘用条款以及估价报告中确
以及估价报告中确
以及估价报告中确
以及估价报告中确认该等估价师
估价师
估价师
估价师满足此等
满足此等
满足此等
满足此等独立性准则
性准则
性准则
性准则。
注解
注解
注解
注解
1. 对于某些估价意图,可能会存在法规、规章、监管机构的规则或客户的特殊要求等,规定了估价
师必须满足具体判断准则才能达到指定的独立状态。通常此等额外判断准则会对可接受的独立性水准作
出定义,其中可能使用“独立专家”、“专家估价师”、“独立估价师”、“有名望独立估价师”或“适
宜的估价师”等术语。很重要的一点是,估价师在确认承接估价指令时,以及在估价报告中,均应确认
他或她合乎此等判断准则。这样,客户以及任何依赖该估价报告的第三方能够确信估价师满足额外的判
断准则。
2. 尽管估价师可能满足了针对特定的委任设定的判断准则,但是VS 1.6以及VS 1.7当中的一般要
求仍然适用。估价师仍然必须识别对其独立性及客观性可能存在的威胁,并采取适宜行动,然后才能承
接估价指令。
VS 1.9
VS 1.9
VS 1.9
VS 1.9 对涉及公众利益的或者第三方可能依赖的估价进行额外披露
对涉及公众利益的或者第三方可能依赖的估价进行额外披露
对涉及公众利益的或者第三方可能依赖的估价进行额外披露
对涉及公众利益的或者第三方可能依赖的估价进行额外披露
如果提供的估价
如果提供的估价
如果提供的估价
如果提供的估价将包含于涉
将包含于涉
将包含于涉
将包含于涉及公
及公
及公
及公众利
众利
众利
众利益的或者第三方可能需要
益的或者第三方可能需要
益的或者第三方可能需要
益的或者第三方可能需要依赖
依赖
依赖
依赖的文件
文件
文件
文件中公开
中公开
中公开
中公开发表,则估价师应
则估价师应
则估价师应
则估价师应当做
当做
当做
当做
出以下
以下
以下
以下披露
披露
披露
披露:
1 如果估价的
如果估价的
如果估价的
如果估价的对象
对象
对象
对象是该估价师或
是该估价师或
是该估价师或
是该估价师或其事务所
事务所
事务所
事务所以前进行过估价的物业
进行过估价的物业
进行过估价的物业
进行过估价的物业,并且
并且
并且
并且估价意
估价意
估价意
估价意图相同
相同
相同
相同,则:
• 在聘用条款中
在聘用条款中
在聘用条款中
在聘用条款中,应当阐明该事务所
事务所
事务所
事务所关于估价师
估价师
估价师
估价师对该项估价
该项估价
该项估价
该项估价轮换负责
轮换负责
轮换负责
轮换负责的政策
政策
政策
政策;
• 在估价报告以及引用估价报告的公开
在估价报告以及引用估价报告的公开
在估价报告以及引用估价报告的公开
在估价报告以及引用估价报告的公开发表材料
材料
材料
材料中,应当阐明该估价师为了报告
该估价师为了报告
该估价师为了报告
该估价师为了报告当中所
中所
中所
中所述目的
目的
目的
目的,
作为
作为
作为
作为向客户
向客户
向客户
向客户提供的估价的
提供的估价的
提供的估价的
提供的估价的签署
签署
签署
签署者已经多长
多长
多长
多长时间,以及该估价师所在的
以及该估价师所在的
以及该估价师所在的
以及该估价师所在的事务所
事务所
事务所
事务所为该
为该
为该
为该客户
客户
客户
客户执行
执行
执行
执行估价
估价
估价
估价
指令已经多长
多长
多长
多长时间;
2 该估价师所在
该估价师所在
该估价师所在
该估价师所在事务所
事务所
事务所
事务所与该
与该
与该
与该客户
客户
客户
客户业务关
业务关
业务关
业务关系的范围
范围
范围
范围与持续
持续
持续
持续时间(这里所说的业务关
的业务关
的业务关
的业务关系不限
于本次估价意
估价意
估价意
估价意图);
3 如果该估价报告以及引用该报告的任何公开
如果该估价报告以及引用该报告的任何公开
如果该估价报告以及引用该报告的任何公开
如果该估价报告以及引用该报告的任何公开发表材料包含客户
材料包含客户
材料包含客户
材料包含客户在估价时点
估价时点
估价时点
估价时点之前的12
12
12
12个月内收购
个月内收购
个月内收购
个月内收购
的一项或
的一项或
的一项或
的一项或多项物业
项物业
项物业
项物业,并且
并且
并且
并且估价师或
估价师或
估价师或
估价师或其事务所
事务所
事务所
事务所具有与
具有与
具有与
具有与此等
此等
此等
此等物业有关的下列行为
物业有关的下列行为
物业有关的下列行为
物业有关的下列行为:
• 接受了一
接受了一
接受了一
接受了一笔介绍费
笔介绍费
笔介绍费
笔介绍费,或
• 在此等
此等
此等
此等收购
收购
收购
收购当中代表
中代表
中代表
中代表客户
客户
客户
客户进行了谈判
进行了谈判
进行了谈判
进行了谈判;则:
4 在估价报告以及任何引用该报告的公开
在估价报告以及任何引用该报告的公开
在估价报告以及任何引用该报告的公开
在估价报告以及任何引用该报告的公开发表材料
材料
材料
材料中,应当陈述
当陈述
当陈述
当陈述该客户在上
在上
在上
在上述一年
一年
一年
一年当中
支付
支付
支付
支付的总费
总费
总费
总费用,在该估价师所在
在该估价师所在
在该估价师所在
在该估价师所在事务所
事务所
事务所
事务所 的上
的上
的上
的上述年度收费收入总额当
入总额当
入总额当
入总额当中所
中所
中所
中所占比例是极小
极小
极小
极小的、显
著的抑或重
或重
或重
或重大的。

注解
注解
1. 适用的估价项目是指除委任或接收该估价报告的客户外,尚有第三方需要依赖该 估价结果。例如,用于以下意图的估价项目属于此种类型: 此条估价标准
2. 尽管VS
公开发表的财务报表; (b) 证券交易所或类似机构; (a)
出版物、招股说明书或通告; (d) 投资方案;或 (c)
公司收购或合并。 (e)
3.
轮换政策
此条估价标准的基本原则可以进行扩展以涵盖适用于某个具体国家的要求,此等修订将被纳入公
轮换政策
披露其与客户之间的工作关系。在作出上述额外披露的过程中,据预期估价师不可能面面俱到地确立并 评估每一系列情形,但是,应当从原则上反映出其节操与本意。如果存在疑问,则建议作出披露。 1.7从更广泛的意义上明确要求估价师必须独立、诚信、客观行事,但并未要求估价师
1.3)当中。 开发表所在地的相关国家协会估价标准(见VS
4. 仅当估价师在一段时间内提供了一系列估价时,才会产生披露事务所
5.
轮换政策的义务。如果该
1.5的规定对估价项目负责的估价师承担该项责任达数年之久,这种对客户或对被 估价是第一次或仅一次估价指令,对轮换政策进行评论显然是不恰当的。 如果按照VS
6.
估价资产的熟悉程度很容易使人认为它对估价师独立性与客观性构成了妥协。运用轮换政策安排其它估
如何安排估价项目负责人的轮换,应当由该事务所 决定,视情况也可先与客户商讨。但 价师对该估价项目负责可以尽量减少这种情况发生。 事务所
7. 如果一个事务所
的估价师是否轮换负责,签署估价报告的负责人担负这种责任的持续时间 应控制在数年之内。具体的期限长度将取决于:估价次数是否频繁;用于促进估价流程的准确性和客观 性的控制及审查程序(例如“估价专门小组”)是否到位;良好的执业实践等。RICS认为,估价师轮 是,RICS建议,无论事务所
换负责的间隔最好不超过七年。
规模太小而无法轮换签署人,或者已经拥有如第6款所述的“估价专门小组”, 则可以在遵守本条标准的原则的前提下,做出其它安排。例如,在定期收到同样的估价指令情况下,可 以安排另一名估价师周期性地审查该估价项目,间隔不超过第6款的规定,这样有助于表明负责的估价 师采取了步骤来保证客观性的维持,从而保持估价依赖方的信任。
25

负责签署的时长
负责签署的时长
8.
9. 持续为同一客户针对同一物业展开估价的持续 时间,以及事务所 与客户业务关系的范围与持续时间。 此条要求的目的,是使依赖估价结果的第三方知悉估价师持续作为一系列相同意图的估价项目的
其负责该估价项目的持续时间。该估价师可能 签署人的持续时间。同时,亦要求披露估价师所在事务所
如上文所述的轮换政策,曾有一段时间该估价师不 是先前的同一意图的估价报告的签署人,由于事务所 对于估价师来说,该项披露应指出截止报告日期
10. 不要求估价师提供其事务所 为该客户承办的所有工作的全面信息。简单明了地陈述并披露事务 承担这种签署责任。披露当中不要求指出先前的这段时间。
为该客户完成的其它工作的本质以及这种业务关系的持续时间,即完全可以满足本要求。如果除了当 所
以往牵连
以往牵连 与客户没有其它业务关系,应作出相应陈述以指明这一点。 前的估价指令,事务所
11. 本条要求旨在揭示在估价师或估价师的事务所
12. 国家协会估价标准 或地方法规可以通过施加额外要求对本要求进行延伸。 物业事宜当中有牵连的情况下,可能造成的潜在利益冲突。 在估价时点的前一年内曾经在同一客户购买同一
费用比例 费用比例
费用比例
13.
客户及事务所的识别
小于5%的费用比例可以认定为“极小的”。5%至25%之间的比例视为“显著的”,超过25%则
14. 国家协会估价标准 或地方法规可以通过施加额外标准对本要求进行延伸。 视为“重大的”。
客户及事务所的识别
15. 考虑本条估价标准
16. 各种不同的业务关系类型往往会造成有必要对客户和事务所
17. 一个集团内部的密切相关的各公司应当恰当地认定为单一客户或事务所。但是,由于当今业务本
进行识别。一般认为,要与聘用条 款 最低要求(见VS 2.1(a))以及报告最低要求(见VS 6.1(a))相一致,则“客户”是指赞同聘 要求作出的披露时,有必要识别“客户”及“事务所”各指什么。
和接收估价报告的实体,而“事务所”是指在聘用条款的确认书及估价报告中认定的实体。 用条款
质的复杂性,经常出现其它实体与客户之间仅具有疏远的法律或商业联系,而估价师的事务所也在同时 为这些实体提供服务。其它的实际操作困难还包括对此等业务关系的识别与量化,例如,估价师的事务 所 和客户在其它国家的联营机构之间的业务关系。有些时候,估价师与某当事方的商业关系比客户方面
26

存在的潜在业务关系,只需从原则上坚持本条标准的意图即可。
更容易造成对独立性的潜在威胁。据预计,估价师应当做出合理的查询,但是不必面面俱到地确立可能
27

18.
• 发出估价指令的控股公司的附属公司; 如下: 披露方面的要求将涉及并包括第三方(除给出估价指令的实体之外的其它方)在内的情形,举例
• 估价指令由某一附属公司发出的情况下,与同一控股公司有联系的其它公司;或
• 作为各种法律实体的代理发出估价指令的第三方,例如某不动产基金的经理。
19. 的范围时,应考虑类似的因素;可能存在分开的法律实体, 位于不同的地区或承接不同类型的工作。把与承接估价项目的事务所 有联系的所有组织均考虑在内可能 为披露目的,识别估价师的事务所
业估价意见。然而,如果客户方面存在紧密联系的、从事相同风格交易的一系列实体,则应披露客户与 所有此等实体的业务关系范围。
显得不太切题,因为这些组织的作业活动可能是疏远的或非商业性质的——例如,它们从不参与提供物
28

VS VS 22
2 2 聘用条款协议
聘用条款协议
聘用条款协议
VS VS 2.1 2.1 聘用条款确认书
按照 按照VS 1.4 VS 1.4 VS 1.4 VS 1.4的规定提供的聘用条款 的规定提供的聘用条款 的规定提供的聘用条款,必须以书面形 必须以书面形 必须以书面形式提供 提供 提供,且至少应包括 包括 包括下列条款 下列条款 下列条款: (a) 对客户 对客户和其它预 其它预 其它预期用 期用 期用户进行 进行 进行识别认 识别认 识别认定; 按照
本次估价的意 估价的意 估价的意图; (c) 本次估价的 估价的 估价的对象 对象 对象; (d) 有待估价的 估价的 估价的权益; (b)
资产或 资产或负债 负债 负债的类型 类型 类型,以及 以及 以及客户 客户 客户如何 如何 如何使用它或如何 或如何 或如何对其分级 对其分级 对其分级; (e)
价值基准 价值基准; (g) 估价时点 估价时点; (h) 对重大牵连 大牵连 大牵连进行 进行 进行披露 披露 披露,或指 或指 或指出不存在 不存在 不存在此类 此类 此类重大牵连 大牵连 大牵连; (f)
负责 负责本次估价的估价师的 估价的估价师的 估价的估价师的识别认 识别认 识别认定,并且 并且 并且如有要求 如有要求 如有要求,指出该估价师的 该估价师的 该估价师的状态 状态 状态; (j) 视情 视情况确定是 确定是 确定是否需要指 需要指 需要指出采用的 采用的 采用的币种 币种 币种; (i)
任何 任何假设 假设 假设、特殊假设 特殊假设 特殊假设、保留意见 意见 意见、特殊指 特殊指 特殊指令或背离 背离 背离; (k)
估价师勘 估价师勘测的范围 范围 范围; (m) 估价师所 估价师所依赖 依赖 依赖的信息 信息 信息的性 的性 的性质及来源 来源 来源; (n) 同意或 同意或限制公开 制公开 制公开发表; (l)
限制或 制或 制或豁免 豁免 豁免估价师 估价师 估价师对其它 对其它 对其它方(除客户 除客户 除客户外)的责任; (p) 确认将按照 认将按照 认将按照RICS RICS RICS标准承办该估价项目 标准承办该估价项目 标准承办该估价项目,并且 并且 并且视情 视情 视情况指出也将符合 出也将符合 出也将符合IVS IVS IVS标准 标准 标准; (q) 确认估价师具备必要的 估价师具备必要的 估价师具备必要的知识 知识 知识、技能和理解能 能和理解能 能和理解能力,能够称职地承办该估价项目 称职地承办该估价项目 称职地承办该估价项目; (o)
计算 计算费用时 用时 用时将依据哪 将依据哪 将依据哪些基准 些基准 些基准; (r)
如果该 如果该事务所 事务所 属于 属于注册接受 注册接受 注册接受RICS RICS RICS监管的事务所 监管的事务所 ,则应提及该 则应提及该 则应提及该事务所 事务所 处理投诉 理投诉 的流程,如有要求 如有要求 如有要求,提供一 提供一 提供一份副 份副 份副本; (t) 指出在合乎 合乎 合乎本标准方面 本标准方面 本标准方面,可以接受 可以接受 可以接受RICS RICS RICS行为和纪律规定的监 行为和纪律规定的监 行为和纪律规定的监控。 (s)
述最低 述最低要求列表的第 要求列表的第 要求列表的第(a)至(q)项连同VS 2.2 VS 2.2 VS 2.2 VS 2.2至VS 2.6 VS 2.6 VS 2.6 VS 2.6包含 包含 包含了IVS 101 IVS 101 IVS 101 IVS 101“工作 工作 工作范围 范围 范围”的 所有要求 所有要求。对于两 对于两 对于两个列表之 个列表之 个列表之间的详细 详细 详细比较 比较 比较,请参阅附录 附录 附录9。第(r)至(t)项是 项是 项是适用于RICS RICS 会员的 会员的额外要求 外要求 外要求。
上述最低
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注解
注解
1. 最低要求列表的进一步指南请参阅附录2.
2. 由客户与估价师在首次收到并承接估价指令时(估价指令的初始确认书)进行 协商确定。然而,鉴于一次估价委任可能涉及单一物业,也可能涉及庞大资产组合,因此在初始确认时, 通常,聘用条款
3. 一条基本而重要的原则是在估价项目得出结论之后,发布报告之前,估价师应使客户知悉所有相 聘用条款 的最低要求能够全部得到确认的程度也可能各不相同。
。 关事项,并适当记录在案。这样是为了保证估价报告不包含客户不知晓的针对最初聘用条款 的任何修订
,其中可能包括本标准要求的最 的标准表格或一直使用的聘用条款 可能备有聘用条款
4. 低条件。估价师可能需要对这种表格进行修订,以便指出日后才能澄清的事项。 事务所
5. 或特殊假 设 最为适宜,并把这些内容记录到聘用条款 中。最初聘用条款 确定之后,如果识别并认定了其它假设 估价师可能需要根据具体情形和估价的具体意图,讨论和商定怎样的勘测范围、假设
6. 致,并且应将这些内容记录到修订后的聘用条款 当中。 由于估价项目完成之后,时经多年仍可能产生争议,因此必须使用全面的文档对聘用条款 协议 或额外事项,需要在估价报告当中指出的,则估价师必须在发布估价报告之前与客户协商一 、特殊假设
7. 附录3提供了关于适用于大多数估价项目的假设 的指南。 进行记载或证明。
VS VS 2.2 2.2 特殊假设
注解 注解
注解
1. 商定特殊假设
如果需要 如果需要建立 建立 建立必要的 必要的 必要的特殊假设 特殊假设 特殊假设才能按客户 按客户 按客户要求 要求 要求向其 向其 向其提供 提供 提供适当 适当 适当的估价 的估价 的估价服务,则必须在 则必须在 则必须在发表估价报告之 表估价报告之 表估价报告之前与 客户 客户商定这些 商定这些 商定这些特殊假设 特殊假设 特殊假设并予 并予 并予以书面确 以书面确 以书面确认。只有在参 只有在参 只有在参照估价项目的具 估价项目的具 估价项目的具体情形 情形 情形,合理地 理地 理地认定此等 此等 此等特殊假设 特殊假设 特殊假设为 实际、切题 切题 切题和有 和有 和有效的前提下 提下 提下,才能做出 做出 做出这样的 这样的 这样的特殊假设 特殊假设 特殊假设。 如果需要
的确切本质,估价师必须确保 在发布估价报告之前与客户书面确认这些内容。 之后,为了确认估价师和客户均理解这些特殊假设
2. 估价师可以在估价报告中就这些特殊假设
3. 如果客户要求估价项目建立在某个特殊假设
得到满足的可能性进行评论或评估。例如,对于“开 发土地的许可已经授予”这个特殊假设 ,可能需要在各种可能施加的条件对价值的影响上有所体现。 基准之上,而估价师认为该特殊假设是不切实际的, 则应拒绝承接此估价指令。
30

4. 附录4提供了关于特殊假设
的使用方法的指南。
31

VS VS 2.3 2.3 营销约束与强制出售
注解
注解
1.
2.
如果一项物业不能够自由地或充分地推向市场,则很可能对其价格有不利影响。在接受此等估价
等约束条件应当在聘用条款 中予以指出,并明确说明估价工作将在此等基准上展开。也可以在“此种约 如果固有约束条件得到识别认定,且在估价时点
如果估价师或 如果估价师或客户识别认 客户识别认 客户识别认定一项估价需要 定一项估价需要 定一项估价需要对实 对实 对实际的或 际的或 际的或预期的营 期的营 期的营销约束 销约束 销约束有所 有所 有所体现 体现 体现,则应 则应 则应当商定该 商定该 商定该约束 约束 约束条件 的细节 细节 细节,并在聘用条款 聘用条款 中予以阐明。不得使 得使 得使用“迫卖 迫卖 迫卖价格”这个术语 这个术语 这个术语。 如果估价师或
的固有属性导致的,还是客户方面的特殊情况导致的。 实际存在,通常即可评估其对价值的影响。此 指令、对约束条件的可能影响提出估价意见之前,估价师应当弄清此等约束是被估价的物业或其中权益
3. 的基准上,提供备择估价方案,以表明其影响。 需要加倍小心的是,虽然在估价时点 不存在某条固有约束,但是该约束可能是特定事件或事件 序列的可预见后果。作为选择,客户也可以要求在指定的营销限制基准之上做出估价。这种情况下,可 不存在”这个特殊假设 束在估价时点
4. 强制出售出现的前提是特定卖家被迫在规定的时间内出售,例如,因为需要集资,或需要在指定
的。因此,尽管估价师可以对强制出售情形下资产变现的可能性提出估价意见,但是该术语只是对出售 售情形下能够达到的价格与市场价值之间即使存在任何联系,也属于巧合;这种估价是不可能提前确定
已经出现”这样的特殊假设 进行估价。此等约束或限制条件的确切本 质必须在聘用条款 中予以指出。另一种适宜的做法是,在不作出特殊假设 的基准上提供估价,以便表 明如果约束条件出现,会造成什么影响。 以提出“该约束条件在估价时点
限制并非仅仅是卖家的偏好。为了确定在可用的时间长度内可以达到什么价格,需要以同等的重要性考 虑这些外部因素的实质和未能完成销售的后果。尽管估价师可以协助卖家确定在强制出售情形下应当接 受何种价格,但是,这种估价将仅仅是一个商业判断,体现的是资产对特定卖家而言的所有值 。强制出 日期之前偿清负债。将一次出售称作“强制的”是指卖家受制于外部法律或商业因素的作用,这种时间
5. 如果一条特殊假设 仅仅指明了处置资产的时间限制,却没有描述这种限制的理由,则它不是一 条合理的假设 。如果不能够明确约束条件的理由,则估价师不能够确定该条件对适销性、销售谈判及可 。 行为发生的情景的描述,而不可用作价值基准
VS 2.4 限制性信息
和强制出售情形的更多指南,请参阅 附录4。 实现价格的影响,也不能够给出有意义的估价意见。关于特殊假设
如果估价师 如果估价师按要求需在 要求需在 要求需在限制性 制性 制性信息 信息 信息的基准之上承办估价项目 的基准之上承办估价项目 的基准之上承办估价项目,则必须在 则必须在 则必须在发布 发布 发布估价报告之 估价报告之 估价报告之前与客户 客户 客户商定这 商定这 种限 种限制的本 制的本 制的本质,并就其对 并就其对 并就其对估价 估价 估价结果的可能 果的可能 果的可能影响 影响 影响进行书面确 进行书面确 进行书面确认。
如果估价师
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1. 注解
2. 客户可以要求估价师提供有限制的服务;例如,准备报告的时间太紧,可能导致无法建立某些事 实,这些事实通常情况下本来可以通过勘查、正常查询或基于自动估价模型的估价进行核实。 注解
3.
注解
估价。 如果客户某些时候要求提供这种水准的服务,则是可接受的,但是这种情况下估价师有责任在发 布报告之前与客户讨论其要求及需要。这种估价指令通常称作“飞车射击式”、“桌面式”或“人行道”
等估价指令,例如,不得将估价结果发布或披露给第三方。 估价师应当参照估价项目的意图,考虑限制条件是否合理。估价师可以考虑在特定前提下承接此
4. 。 如果估价师认为即使在提出限制条件的基础上仍无法提供此类估价,则应拒绝承接此等估价指令
估价报告”。)
5. 由此产生的任何假设、以及它对估价准确性造成的影响。(另见“VS 6 估价师在确认承接此等估价指令时,应清楚地告知客户,在估价报告中将会指出此等限制条件、
VS 2.5 重新估价而不重新
重新估价而不重新勘查
重新估价而不重新 勘查
如果估价师或 如果估价师或事务所 事务所 以前对 前对 前对相关物业进行过估价 相关物业进行过估价 相关物业进行过估价,现在要求重 在要求重 在要求重新估价而不进行重 估价而不进行重 估价而不进行重新勘查 勘查 勘查,则估价师必 则估价师必 须确 须确信该物业的物理 该物业的物理 该物业的物理属性以及所在 性以及所在 性以及所在位置的本 置的本 置的本质自 质自 质自上次勘查 勘查 以来,未曾发生 未曾发生 未曾发生过重 过重 过重大改 大改 大改变;否则不可承接 则不可承接 此重新估价项目 估价项目 估价项目。 如果估价师或
注解
注解
1. 则 可能是不必要的。只要估价师以前已经对此物业进行过勘查,并且客户确认物业及其所在区域的物理属 据公认,客户可能需要对其物业的估价结果定期进行更新,然而每次均对物业进行重新勘查
2. 。 估价师必须从客户方面获取关于投资物业的租金收入的变化信息,以及关于每处物业的非物理属 性的重大变化信息,例如租借条件、规划许可、法定通告等。 性未曾发生过重大变化,则可以承接此重新估价项目。这种情况下必须在聘用条款 中指明该条假设
师专业判断的事项之一,对此,估价师应顾及物业的类型、位置及其它因素。 的重新估价是不适宜承 的时间间隔始终是影响估价 变化,则必须对物业进行重新勘查。另外,无论物业是否发生过变化,勘查
3.
4.
如果客户告知估价师,该物业曾发生过重大变化,或者估价师通过其它方式察觉可能发生过此等
接的。尽管如此,只要客户在估价师交付报告之前,书面确认此行估价仅用于内部管理目的并且不会向 鉴于重大变化、时间推移或其它原因,估价师可以决定不进行重新勘查
发布,则估价师仍可承接此等估价指令。这种情况下,应在估价报告中毫不含糊地给出宣布这一 立场的声明以及该报告不得公开发表的声明。
第三方
33

VS 2.6 批判性审查
注解
注解
1.
3.
这条陈述的适用情形是,客户向一名估价师提供另一名估价师先前完成的估价报告并要求其作出
于另一名估价师报告中的物业进行另外的独立估价。 非常重要的是,针对一项估价的批判性审查,一定要明确区分于针对一项估价的审计或者对包含
估价师不 估价师不得承接 承接 承接对另一 另一 另一名估价师 估价师 估价师完成的 成的 成的、用于披露 于披露 于披露或公开 或公开 或公开发表意 表意 表意图的估价项目进行 的估价项目进行 的估价项目进行批判性 判性 判性审查的任 查的任 务;除非 除非 除非后估价师 估价师 估价师完全掌握 掌握 掌握了前估价师所 估价师所 估价师所依赖 依赖 依赖的所有事 的所有事 的所有事实及信息 信息 信息。 一名估价师不
2.
估价师不
除非后估价师完全了解前估价师承接的估价指令并且掌握着相同的事实,否则这种情形下的审查 批判性审查,目的可能是对最初的估价结果进行公开质疑。例如,敌意收购情况下的当事方可能希望委
。也可能对前估价师的声誉造成不公正的损害。 托估价师给出一份报告,用于批判对立方委托完成的估价项目,而非另作一项独立的估价。 很可能严重误导第三方
4. 可以通过很恰当的方式参与文件的审查、方法的审计、针对已提供的估价项目(包括针对 物业样本的选择性估价)的协助性质的勘查,或与其它估价师商讨估价方法。然而,如果一项审查并非 会员
在同意其工作成果被其它公开文件或通告引用之前,一定要提高警惕 。
用于客户的组织内部目的,则会员
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VS 3 价值基准 基准
VS 3.1 价值基准 基准
注解
注解
1. 价值基准
针对将 针对将要包含 包含 包含在报告中的每项估价 在报告中的每项估价 在报告中的每项估价,估价师必须确定 估价师必须确定 估价师必须确定适宜 适宜 适宜的价值基准 价值基准 价值基准。 针对将
2.
针对将
基准是适宜的。 IVS框架的第27至29条概述了常见的价值基准,并指出了其与估价方法、资产类型和状态、特 是指在一项估价中对基本衡量假设 的陈述,本标准针对一般估价项目规定了哪些价值
等的区别。 殊假设
3. 或特殊假设 成对出现,用这些假设指出资产在估价时点 假定 的状态或所处的条件。典型的假设可能涉及占用情况,例如,“以租赁为条件的市场价值”。典型的特 通常价值基准总是与适宜的假设
4.
反“估价报告不得模棱两可或令人误解”的规定(见VS
对于大多数估价项目,适宜的做法是使用IVS框架认可并且本标准认定的基准之一,连同必要
5. 本标准认可的价值基准 2.1)。
• 市场价值(见VS • 市场租金(见VS 3.3)
• 所有值(投资价值)(见VS 3.4)
3.2)
• 公允价值(见VS 6. 市场价值是最常要求的价值基准。原因是它描述了无关联的、在市场自由经营的当事方之间的交 易,而忽略由特殊价值 或协同价值 引起的任何价格反常,它代表在很大范围的情形下一项物业最有可
3.5)
可能是假定一项物业以某些明确的方式进行了更改,例如,“在‘工程已完工’这个特殊假设 下 的市场价值”。附录3和附录4详细描述了假设 和特殊假设 的使用方法。 殊假设
或特殊假设 。RICS不鼓励使用未经本标准认可的其它基准。然而,如果对于特定的估价任务, 认可的价值标准均不合适,会员应当明确地对采用的基准进行定义,并在估价报告中解释为什么未采用 本标准认可的基准。会员应当注意,使用未经认可的或自行定制的价值基准而未给出正当原因将导致违 的假设
包括以下这些:
7. 然而,估价指令可以合法地要求会员按照其它判断标准提供估价意见,并相应地采用其它的价值 基准。客户可以要求估价师针对特定物业对于该客户而言的价值提出意见,这可能意味着估价师将需要 能达到的价格。市场租金 应用的是类似的判断准则,不过它用于预计周期性付款而非本金总额。
方之间进行的交易,预计怎样的价格是公平的,此时采用的某些判断准则可能无法在更广义的市场上复 而言的所有值进行评估。公允价值(不包括在IFRS背景下)可能使用的场合是,估价师需要针对特定双 把特殊的判断准则考虑在内,这些准则只针对该客户而并非适用于整个市场。这将涉及该物业对该客户
制,例如,当价格受特殊价值或协同价值的影响时。
35

8. 不一定具有排它性。一项物业对于特定的当事方而言的所有 值,或一项物业在特定双方的交易当中的公允价值,尽管使用的评估判断准则不同,也可能均与市场价 需要特别注意的是,这些价值基准
9. 如果采用不同于市场价值 的其它基准,得出的价值可能不能够在一次实际销售中获得,也不能 够在一般市场中出售获得,因此,估价师必须明确地提出假设,这些假设或者不同于适用于预测市场价 值一致。
VS 3.2 市场价值 市场价值
市场价值
设的典型的假设。 值的那些,或者带有附加条件,要区分开来。下文在适宜的标题下讨论不同于市场价值评估所使用的假
市场价值 市场价值(MV)的估价项目应采用国际估价标准 的估价项目应采用国际估价标准 的估价项目应采用国际估价标准委员会 员会 员会(IVSC)确定的定 确定的定 确定的定义和概念框架 概念框架 概念框架,即: 在进行了 在进行了适当 适当 适当的营 的营 的营销(其中各方均以知晓 知晓 知晓行情 行情 行情、谨慎 谨慎 谨慎的方 的方 的方式参与 参与 参与,且无强制 无强制 无强制因素 因素 因素)之后 之后 之后,自愿 自愿 买家和自愿卖家 自愿卖家 自愿卖家以公 以公 以公平交 平交 平交易的方 易的方 易的方式,在估价时点 估价时点 对一项资产或 一项资产或 一项资产或负债 负债 负债进行 进行 进行交换 交换 交换的估 的估 的估计金额。 基于市场价值
注解
注解
1. 应用市场价值
2. 市场价值
3 在任何情况下,估价师均应确保在估价指令及报告中均清晰描述了价值基准。 时,还应顾及IVS框架第31-35条规定的概念框架。
忽略加于物业的任何现有按揭、债权证或其它费用。 这条基准是国际公认的定义。它表示在估价时点在假想的销售合同中将出现的数字。 市场价值
4. 的基准下,特殊价值(其定义见IVS框架第44-47条)应予忽略,但是如果 一般市场的准买家的出价对将来物业所处情境的改变的预期有所体现,则市场价值中对“希望价值”因 尽管在市场价值
• 当前尚未获得开发许可的情况下,希望中的发展前景; 素有所体现。以下是“将来会产生或获取附加价值”这个希望值可能影响市场价值的几个例子:
5.
• 前景。 将来与该物业当中的另一项物业或权益合并将会产生的协同效应(其定义见IVS框架第48条)
应用于特定类型资产的应用指南。
GN 2,GN 4及GN 5提供了市场价值
VS 3.3 市场租金
市场租金
市场租金 市场租金(MR)的估价项目应采用 的估价项目应采用 的估价项目应采用IVSC确定的定 确定的定 确定的定义:
基于市场租金
36

37
在进行了
在进行了
在进行了
在进行了适当
适当
适当
适当的营
的营
的营
的营销(其中各方均以知晓
知晓
知晓
知晓行情
行情
行情
行情、谨慎
谨慎
谨慎
谨慎的方
的方
的方
的方式参与
参与
参与
参与,且无强制
无强制
无强制
无强制因素
因素
因素
因素)之后
之后
之后
之后,自愿
自愿
自愿
自愿
买家和自愿卖家
自愿卖家
自愿卖家
自愿卖家以公
以公
以公
以公平交
平交
平交
平交易的方
易的方
易的方
易的方式,在估价时点
在估价时点
在估价时点
在估价时点对一项
一项
一项
一项物业
物业
物业
物业房地产
房地产
房地产
房地产进行租用的估算金
进行租用的估算金
进行租用的估算金
进行租用的估算金额。
注解
注解
注解
注解
1. 市场租金 的定义是对市场价值 定义的修改;更多注解请参阅IVS 200的第C10和第C11条。
2. 根据假定的租赁合同的不同条款,市场租金会有显著不同。租赁条款通常应当对该物业房地产所
处的市场中的现行实践有所体现方为适宜;但是根据目的不同,可能需要规定特殊的条款。诸如租赁期
限、租金审查的频率及各方对于维修和支出的责任等事宜均将对市场租金有影响。基某些国家,法定因
素可能对租赁协议条款的约定有所限制,或对条款的效力有所影响。视情况,应将这些因素考虑在内。
3. 因此,估价师基于市场租金提供估价意见时,应当注意明确地列出假定的主要租赁条款。如果市场
规范规定在租金当中应包含一项付款或让步,作为一方向另一方提供的签订租赁协议的激励措施,并且
租金的一般水平对此有所体现,则应指出市场租金是建立在此等基准之上。估价师必须在陈述假定的租
赁条款的同时,指出此等激励措施的本质。通常,市场租金用于表征一项空置物业房地产可以怎样的金
额出租,或者当前租契终止后一项物业房地产可以怎样的金额重租。如果按照租契规定,应当在租金审
议条款中商定应支付租金的数额,则市场租金不是合适的价值基准,因为必须使用实际的定义和假设。
VS 3.4 投资价值
投资价值
投资价值
投资价值
基于投资价值
投资价值
投资价值
投资价值的估价项目应采用
的估价项目应采用
的估价项目应采用
的估价项目应采用IVSC确定的定
确定的定
确定的定
确定的定义:
投资价值
投资价值
投资价值
投资价值是指一项资产
是指一项资产
是指一项资产
是指一项资产对其
对其
对其
对其业主或准业
或准业
或准业
或准业主而言
而言
而言
而言,用于个人投资目标或经营目标的价值
投资目标或经营目标的价值
投资目标或经营目标的价值
投资目标或经营目标的价值。
注解
注解
注解
注解
1. 更多关于此定义的注解,请参阅IVS框架第38条。
2. 投资价值有时也称作“所有值”。
VS 3.5 公允价
公允价
公允价
公允价值
基于公允价值
公允价值
公允价值
公允价值 的估价项目应
的估价项目应
的估价项目应
的估价项目应当采用下列
采用下列
采用下列
采用下列两个定
个定
个定
个定义之一
之一
之一
之一:
1. IVSC采用的定
采用的定
采用的定
采用的定义:
知晓
知晓
知晓
知晓行情的
行情的
行情的
行情的、自愿
自愿
自愿
自愿的各方之
方之
方之
方之间,转让
转让
转让
转让一项
一项
一项
一项资产或
资产或
资产或
资产或负债
负债
负债
负债的估计价
的估计价
的估计价
的估计价格,该价
该价
该价
该价格对各
格对各
格对各
格对各方各自
各自
各自
各自
利益均有所
有所
有所
有所体现
体现
体现
体现。
2. 国际会计标准
国际会计标准
国际会计标准
国际会计标准委员会
员会
员会
员会(IASB)采用的定
采用的定
采用的定
采用的定义:
在计
在计
在计
在计量日期
日期
日期
日期,市场参与者之
市场参与者之
市场参与者之
市场参与者之间进行有序
进行有序
进行有序
进行有序交易,出售
出售
出售
出售一项资产时
一项资产时
一项资产时
一项资产时将会收
会收
会收
会收到的,或转让
转让
转让
转让一项
一项
一项
一项负债
负债
负债
负债时
将会支付
支付
支付
支付的价
的价
的价
的价格。

注解
注解
1. 很重要的一点是,要认识到公允价值
2. 估价师一定要针对估价目的,建立正确的定义,并在聘用条款和估价报告中予以全面陈述。 应用IVS定义时,应指出以IVS框架第39-43条为参考。 作为估价基准时, 的这两条定义是不同的。采用公允价值
3. IFRS 13的指南包括:
公允价值 公允价值衡量 衡量 衡量方法 方法
B2:公允价值衡量的目标是预测在当前的市场状况下,在测量时点,市场参与者之间为 公允价值
定以下内容: 了出售资产或转让负债而完成一次有序交易所需的价格。公允价值衡量要求一个实体确
作为衡量对象的特定资产或负债(始终如一地附带计量单位) (b) 对于非金融资产,什么样的估价前提对本次衡量(始终一致地考虑其最高及最 (a)
(c) 佳用途)是适宜的
哪个或哪些估价技术对本次衡量是适宜的,其中要顾及数据的可用性,以这些
©国际会计标准委员会(IASB),国际财务报告标准(IFRS)13
数据为输入,代表市场参与者在为资产或负债定价时将使用的假设,以及对输 该资产或负债的主要(或最有利)市场
4. IFRS
(d) 入进行分类的公允价值层级水平。
13提及市场参与者以及出售行为之处,清楚地指出了对于大部分实际目的,公允价值与市场
4.1。
5. 有关财务报表当中如何应用公允价值的更详细指南,请参阅VS 价值的概念是一致的。
VS 4 应用
VS 4.1 用于财务报表的估价项目
用于财务报表的估价项目
如果承接的估价项目 如果承接的估价项目将用于财务报表 财务报表 财务报表,则提供该估价时应 则提供该估价时应 则提供该估价时应当遵守该 遵守该 遵守该实体 实体 实体所采用的财务报告标准 所采用的财务报告标准 所采用的财务报告标准。 如果承接的估价项目
注解
注解
38

1. 能发布了对估价要求进行解释的相关标准(见VS 2. 《IVS
1.3)。
3. 如果该实体采用了IFRS标准,则应当使用公允价值(见VS 3.5)作为价值基准并且IFRS
如果该实体未采用IFRS,估价师必须遵守适用的财务报告标准。在某些国家,RICS国家协会可
当适用。 300:用于财务报告的估价》提供了针对此目的的一般指南。
13应
4. IFRS 特别是披露方面的要求,以确保提供估价时符合适用的IFRS标准。IFRS • 公允价值的定义;
13讨论的事项包括以下内容:
13详细说明了用于计算公允价值的估价方法。至关重要的是,估价师必须熟悉这些要求,
• 资产或负债;
• 交易;
• 市场参与者;
• 价格;
• 针对非金融资产的应用;
• 初始确认阶段的公允价值;
• 估价技术;
• 估价技术的输入参数;
• 公允价值的层次结构;
•
IFRS 13还包括一个应用指南附录。IFRS 13可从从www.iasb.org获取。
5. IVS
披露。
300包含关于IFRS应用的指南,该部分内容的标题如下:
• 公允价值
• 合并计算
• 估价输入参数及公允价值层次结构
• 负债
• 折旧
• 租契
• 购买价格分配
• 减损测试
39

VS 4.2 用于担保贷款的估价
进行估价时,应顾及《IVS 于担 于担保贷款的 款的 款的物业 物业 物业房地产 房地产 房地产进行估价时 进行估价时
310:用于担 于担 于担保贷款的 款的 款的物业 物业 物业房地产 房地产 房地产权益估价 益估价 益估价》 的要求 的要求。 在对用于担 于担
310还涉及关于特殊假设和额外
注解
注解
1. IVS 310规定,通常情况下均采用市场价值作为价值基准。IVS
2. IVS 310的注解提供了关于以下内容的应用指南: 报告要求的内容。
3. 附录5提供了关于针对担保贷款目的估价的额外要求。
• 物业房地产权益
• 激励措施
• 估价方法
• 物业房地产类型
• 投资物业投资性房地产
• 业主自用物业房地产
• 特殊物业房地产
• 与贸易有关的物业房地产
• 开发物业房地产
• 递耗资产
4. 的一定比例计算。称为“偿付能力比率”。在国际背景下,巴塞尔银行监管委员会发布的协议规定了贷 款机构应当保持的最低偿付能力比率以及计算这些比率的方法。这些规定均通过国家法律强制执行,对 各大银行及其它放款人受制于相关规定,能够出借的总额是有一定限度的,这个限度按照其资产
5.
• 担保资产的市场价值;或 应用的风险判断准则不同: 巴塞尔协议规定,评估商业地产代表的抵押权的价值时,可以采用以下两种估价方法之一,两者
• 抵押贷款价值(MLV)
。 于欧盟,则按照《欧盟指令》执行。在计算偿付能力比率时,使用的是放款人拥有抵押权的资产的价值
6. MLV是一项长期风险评估技术。因此它不作为价值基准——即,对假定在特定日期发生的交易
的价值的预测。MLV为欧盟许多国家所采用。附录8提供了欧洲抵押贷款联合会的一份解释性文件。
40

7.
VS 4.3 为财务报告目的对公共部门资产进行估价
银行要求计算MLV的个体必须按照国家方案进行认证,应用的方法也必须按照联邦法规的规定。 国法规的相关要求,包括关于哪些人可以承接此等任务的限制规定。例如,在德国,MLV非常普遍,各 不同国家的MLV应用方法也可能不同。因此在承接计算MLV的指令之前,会员应确保自己熟悉该
VS 4.3
注解
注解
1. 《IVS
为财务报告目的对公共部门资产进行估价
为财务报告目的 为财务报告目的对公共部门资产进行估价时应 资产进行估价时应 资产进行估价时应当按照 当按照 当按照IVS 300 IVS 300 IVS 300 IVS 300附件的要求进行 的要求进行 的要求进行。 为财务报告目的
2.
为财务报告目的
考www.ifac.org/publicsector。 300:公共部门的物业以及厂房与设备》的附件实际上采用了国际公共部门会计准则(IPSAS) 作为针对公共部门实体的适宜标准。它特别指出鉴于IPSAS随时间的推移可能改变,现存的标准应参
如果在此类情形下产生任何背离,必须在报告中指出并作出明确解释。
根据立法、监管、会计或判例的要求,在某些国家或在某些条件下可能需要对此应用进行修改。
41

VS VS 5 5 勘测
VS VS 5.1 5.1 勘查 勘查与勘测
勘查
与勘测
注解
注解
1.
2.
商定聘用条款时,估价师必须必须就被估价物业的勘查范围达成一致,以及在怎样的范围内展开
达到VS
为了 为了针对 针对 针对估价意 估价意 估价意图提供 提供 提供足够 足够 足够专业的估价 专业的估价 专业的估价,必须 必须 必须总是在必要的 是在必要的 是在必要的范围 范围 范围内展开勘查 勘查 勘查与勘 与勘 与勘测。 为了
及与客户商定的聘用条款。 1.6判断准则的估价师应当熟悉(擅长则更好)影响物业类型以及位置等方面的许多事 勘测。对物业进行勘查之后,会需要进行不同程度的现场勘测,这取决于物业的本质、估价的意图、以
项。如果本来通过对物业或紧邻场所的勘查或常规查询即可明显发现对价值有影响的问题或潜在问题,
3. 预期买家通常会作出的假设,那么就应当将该假设视为特殊假设(见VS 2.2)。然而,这些事项很少能 而估价师却轻率作出“这些问题并不存在”的假设,就会产生严重的误导作用。
4. 此等因素。 客户可以要求或同意作出“不存在任何问题”的假设。如果在一次勘查之后,估价师认为这不是
如果经过约定,可以仅展开有限的勘查与勘测工作,那么该估价项目很可能应建立在限制性信息 够完全被忽略。一旦发现可能影响估价的现场不利因素,估价师在发布估价报告以前应当提请客户注意
5. 勘查过程可以轻易发现很多对物业价值的市场感知有影响的事项。这些事项可能包括: 2.4应当适用。 的基准之上,同时VS
周围区域的特性以及对价值有影响的交通状况、便利设施等因素; b) 物业的特性; c) 土地与建筑物的尺寸与面积; a)
建筑物的结构及大概役龄; e) 土地与建筑物的用途; f) 房客的类型; d)
装置、便利设施及服务的情况; g)
固定物、配件及装修情况; i) 是否存在通常作为整个建筑物的一部分的厂房与设备; j) 明显的维修与调整状况; h)
环境因素,例如异常地面状况、以前的开矿或采石作业、海岸侵蚀、洪灾风险、邻近高压 设备等; l) 污染,例如地面内或地面建筑内的潜在危险或有害物质——例如重金属、油、溶剂、毒药 k)
或污染源物质被吸收或融合到物业之内,不通过攻击手段或专业手段则难以移除(例如通 过开挖才能移除由于地下油罐泄露而污染的底土)——或存在氡气;
42

6. 可能需要包括的其它信息有:
危险材料,例如建造物内或土地上存在潜在有害物质,但是尚未造成污染,只要采用适当 的预防措施并遵守监管规定即可迅速移除——例如,从地下罐清除燃油(气)或从绝缘材 料当中清除石棉或消耗臭氧层物质。 m)
不利材料,例如随着役龄增长而退化的建筑材料,造成结构上的问题,例如高铝水泥、氯 化钙、木丝模板等; o) 视情况,是否存在物理限制而不利于进一步开发。 n)
•
• 所见或地面测量所得那样简单。如果估价师无法勘查租契或因为缺乏许可证记录,以至于无法确 认改造或装修的程度,那么估价师应当在阐明的假设基准之上着手工作; 租赁物业房地产的装修情况:在对租赁及归还物业进行估价时,如果当初出租的物业可能经过改 造或装修,那么应注意确定哪些内容需要进行估价。针对特定权益的估价,可能并非如表面观察
域的了解程度决定。估价师必须考虑物业的本质、估价的目的、物业的范围和承接任务的大小, 规划(分区)控制:规划控制方面,各个国家可能不同,需要作出查询的范围将由估价师对该区
• 地区或国家房产税率;
• 庞大支出或运行成本方面的信息,以及可以从房客追偿的水平;
• 物业房地产所在国家可能作出的强加配额或其它经营限制等信息;
• 出售之前,通过正常法律咨询流程披露的信息。
7.
8. 为了将来的查询能够得到有效回应,必须制定并保留清晰的笔记(可以包括照片)对勘测结果进 虽然估价师有职责采取合理的谨慎措施,以核实所提供或获取的信息,但是必须明确声明这方面
行记录,特别要记录勘查的局限性以及是在怎样的形势下展开的。在这些笔记中还应记录关键输入值以
才能确定在多大程度上勘测可以或可能对规划方面有影响的监管措施;
的职责是有限的。
VS 5.2信息认证 及得出估价结果时涉及的所有计算、勘测与分析过程。
1. 补充
信息认证 信息认证
应与客户确认所依 赖任何必要 “假设”。 估价师在准备估价时必须采取合适的步骤来认证评估所依赖的信息。如未事先同意,
并在合适的地方指出信息出处。
2.就每一案例, 估价师均必须评估所依赖信息的可靠程度。 如果别无选择, 只能接受可能不可靠的信 估价师有责任明确指出所依赖的信息,
息, 则在接受的条款里应列出相应的 “假设”。
3.在为财务声明准备估价报告时, 估价师应准备与客户的审计师、 其他专业建议师及制定规则人士讨 论任何“假设”的合适性。
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估价师也应有意愿表达意见)。 估价师 必须在报告中先明确指出任何由客户或有意向的另一方的律师认证的信息, 评估的价格才值得信赖或能 够得以公布。
4.客户将期待估价师就影响价格的法律事宜发表意见(同样,
44

45
VS 6
VS 6
VS 6
VS 6 估价报告
估价报告
估价报告
估价报告
VS 6.1
VS 6.1
VS 6.1
VS 6.1 估价报告至少应包括的内容
估价报告至少应包括的内容
估价报告至少应包括的内容
估价报告至少应包括的内容
估价报告应
估价报告应
估价报告应
估价报告应当清晰
当清晰
当清晰
当清晰而准确地
而准确地
而准确地
而准确地阐明估价
明估价
明估价
明估价结论
结论
结论
结论,不得模棱两
得模棱两
得模棱两
得模棱两可或
可或
可或
可或令人误
令人误
令人误
令人误解,不得造
得造
得造
得造成假
成假
成假
成假象。并且
并且
并且
并且,对于客户
对于客户
对于客户
对于客户
与估价师
与估价师
与估价师
与估价师双方在聘用条款中
方在聘用条款中
方在聘用条款中
方在聘用条款中约定的所有事项
定的所有事项
定的所有事项
定的所有事项,报告
报告
报告
报告均应予以处理,至少应包括
包括
包括
包括以下
以下
以下
以下信息
信息
信息
信息(如果
如果
如果
如果按照客户
按照客户
按照客户
按照客户
提供的表
提供的表
提供的表
提供的表格给出报告则
报告则
报告则
报告则除外):
):
):
):
(a) 对客户
对客户
对客户
对客户和其它预
其它预
其它预
其它预期用
期用
期用
期用户进行
进行
进行
进行识别认
识别认
识别认
识别认定;
(b) 本次估价的意
估价的意
估价的意
估价的意图;
(c) 本次估价的
估价的
估价的
估价的对象
对象
对象
对象;
(d) 有待估价的
估价的
估价的
估价的权益;
(e) 资产或
资产或
资产或
资产或负债
负债
负债
负债的类型
类型
类型
类型,以及
以及
以及
以及客户
客户
客户
客户如何
如何
如何
如何使用它或如何
或如何
或如何
或如何对其分级
对其分级
对其分级
对其分级;
(f) 价值基准
价值基准
价值基准
价值基准;
(g) 估价时点
估价时点
估价时点
估价时点;
(h) 对重大牵连
大牵连
大牵连
大牵连进行
进行
进行
进行披露
披露
披露
披露,或指
或指
或指
或指出不存在
不存在
不存在
不存在此类
此类
此类
此类重大牵连
大牵连
大牵连
大牵连;
(i) 负责
负责
负责
负责本次估价的估价师的
估价的估价师的
估价的估价师的
估价的估价师的识别认
识别认
识别认
识别认定,并且
并且
并且
并且如有要求
如有要求
如有要求
如有要求,指出该估价师的
该估价师的
该估价师的
该估价师的状态
状态
状态
状态;
(j) 视情
视情
视情
视情况,指出将
出将
出将
出将要采用的
要采用的
要采用的
要采用的币种
币种
币种
币种;
(k) 任何
任何
任何
任何假设
假设
假设
假设、特殊假设
特殊假设
特殊假设
特殊假设、保留意见
意见
意见
意见、特殊指
特殊指
特殊指
特殊指令或背离
背离
背离
背离;
(l) 估价师勘
估价师勘
估价师勘
估价师勘测的范围
范围
范围
范围;
(m) 估价师
估价师
估价师
估价师依赖
依赖
依赖
依赖的信息
信息
信息
信息的本
的本
的本
的本质及来源
来源
来源
来源;
(n) 同意或
同意或
同意或
同意或限制公开
制公开
制公开
制公开发表;
(o) 限制或
制或
制或
制或豁免
豁免
豁免
豁免估价师
估价师
估价师
估价师对其它
对其它
对其它
对其它方(除客户
除客户
除客户
除客户外)的责任;
(p) 确认该项估价
该项估价
该项估价
该项估价符合
符合
符合
符合本标准
本标准
本标准
本标准;
(q) 阐明估价方法的
明估价方法的
明估价方法的
明估价方法的选择
选择
选择
选择与理
与理
与理
与理由;
(r) 阐明该估价师具备必要的
明该估价师具备必要的
明该估价师具备必要的
明该估价师具备必要的知识
知识
知识
知识、技能和理解能
能和理解能
能和理解能
能和理解能力,能够称职地承办该估价项目
称职地承办该估价项目
称职地承办该估价项目
称职地承办该估价项目;
(s) 用数字及
用数字及
用数字及
用数字及文字(即大写和小写金额)表述的估价意见
的估价意见
的估价意见
的估价意见;
(t) 签名
签名
签名
签名及报告日期
报告日期
报告日期
报告日期;
该最低限度
最低限度
最低限度
最低限度应有条款列表的第
应有条款列表的第
应有条款列表的第
应有条款列表的第(a)至(t)项包含
包含
包含
包含了《IVS 103
IVS 103
IVS 103
IVS 103:报告
报告
报告
报告》的所有要求
的所有要求
的所有要求
的所有要求。关于两
于两
于两
于两个列表之
个列表之
个列表之
个列表之
间的详细
详细
详细
详细比较
比较
比较
比较,参见附录
参见附录
参见附录
参见附录9。
注解
注解
注解
注解
1. 报告关于估价师估价意见的表述应当清晰易懂,措辞方法应使对被估价物业房地产没有先验知识
的人也能够阅读和理解。
2. 报告的格式及细节方面由估价师自行酌情确定,但是信息方面,应达到最低限度的要求。

3. 附录6的表格提供了关于报告内容最低要求的更详细信息。
4. 尽管有本标准的规定,这里仍提醒估价师注意,不管以任何格式提供的估价意见,均会造成估价
5. 不鼓励估价师把任何估价或报告称作“正式的”或“非正式的”,因为这样的词语容易造成误解, 师对客户(某些情况下还包括第三方)承担潜在的责任。
6. 除原先约定的目的外,如果报告用于其它意图,估价师在表示同意之前必须格外谨慎。因为接收 人或读者有可能不完全明白估价的限制性信息或保留意见,造成断章取义的错误引用。 使人以为存在未经声明的假设。
VS VS VS 6.2 6.2 怎样描述 怎样描述报告
怎样描述
报告
注解
注解
1.
2.
“价值证书”、“估价证书”、“价值声明”等术语在某些国家用于描述法定文件时,具有特殊
性,这对于提供估价意见来说是不适宜的。本标准最优先的一个目标是让客户理解不同价值基准的含义, RICS认为,这些术语在提供估价意见时不应采用,因为它们暗示了某种担保或一定程度的确定
按照 按照本标准 本标准 本标准编制的估价报告 制的估价报告 制的估价报告,不得称作 称作 称作证书或 书或 书或声明。 按照
、基本假设或分析过程。如果估价师之前对涉及该物业的一次交易提供过估价报告或意见,那么该估价 师可以提供此类文件,例如客户按法规要求需提供此类文件时;否则,估价师应尽量避免干涉此类事宜 。 含义。一个共同特点就是,此类文件要求简单地对价格或价值进行确认,而不要求理解数字背后的背景
3. 不过,如果已经知道估价报告将被提交,并且接收单位要求提供经过正式核实的估价报告,那么 估价师可以在报告正文中使用“已核实”或类似术语。 以及不同的假设对估价的影响。
估价报告必须 估价报告必须对价值基准 价值基准 价值基准及其定义进行全面 进行全面 进行全面论述 论述 论述。如果 如果 如果价值基准 价值基准 价值基准并非 并非 并非基于市场的算法 市场的算法 市场的算法,而估价 而估价 而估价结果与 果与 果与市场价 市场价 估价报告必须
VS VS 6.3 6.3 怎样报告 怎样报告价值基准
怎样报告
价值基准
注解
注解
1. 据公认,虽然对于大多数具体应用来说,市场价值通常是最适宜的价值基准,但是在特殊情形下
有重 有重大差异 差异 差异,则必须 则必须 则必须就此 就此 就此作出声明。 值
3 价值基准)。
可能宜采用其它价值基准(见VS
46

2.
3. 如果采用并非基于市场的价值基准,那么应提醒估价结果的使用者注意,该项估价尽管与指定意 至关重要的一点是,估价师与估价结果的使用者均须清楚地认识市场价值与其它价值基准之间的
VS
差异,以及这些基准可能对估价的适用性
VS
造成的不同影响。
6.4 特殊假设
提供估价。 定,否则不要求估价师按照备择估价标准 图有相关性,但可能与该物业投放市场时能够获得的价格之间没有任何联系。除非在聘用条款中另有约
VS 6.4
注解
注解
1. 本条陈述旨在确保报告明确指出按照VS
特殊假设
VS VS 6.5 6.5 私营部门的折旧重置成本
如果报告 如果报告包括 包括 包括在特殊假设 特殊假设 特殊假设的基准之上作 的基准之上作 的基准之上作出的一项估价 的一项估价 的一项估价,那么 那么 那么必须 必须 必须对该特殊假设 特殊假设 特殊假设予以全面 以全面 以全面陈述 陈述 陈述,并声明已 经就此 就此 就此特殊假设 特殊假设 特殊假设与客户 客户 客户达成一 成一 成一致。 如果报告
2.2与客户商定的任何特殊假设。
注解
注解
1.
2.
按照会计标准要求,各实体应当对其资产定期进行“减损”审查,“减损”是指该实体拥有的资
得的总金额接近。如果该资产的使用价值低于销售比较法得来的市场价值,那么可以放心地将该市场价 值数字作为可靠的基数列入账目。无论该实体继续使用或选择报废该资产,该数字均为该实体的可收回 通过与类似资产比较而推算出的该资产的市场价值,通常与该实体立即报废并处置该资产能够获
折旧重置成本 折旧重置成本(DRC DRC DRC)算法 算法 算法针对 针对 针对私营部 营部 营部门的物业作 的物业作 的物业作出的估价 的估价 的估价,必须同时指 必须同时指 必须同时指出该估价以该业务有 该估价以该业务有 该估价以该业务有足够 足够 的盈利能力为条 为条 为条件,适当顾 适当顾 适当顾及所 及所 及所使用的全部资产的价值 用的全部资产的价值 用的全部资产的价值。 使用折旧重置成本
计标准的定义),或扣除销售成本之后的公允价值(见术语表)——取两者当中较高者。简言之,这意 味着资产负债表中的数额应记成下列两者的较高者:该实体持续使用该资产将衍生的未来收益转换成现 行价值;或者,该实体立即报废并处置该资产能够获得的收益。 产的价值的永久损耗。进行“减损”审查之后,应当纳入资产负债表的数字是其“使用价值”(按照会
3. 与之相反,折旧重置成本(DRC)算法适用于极少或从不出售的资产(除非该资产构成其它资产 整体的一部分,随之一同出售)。“当前存在使用该资产的需求”这条假设是这种算法的固有特征。因 金额。
通常不等于报废并处置该资产所能获取的金额。如果资产的使用价值低 于按照DRC方法算出的市场价值,该市场价值数字不能视为可靠的基数,因为它可能与该实体中止经营 此,使用该算法得出的市场价值
之后能获得的金额没有任何联系。
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4. 6.7的披露要求对这种可能性 进行了论述。不过,本条标准额外要求指出该项估价是以“足够的盈利能力”为条件的,这是为了向该 按照DRC方法计算出的价值可能因中止经营而受到重大影响,VS
VS VS 6.6 6.6 公共部门的折旧重置成本
减损审查中有必要将报告中的市场价值减记为使用价值。 实体强调,尽管该资产的使用价值低于报告中的市场价值,某些情况下仍可能高于可变现净值。因此在
据与使用前景与可行性为条件。 使用折旧重置成本(DRC)算法针对公共部门的物业作出的估价,必须同时指出该估价以该资产的持续占
注解
注解
1. 6.5的注解)。但是,在公共部门,持有 资产是为了提供服务而非盈利,因此VS 6.5规定的防误解说明在这里不适用。因此,估价师有必要明确 对于公共部门会计,也有需要考虑减损的要求(见VS
VS VS 6.7 6.7 折旧重置成本估价与备择市场价值的比较
折旧重置成本估价与备择市场价值的比较
6.7 规定的适宜的披露要求,本要求旨在向使用者强调,不可将该估价结果视为服务中断、资产报废情况下 可收回金额的指征。 指出按照DRC方法得出的估价结果的有效性取决于持续使用该资产提供所述服务的持续要求。连同VS
如果报告中的一项估价是 如果报告中的一项估价是按折旧重置成本 折旧重置成本 折旧重置成本方法 方法 方法预测 预测 预测的,那么 那么 那么该估价师必须在报告中指 该估价师必须在报告中指 该估价师必须在报告中指出: (a) 如果 如果针对 针对 针对任何不 任何不 任何不难识别 识别 识别的备 的备 的备择用途的 用途的 用途的市场价值 市场价值 高于估价 估价 估价结果,则予以指 以指 以指出; 如果报告中的一项估价是
注解 注解
注解
1. 针对任何物业的估价,作为估价流程的一部分,估价师均需考虑是否存在可能在市场价值
2.
3. 何成本,也未计入与实现该价值相关的任何成本。 如果很明显地,市场上购买该物业的买家会把土地用于备择用途,该备择用途不难识别认定,能 应在报告中予以指出。然而应当说明,该价值反映的是备择用途,其中未计入业务中断或停止带来的任
。因此,实体可能要求按照DRC方法提供估价意见,这意味着假定现有的用途将持续协助该实体对再发 为基准编制的。同时,停业或迁址造成给该实体招致的成本可能超出通过该备择用途可实现的附加价值 基于备择用途实现市场价值,可能造成与“持续经营”假设不一致,而财务报表一般是以该假设
视情 视情况,指出业务的中 业务的中 业务的中断将使 断将使 断将使市场价值 市场价值 严重降低。 (b)
所体现的备择用途。对于只能使用DRC方法估价的特殊物业,备择用途价值可能仅与土地有关,因为建 筑物或其它土地改善可能不适于任何备择用途。 中有
产生比当前用途更高的价值,同时在商业上和法律上均可行,那么用于该备择用途的价值即为市场价值,
展潜能进行量化。
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4. 认定,但是针对该用途的价值不通过重大研究是无法可靠地确定的——例如,获得法定同意书的前景研 究、此类同意书可能附加的条件、通关成本、新的基础设施成本等。这种情况下,仅需指出存在一种潜
6.
经常出现的一种情况是,在特殊用途万一中断的情况下,物业用于备择用途的潜能可以大致识别
客户关注这一点。然而,不要求呈报该项数字。 如果估价师认为如果该资产不再作为持续经营企业的一部分会使其价值严重降低,那么应当提请
5. 如果估价是按要求根据备择假设作出的,则应当清楚地阐明。 在备择用途,该场所用于该用途的价值显著高于使用DRC方法算出的价值即可。
VS VS 6.8 6.8 负价值
注解
注解
1. 如果物业房地产不构成资产,而是负债,则称之具有负价值。
2.
3.
对于租赁权益,如果租契的保留租金高于市场租金,并且/或者承租人需要承担繁重的契诺,则
业的正价值,但是没有任何法律责任要求业主承担该物业的拆除费用。 还会出现的一种情况是,把物业价值表示为零值,这是没错的。例如,偿清负债所需花费超出物
如果一项 如果一项物业房地产具有 具有 具有负价值 价值 价值,该项物业必须单独报告 该项物业必须单独报告 该项物业必须单独报告,不得与其它 其它 其它物业房地产的正价值 价值 价值抵销。 如果一项
业本身的价值,则也可能出现负价值。 可能出现负价值。对于自由持有物业,如果履行法定或合同义务的花费高于在没有此等义务的条件下物
VS VS 6.9 6.9 位于多个国家的
位于多个国家的物业
位于多个国家的
物业 物业房地产
物业 房地产
如果 如果物业 如果 物业 物业房地产
物业 房地产 房地产位于不止一个国家
房地产 位于不止一个国家
位于不止一个国家,每个国家之内的
位于不止一个国家 每个国家之内的
每个国家之内的物业
每个国家之内的 物业 物业房地产
物业 房地产 房地产必须单独
房地产 必须单独
列出 列出,而估价报告采用哪个或哪些币种
列出 而估价报告采用哪个或哪些币种
而估价报告采用哪个或哪些币种,应与客户协商一致
而估价报告采用哪个或哪些币种 应与客户协商一致
应与客户协商一致。
应与客户协商一致
注解
注解
1. 如果物业位于多个国家,报告的编排应使一个国家内的所有物业房地产集中在一起。
2. 而言,这称为“报告 货币”。无论客户位于何处,估价项目应采用物业所在国家的币种。如果经过约定,按照客户要求,需 实体经常要求估价项目使用该实体的基地所在国家的币种。对于财会报表
的收盘汇 率(也称为“即期汇率”)。
将该项估价转换为另一币种(例如,转换成报告货币),则除另有约定外,均须采用估价时点
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3.
VS 6.10 合并其它估价
关的、现有或拟定的地区法规,并相应留下了一定裕量。 报告还须指出,针对位于每个国家的物业,估价师是否考虑了与实现物业资产化时产生的税收相
VS 6.10
注解
注解
1. 在某些情形下,估价师可能希望从另一名估价师或另一个事务所
合并其它估价
如果估价师在估价报告中 如果估价师在估价报告中合并 合并 合并了另一 了另一 了另一名估价师或另一个 估价师或另一个 估价师或另一个事务所 事务所 完成的估价 成的估价 成的估价,那么 那么 那么必须确 必须确 必须确认此等 认此等 认此等估价是 估价是 根据本标准 本标准 本标准(或在特殊情形下的 或在特殊情形下的 或在特殊情形下的其它适 其它适 其它适用标准 用标准 用标准)完成的 成的 成的。 如果估价师在估价报告中
房与设备的估价;或者针对另一个国家内的物业的估价,因为需要当地的专业人士完成)。如果出现这 种情形,必须以客户同意雇用与该估价师无关的其它估价师或事务所 为前提,并且在聘用条款 中予以 指出。 获取一项估价(例如,针对厂
2.
VS 6.11 初步估价意见
先确信此等估价报告是按照本标准的规定编制的。 客户可能要求估价师合并某项通过该客户直接委任而完成的估价。对于这种情形,估价师必须首
VS 6.11
•
•
• 绝对不可公开 提供该意见 该文件
初步估价意见
制与本标准相 制与本标准相符合 符合 符合的报告的过程中 的报告的过程中 的报告的过程中,估价师可以 估价师可以 估价师可以向客户 向客户 向客户提供 提供 提供初步 初步 初步意见 意见 意见,或在定 或在定 或在定稿之前草拟 草拟 草拟的报告或 的报告或 估价 估价结果。此时可以提供估价 时可以提供估价 时可以提供估价得出 得出 得出的金 的金 的金额,但是此等文件 此等文件 此等文件必须 必须 必须包括 包括 包括下列 下列 下列陈述 陈述 陈述: 文件 文件是草拟 草拟 草拟的,受制 受制 受制于最终 于最终 于最终报告的定 报告的定 报告的定稿; 在编制与本标准相
提供该意见 提供该意见仅供客户 客户 客户内部 内部 内部使用; 不可公开 不可公开发表或 表或 表或向他方披露 披露 披露该草稿 草稿 草稿。 如果 如果草稿 草稿 草稿当中未包含某 未包含某 未包含某些根本的重要事项 本的重要事项 本的重要事项,则应在 则应在 则应在文中指 中指 中指出。 提供该意见
注解
注解
1.
2. 步估价意见。在估价流程的任何阶段均可进行此等讨论,以便客户有机会了解估价师的观点及证据。然 而,一旦达成一份初步估价意见,并将此意见传达给客户,就必须采取本条估价标准要求的行动。 据认可,在估价起草过程中,估价师可能需要与客户讨论各类事项,例如某些事实的核实及其它 相关信息(例如,对租金审查的结果予以确认或对物业的界限进行澄清),然后才能向客户提供一份初
纠正不精确度或合并客户提供的更多信息除外。对于与客户进行的讨论,估价师应当作好笔记并在草拟 非常重要的是,此等讨论不得(并且能够证明)导致别人认为估价师的意见受到此等讨论的影响;
• 记下客户针对估价提供的信息、提出的建议;
的报告或估价中备案。记录应包括:
50

• 记下该信息是如何用于证明价值变动的正确性的;或
• 这样做的目的是提供透明的审计线索,表明此等讨论并未危及估价师的独立性。如有要求,应将此等记 如果估价未变动,记下未变动的原因。
VS 6.12 公开发表陈述
VS 6.12 录提供给审计员或对该项估价有合法重大权益的其它任何一方。
注解
注解
1.
2.
•
有时,估价报告可能全文公开发表,例如一家公司的年度账目;但是通常仅供引用。在引用的情 如果报告并非全文发表,应当使用的单独的文件编制陈述草案,在提供报告的同时将其提供给客 估价师或估价师所属事务所的姓名和资格;
一项估价报告的目的 一项估价报告的目的,如果需要在公开 如果需要在公开 如果需要在公开发表的资 表的资 表的资料中引用 中引用 中引用,估价师必须提供一 估价师必须提供一 估价师必须提供一份陈述 份陈述 份陈述草案,用于列 入该公开 该公开 该公开出版物。 鉴于一项估价报告的目的
户。该陈述在内容方面受当地监管相关发布的规章管辖,但是至少应当包含以下信息: 形下,估价师必须密切关注出版陈述,确保所有引用的准确性,不至于误导读者。
• 指出该估价师是内部或外部估价师,如有要求,指出该估价师在身份方面达到特定准则;
• 估价日期及价值基准,连同特殊假设(若有);
• 注明这些价值在多大程度上是参照市场证据确定的或使用其它估价技术预测的;
• 确认该项估价是按照本标准完成的,或者在多大程度上背离本标准以及原因;
• 陈述指出该报告由其它估价师或专家编制的部分。
3. “公开发表”的含义不包括向按揭申请人或买家提供该项估价的报告或告知该项估价的数字。 有关公开出版物引用估价报告的例子,请参阅附录7。
4. 如果存在关于被估价的物业或将发表的估价的其它相关资料,估价师应检查其准确性。
5. 此外,对于估价报告将要发表在其中或被其引用的文件,建议估价师通篇予以阅读,以确保其中
6. 估价师应坚持在发出同意书之前索要一份终校样张或参照文的副本,并将该校样附于同意书。来 自其它各方的压力或劝诱,要求授予签署权,均应予以抵制。 没有关于估价师可能知道的事项的错误陈述。
见)。报告还可能包含一家公司的交易,这种在公共部门通常不会出现。此等信息是商业敏感信息,必 于业主与第三方之间某些权力的事项(例如,即将进行租金审议之前,关于租金额或物业的资本值的意
7. 报告中表达的意见,如果包含于公开出版物,可能会影响某些有争议事项、正在商谈事项或受制
须由客户在经过审计员及相关监管机构的批准之后决定是否应包含于公开出版物中。
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8.
9. 允许估价师将商业敏感性质的信息排除于将要全文发表的报告之外,但应受制于特定国家的适用
VS 6.13 公开出版物对背离及特殊假设的引用
在公开参考文中,估价师必须指出略去的事项,并阐明这种做法是经过客户明确指示以及监管机 的法定要求。 构和/或审计员的批准的。如果没有如此注明,估价师可能无意之中被置于无法澄清某些指责的位置。
VS 6.13
注解
注解
1. 这条陈述适用的情形是,估价师做出的估价:
2. 提供的任何额外备择估价。 如果报告并非全文发表,在VS
公开出版物对背离及特殊假设的引用
估价师必须确保 估价师必须确保:引用了估价报告的任何公开 引用了估价报告的任何公开 引用了估价报告的任何公开文件 文件 文件同时应提 同时应提 同时应提到该报告基 该报告基 该报告基于的任何 的任何 的任何背离 背离 背离或特殊假设 特殊假设 特殊假设。 估价师必须确保
2.2的规定);或 该估价不符合某条估价标准(参阅VS 1.2关于背离的定义)。 6.12款要求作出的陈述中必须指出该估价基于的任何特殊假设或 该估价受制于特殊假设(根据VS
3. 情况下,对如何才能构成“充分引文”进行确认,均是估价师的责任。如果一条引文未能提醒读者注意 诸如估价采用的基准或估价的数额等根本重要事项,或者存在任何可能误导读者的风险,则该引文不能 如果报告并非全文发表,在任何公开发表的文件中,必须充分指明该估价基于的背离。在每一种
视为“充分”。
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附录
附录
附录 附录 1 1 保密职责 保密职责、独立性与客观性面临的威胁
保密职责
立性与客观性面临的威胁
立性与客观性面临的威胁、利益冲突
立性与客观性面临的威胁 利益冲突
1 引言
引言
1.1
2 保密职责
性威胁以及如何设法处理可能威及估价师诚信度与公正度的利益冲突。 本附录提供了关于《行为准则》特别针对估价的运用的额外指南,涉及保密职责、独立性与客观
保密职责
2.1
2.2 存在潜在利益冲突时,估价师在评估他或她能否接受该项任务时,披露机密信息的风险是应顾及 如果与客户有关的信息是因为工作关系而得知的,或者是公共部门所不知的,那么将其视为保密
2.3
是估价师的一项通常职责。
持有保密信息可能造成无法解决的利益冲突,因为传递该信息可能造成违反原先的保密义务,但 的一个重要因素。如果有必要披露估价师与被估价对象的牵连情况,也要牢记该因素。如果在不违反保 密义务的前提下无法作出充足的披露,则应拒绝承接该项估价指令。 是另一方面,对于与后续客户有重大关联的信息,如果不传递给该客户,或不将它用于该客户的利益,
2.4 保密职责不限于当前具有有偿工作关系的客户,也包括以前的客户甚至潜在客户。应向客户承担 的职责是从不间断并且仍在持续的。随着时间推移,信息的潜在关联性以及出现利益冲突的可能性会增 则导致渎职或违约的索赔。
握的信息的本质及范围将成为该估价师能否代理另一个客户的决定因素;但是相关的因素还包括上次估 价已经过去多久、原客户是否仍持有任何“保留物”等。 加;而不存在任何固定期限可用于确认保密职责是否仍然与后续指令的一般职责造成冲突。估价师所掌
当谨慎地检查先前是否为乙公司展开过工作。如果根据过去为乙公司展开的工作的性质与历时,估价师
2.5 决定可以接收新的指令,那么该估价师应当谨慎地保留备案记录,记下作出该决定的原因。然而,如果 过去为乙公司展开的工作意味着存在利益冲突,那么应当拒绝承接来自甲公司的新的指令,同时不得透 例如,如果一名估价师或一个事务所按照甲公司的要求,对接管乙公司的可能性提供意见,则应
2.6 此外,保密职责还会延伸到因为保密协议适用而不可在报告中提到交易情况。 露作出该决定的原因。
3 独立性与客观性面临的威胁
独立性与客观性面临的威胁
独立性与客观性面临的威胁
3.1 哪些情形可能造成对估价师独立性与客观性的威胁,是无法提供确定的列表的。但是,在下列举
例给出的情形下,估价师通常有必要选择作出适当披露,或者考虑到可能产生冲突并且无法以满意的方 式解决或设法应付,选择拒绝采取行为:
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• 在同一交易中针对同一物业房地产同时代理买家与卖家;
• 同时代理互相竞争同一机会的多方;
• 为出租方估价的同时,向买方提供意见;
• 以前针对同一物业为另一个客户进行过估价;
• 承接第三方消费估价项目,而估价师的事务所与客户保持着有偿工作关系;以及
• 在租赁交易中同时为当事双方的权益进行估价。
3.2 情形,例如,估价的意图、客户的目标或者通过适当的披露或操作“中国墙”设法处理利益冲突。估价 上述几例当中,估价师独立与客观行事这条最重要义务受到威胁的程度将取决于每个例子的具体
4 设法处理利益冲突
设法处理利益冲突
4.1 估价师及事务所有义务识别认定在其业务过程中任何实际的或潜在的利益冲突,并且应当确信自
的能力,无法避免或处理独立性面临的威胁,那么应当拒绝承接该指令。 项目中任何第三方的利益,以及第三方对估价的依赖性等均是应顾及的因素。如果估价师认为依他或她
• 如果冲突是因为估价师自己在物业房地产中拥有权益而引起,则应向利益相关的各方作出正当的 披露;或 己将来能够设法处理潜在的冲突。为做到这一点,通常采用下列两种途径之一:
4.2 根本来讲,应遵循下列三条路线之一:
4.3 然而无论何种情况,要针对无法解决的冲突究竟是否存在作出决定,是估价师或事务所的责任。
• 。 如果冲突因为估价师向多个客户承担忠诚义务而引起,则应在代理各客户行事之前建立“中国墙”
• 确认无法解决的冲突存在,拒绝承接该指令;
•
• 如果一个冲突或潜在冲突是因为以前的客户而引起,则应当考虑(以书面方式)就当前情形通知 就潜在的冲突向客户以书面方式作出披露,请求并签署一项协议以便约定怎样设法处理该冲突, 并且书面确认该协议;或 前客户,以便得到他们对该估价师或事务所的行为不持异议的确认书。
4.4 知情形下估价师能否承接某估价指令是没有专门规定的;因为据认可,很多情况下冲突或潜在冲突与客 如果经过识别认定了冲突或潜在冲突,则应当考虑估价师或事务所能否承接该指令。在一系列已
的同意,其中此等披露应当受制于本附录第2节的建议、该冲突的可能性及本质、冲突的来龙去脉及其
4.5 如果承接任务,那么如前文第4.2.2款所述,将有必要提议通过披露设法处理该冲突并获取客户 户并无太大利害关系或关联性,或者该冲突可以有效地设法对付。
它相关事实。
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4.6 业人士。估价师可能有理由相信,在向准客户表示存在冲突,或提议设法处理这些冲突时,准客户可能 不具备对该问题的足够的认知度从而无法做出知情决定。在此等情况下,估价师应该选择拒绝承接该指 如果选择向客户解释并请求同意设法处理该冲突的提议,那么估价师必须顾及客户或远景客户的
5 第三方
立场和性质。大型公司客户可能比小企业或个人客户更容易给出“知情同意”,因为后者不经常雇用专 令或选择建议准客户就此情况向其它专业人士进行咨询(例如律师或会计)。
第三方
5.1 中除正常费用或佣金之外还会获得哪些利益。许多估价项目是供第三方依赖的,如果估价师或事务所与 该客户或该物业之间有其它显著有偿关系,那么可能需要就此向第三方作出披露。如果一开始就可以对 第三方进行识别认定,那么就要求立即做出披露,这意味着在承接估价项目之前即需披露。这样就可以 如果估价师或事务所需要向第三方承担谨慎职责,则应及时向其披露估价师或事务所在这项任务
5.2 然而,很多情况下,第三方将是一整个类别的个体,例如,一个公司的所有股东。在一开始就向 所有利益相关的第三方作出披露显得不太可能或难以操作。这些情况下,实际可行的最早的披露时机是 使第三方在认为估价师的独立性与客观性受到危害时,有机会对这样的委任持异议。
在估价报告中,或引用该报告的公开出版物中。此时估价师即担负更大责任,需要在承接指令之前考虑
5.3 公共部门的估价以及将被第三方依赖的估价,通常受制于法规或监管。很多时候估价师必须遵守 某些具体规定才能被视为适于提供真正客观并且独立的观点。对于某些估价意图,如果估价师与被估价 依赖该估价的第三方是否会接受需要披露的任何牵连并未过分危及估价师的独立性与客观性这种说法。
而对于大多数估价项目,并不存在具体判断准则,估价师有责任对潜在冲突以及其它危及独立性与客观 物业房地产或在该物业房地产中拥有权益的一方曾经有牵连,本标准也对其施加有特定限制或条件。然
中国墙 中国墙隔离墙
中国墙 隔离墙
中国墙 性的因素保持警觉。
5.4 有关于最低要求的严格指南。任何“中国墙隔离墙”配置必须有足够强度,使相关信息没有任何机会穿 透它。这是非常严格的测试;仅采取“合理的步骤”不足以操作有效的“中国墙隔离墙”。相应地,建 各组织内部的咨询师可能代理着“互相冲突的”客户,需要对他们进行隔离,在这方面,RICS
•
• 人员; 立好并且经过受影响客户同意的“中国墙隔离墙”必须确保: 代理着互相冲突的客户的个体必须是完全不同的个体——注意,这从广义上包括文秘及其它辅助 此等个体必须从物理上隔离,其程度至少应为位于同一建筑的不同部分,或者完全位于不同的建 筑内; 以书面形式持有,则应安全地保存于分离的上锁的寄放设施内,达到事务所的合规主任或其它高
• 级独立人员的满意;
无论以何种方式持有的任何信息,在任何时候必须使“另一侧”的人员没有权限,并且,如果是
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•
• 事务所内应当拥有足够地位以便能够不受阻碍地进行操作; 合规主任或其它高级独立人员应当监督正在动作的“中国墙隔离墙”的配置与维护,采取适当的
5.5
防护措施和检查频率以保证其有效性,此等高级人员不得与指令当中的任何一个有牵连,并且在
“中国墙隔离墙”。因此,小型事务所或办事处是难以或不可能运作 “中国墙隔离墙”的。
鉴于“中国墙隔离墙”的管理需要成为事务所文化惯例的一部分,必须经过可观的规划才能运作 事务所内部必须针对有关利益冲突管理的原则与实践,进行适当的教育及培训。
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附录 附录 2 2 确定聘用条款
确定聘用条款
1 引言
引言
1.1 客户为了一定目的要求估价意见,这种目的的范围十分广泛。并且各种客户的知识水平不一,某
1.2
1.3 适的意见,例如,可以通过提出合适的特殊假设。 会员应当注意自己是否完全理解客户的需要与要求,并认识到在某些情况下,他们可能需要引导
有时应当列出清单,确定需要向客户提出哪些问题或与客户讨论哪些事项,客户的答案可 客户针对特定情形选择最合适的意见。即使在极其特殊的情况下,通常仍可以按照本标准向客户提供合
必须在文件中弄清哪些事情已经达成一致,如果存在某 能影响后续的估价及报告。无论何种情况,会员 会员
。 些客户对其资产所在市场理解深刻,而另一些客户对市场、使用的术语、估价师掌握的概念均不太熟悉
或背离 ,则应记录其原因。 些限制、特殊假设
1.4
2 关于聘用条款最低要求的指南
指令之前咨询承保人。 会员必须紧记是否存在针对自身的专业弥偿保险(PII)政策,如果存在疑问,则应在承接估价
2.1 此表格的标题与VS
关于聘用条款最低要求的指南
项目 评论 2.1的标题相同。
对客户和其它预期 用户进行识别认定 很多时候估价要求是客户的代表人发出的,会员应确保正确地识 (a)
• 一个公司的董事发出估价要求,但该公司是估价客户,而董事 别认定谁是客户。特别是在下列情况下:
估价报告却应提供给放款人,所以放款人才是真正的客户(另 另有其法律地位;
• 见第(o)项)。 根据要求针对贷款目的进行估价时,虽然由借款人发出委托,
本次估价的意图 估价针对的目的有很多,对估价师来说很重要的一点是紧记这条 (b)
信息并采用适宜的价值基准。
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价,那么必须以书面形式告知客户:估价报告中将指出估价意图 是未知的。这种情况下,该估价报告不得公开发表或向任何第三 方披露。 如果客户拒绝告知本次估价的目的,而会员愿意继续进行本次估
便阐明:除了原先与客户商定的目的,不得将该估价报告用于任 何其它目的。 如果提供的估价是有异常保留意见的估价,那么必须准确措辞以
本次估价的对象 在针对单项资产进行估价时,通常可以很直接地识别认定估价的 对象是什么。然而,在针对土地进行估价时,则可能因为不存在 明确界定的范围,而遇到复杂情况。估价师应确保此类事项在报 告发布之前等到解决。 (c)
同持有。这种情况下,十分重要的一点是确定在估价中如何对待 这些资产。 某些资产的持有方式可能是作为资产群或资产组合与其它资产一
3提供了针对物业资产组合进行估价的详细指南。 除非针对物业房地产中的一份权益进行估价,而该权益被视为某 GN
家具陈设及其它设备。但是,这方面应当与客户进行澄清。GN 2 提供了关于各种与贸易有关的物业 估价的指南。 经营实体的一部分,否则估价对象通常不包括商业配件、机械、
对于这些修整,是否应在租契审议或续期时忽略不记,甚至在腾 出该物业房地产时,是否会导致租户索赔。 针对出租物业,可能需要识别认定租户对物业做出了哪些修整,
关重要的一点是,厂房与设备的估价师应当与土地权益的估价师 保持相互联络,确保估价当中没有任何遗漏或重复事项。如果需 如果针对厂房与设备的估价与针对土地权益的估价同时展开,至
要对厂房与设备的任何项目单独进行估价,应与客户商定。GN 5 提供了关于厂房与设备识别认定的指南。
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有待估价的权益 估价师应当时刻牢记,估价的对象应是在一项资产(或负债)中 持有的一份特定所有权或权益。因此,会员 必须与客户商定,待 估价的(一项或多项)权益是哪个或哪些。 (d)
资产(或负债)的 类型,以及客户如何使 用它或如何对其分级 (e) 由于针对不同类型的资产(或负债),要求采取不同的估价方法 ,因此,非常重要的一点是估价师不但应当弄清涉及的资 产(或负债)的类型,还要弄清客户怎样使用它以及怎样对它分 级。 和假设
• 自由持有资产或租赁资产; 资产可能分为以下不同级别和类别:
• 业主自用资产;
• 作为投资;
• 特殊物业;以及
指定用途的物业(含矿的土地、用于废物处理的资产等)。
3提供了这方面的 指南。 协议中还应指明用哪种格式表述资产组合。GN
价值基准 会员 应始终指定估价报告中将采用的价值基准。对于某些估价意 图或资产类别,本标准的陈述指定了应采用哪些基准。在其它情 形下,应按照会员自己的专业判断。 (f)
是公允价值 ,则必须按照该项估价的具体 意图或背景,谨慎地选择正确的定义,并完整地予以阐述。 据认为,针对某些估价意图,在提供当前价值(比如市场价值 ) 如果采用的价值基准
的基础上,可能还需提供一项前瞻性的估价。任何这样的估价应
符合适用的管辖标准和/或国家协会标准。
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估价时点 估价时点,应当由估价师与客户进行商定。估价时点 必须是具体 的日期,“估价时点 就是报告日期 ”这个假设 是不可接受的。 (另见IVS 103.5(f)和IVS框架第31款c)项。) (g)
对重大牵连进行披 露,或指出不存在此类 重大牵连 在考虑重大牵连(无论以往、当前或预期的)的范围时,估价师 必须顾及VS 1的要求。 如果不存在此类重大牵连,应当如实指明。(关于利益冲突的解 (h)
1.7第6款。) (i) 负责本次估价的估 决另请参阅VS
如有要求,指出该估价 师的状态 一项估价必须由某个单独的估价师负责(见VS 1.5)。RICS不允 许一项估价由某家如IVS 101(a)所述的“事务所”完成。不过 “授权代表签名”这种字眼是可以接受的替代方式。 对于某些估价意图,估价师可能需要按要求阐明他或她是内部 或 价师的识别认定,并且
外部估价师。
1.7适用。 在某些国家,国家协会的估价标准 可能要求在聘用条款 中作出 如果需要估价师符合关于独立性的额外规定,则VS
要,列出关于该估价师身份的额外披露(见附录6(i))。 某些披露。估价师还应表明,在报告中可能按照本标准列出的概
视情况确定是否需 要指出采用的币种 如果可能需要将一项估价转换成不同于物业所在国家币种的另外 (j)
(k) 任何假设、特殊假 一种货币,则需商定汇率的基准。
令或背离 不附带任何明示或暗示的假设 的估价非常少见。即使承接针对特 定意图的估价时,某些假设 是通常均会采用的,但是,仍然需使 客户知道该项估价将在这个基准之上完成和进行报告。 设、保留意见、特殊指
的作出,是为了在该项估价背景下,当全面勘测无法展 许多假设
开或不切实际时,限制估价师应承担的责任。尽管如此,只有在
告客户,并被客户接受之后,它们才具有法律效力。
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和特殊假设 的指南,请参阅附录4和附录5。 如果会员 根据具体情形,在认为必要并且可证实的前提下背离 更多关于假设
,则必须予以指明。 (l) 估价师勘测的范围 对于估价师勘测的范围,VS 5“勘测”进行了讨论。为了避免误 估价标准
解,良好的执业实践是,就设想的任务范围与客户进行商定(至
息过程中应承担的职责的范围。 少应告知),以便界定估价师在获取或核实可能很有重要性的信
勘测的范围,则VS 2.4适用。 (m) 估价师所依赖的信 如果客户希望限制会员 如果客户打算向估价师供应与被估价资产有关的信息,或指导估 价师向某第三方 索取,那么应约定:估价师可以放心地依赖该信 息的性质及来源
(n) 同意或限制公开发 息而无需进一步核实,并将此约定记入聘用条款。 会员 必须在聘用条款 中指明,对估价或报告进行转载或公开引 用时,必须事先征得该会员 的书面同意(见VS 6.12)。 (o) 限制或豁免估价师 表
的责任 只有事先告知客户,此等限制才有效。 对其它方(除客户外)
应当紧记,按照专业弥偿保险(PII)政策对失职进行保护 的保险,可能需要该估价师在每项估价以及报告中,提供有保留 的意见并列出某些限制责任条款。这种情况下,这些语句必须每 次重复,除非保险公司同意进行修正或准予完全豁免。 会员
责任的豁免可能是法律所不 允许的,或者是客户或外部监管者不接受的。很多情况下,更好 的做法是,不列出任何责任限制,而是列出一个条款,仅仅针对 某些估价可能意图特殊,对于第三方
特定的一组或一个类别的第三方 ,延伸向其承担的责任范围。此 事项要基于会员 自己的商业判断。
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为抵押放款后,紧接着将该项贷款的某份额出售给其它放款人。 虽然第三方 责任限制条款提供了一些保护,估价师仍有因此向未 知的第三方 承担谨慎责任的风险。因此明智的做法是(特别是针 如果客户是放款人,它可能是辛迪加财团的一部分,在以该物业
应在通常的责任限制 条款基础上,增添一条达到以下效果的陈述:倘若提议的贷款是 以辛迪加财团的被估价物业为抵押,客户必须告知估价师,目的 在于接受向进一步指定的当事方承担的责任。 对以商业地产为抵押的贷款估价时),会员
确认将按照本标准 (RICS标准)承办该项 估价 提及本标准时,必须使用标题全称:例如,《RICS估价-专业标准 》。如果估价项目必须符合IVS或其他标准(参阅VS 1.2.2及VS 1.2.3),则应视情况如下阐明:或者(i)符合RICS标准即意味 着符合IVS;或者(ii)将符合其他标准。 (p)
(k)项的要求之下进行陈述。 在确认这一点的同时,应指出协商一致的背离,但是详细信息在
确认估价师具备必 要的知识、技能和理解 能力,能够称职地承办 该项估价 确认这一点时,可以仅限于阐明:估价师掌握着关于特定市场的 地方、国家和国际(视情况)的现有知识,并具有必要技能与理 解能力,能够称职地承办该项估价。不必提供更多细节。如果VS 1.5.1及VS 1.5.2的附带条件适用,则应相应作出一条披露。 (q)
计算费用时将依据 哪些基准 有关费用水平,除非存在对双方均有约束力的外部机构,该机构 规定了费用基准,否则这是应由估价师与客户共同商定的事项。 RICS不发表任何有关推荐费率的衡量标准。 (r)
如果该事务所 属 于注册接受RICS监管 的事务所,则应提及该 事务所 处理投诉的流 (s)
份副本 程,如有要求,提供一
需要遵守 RICS针对事务所 制定的行为规则的第7款的规定。
列出本要求是为了强调在RICS注册受其监管的事务所
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指出在合乎本标准 方面,可以接受RICS 行为和纪律规定的监 控。 关于监管机制如何运作的指南(包括与保密性相关的事项)请参 阅www.rics.org/regulation。 阐明这一点的目的,是提请客户注意该项估价可能接受对于本标 (t)
准的合规性调查。
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附录 附录 3 3 假设
1 引言
引言
1.1 的额外指南,假设的定义见“词汇表”章节。如果估价师认为某些事 项是合理的、可接受的,无需具体勘查,则可以作出假设。 1.1本附录提供关于假设
1.2 往往有紧密联系的是,对估价师应当承接的勘查或查询事项的范围的一个限制。因 此,对于所有可能列入报告中的假设,均须与客户达成一致,并且列入聘用条款中。 与一个假设
1.3 的定义(见VS 3.2)本身也包含了各种假设,因此本附录将讨论成员可能作出的其他 假设。 市场价值
1.4 或勘测之后,估价师认为先前与客户商定的假设 被证明是不恰当的,或者应当 视为一个特殊假设,那么应当对这个假设和估价方法进行修订,并且在对估价作出结论并交付报告之前 如果在进行勘查
2 关于假设的信息和指南 与客户讨论。
2.1 这里提供的是关于以下假设的信息和指南:
关于假设的信息和指南
业权; b) 建筑物的状况; c) 公共服务; a)
规划(分区); e) 污染和危险物质; d)
(a)业权 业权
2.2 针对某个权益进行估价,估价师必须拥有关于该权益的重要细节的信息。这些细节的形式可能是
环保事项;以及 g) 可持续性。 f)
。 不存在任何不言自明的“标准”假设 。 这份清单不具有排他性质。为了完成具体的指令,应当做出哪些假设进行,估价师应当谨慎地识别认定
从客户或第三方
2.3 细报告,否则估价师必须阐明:他或她依赖了哪些信息,以及作出了哪些假设——例如,除了已经提供 的信息透露的任何事项,假定不存在任何其它的关于业权的负担。 获取的摘要,或者有关文件的副本。但是,除非客户的律师提供了关于业权的最新的详
释作出假设。但是,必须明白,法律文件的解释是应当由律师完成的事项。因此,估价师必须阐明:作 出的假设 必须由客户的法律顾问进行检查,估价师不对物业的合法业权的正确解释承担任何责任或负债
为了针对引发本项估价或评估的情形,为客户提供协助,估价师可能需要针对有关法律文件的解
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时应承担的负担。
。如果估价师未能阐明这一点,该估价师可能承担的负担将不少于合格律师在给出明示或暗示法律意见
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(b)建筑物的状况
建筑物的状况
2.4 并得到客户同意,否则对影响价值的明显缺陷视而不见,也是 不等效于对建筑物的全面勘测,并且,必须界定估价师在 勘测及评论建筑物的结构或任何缺陷方面的责任范围。还应当指出,除非存在已经发现的具体缺陷,否 即使有能力做到,估价师通常也不会承接对建筑物的全面勘测工作来确定建筑物缺陷或失修情况
(c)服务 服务 。 不妥的。因此,估价师必须清楚地阐明:勘查 的细节。然而,除非作出相应的特殊假设 则将作出“建筑物保养良好”这个假设
服务
2.5
(d)规划 规划(分区 分区) 置或软件状况良好,无任何缺陷。” 来源,以及这些来源从多大程度上可以依赖。通常的做法是约定下列假设:“服务设施及相关的控制装 显著影响。详细的勘测工作通常是在估价项目的工作范围之外,而估价师将需要确定可以使用哪些信息 对于一栋建筑物,是否存在服务设施以及相关的厂房与设备,这些设备是否有效,均对其价值有
规划
分区
2.6
(e)污染和危险物质
污染和危险物质 师应当阐明:提议进行哪些勘测工作、或者将要作出哪些假设。 要想获得权威信息,却可能造成延误或费用。如果在一项估价的背景下,难以核实这些信息,那么估价 否存在哪些来自法定机构的政策或议案可能对价值产生积极或消极影响。这类信息往往唾手可得,但是 估价师需要确定待估价物业房地产有否持有针对当前的建筑物及用途所需的法定同意书,以及是
污染和危险物质
2.7 所能胜任的。但是,如果估价师对于该场所具有先验知识,或者对于这种类型的待估价物业具有丰富经 验,那么据合理预期,该估价师可以针对可能存在哪些污染以及这些事项可能对价值和销路产生哪些影
2.8
针对污染物或危险物质的性质或风险,或者移除它们涉及的成本问题提出意见,通常不是估价师
持续发展含意的指南》(2010)。 有关污染物的进一步指南,请参阅RICS的《供特许测量师及其客户使用的关于污染、环境和可
(f)环境事项 环境事项
2.9 传输设备。尽管关于其影响的详细解释通常会超出估价师的专业知识范围,但是往往可以在估价勘查的 过程中通过常规查询或当地知识确定这些因素的存在或可能性。有关环境因素,估价师应当阐明勘测程 有些物业房地产会受环境因素的影响,这可能是由于物业房地产本身的固有特征,也可能是周边
(g)可持续性 可持续性
度的有限性,以及将要作出哪些假设。
。 响发表评论。对此,估价师有必要阐明承接的勘测工作的范围限制,以及将会依赖哪些信息来源或假设
地区的固有特征,均可能影响物业权益的估价。这样的例子包括:历史上的采矿活动、洪水风险或电力
可持续性
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2.10 不仅仅物业房地产本身通过其整个生命周期对环境有影响,而且环境和社会方面的可持续性也有
2.11
2.12 况:www.rics.org/sustainability 可能对物业性能存在影响。 RICS有专门的在线版块,聚焦于RICS参与可持续发展项目、研究和活动的情
变得相关的一些关键问题。
资料文件《可持续性和商业物业估价》(2009)讨论了在承接商业建筑物估价时可能相关或可能
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附录 附录 4 4 特殊假设 特殊假设
1 引言
引言
1.1 本附录提供关于特殊假设
1.2 以下是特殊假设
• 特殊购买者
• 形势意味着该权益不能自由和公开投放市场的情况;
• 该物业房地产的实际情况曾经发生过变化,而估价师不得不假定这些变化不曾发生;
• 物业房地产的实际情况即将发生变化,例如,兴建新的建筑物,或翻新、拆除现有建筑物;
• 据预计,物业的占用以及经营情况即将发生变化;
• 针对该物业房地产发展(包括用途改变)的规划同意书已经或即将被授予;
• 一栋建筑物或其他提议中的发展已经按照规定的平面图及规范完工;
• 该物业房地产已经按照规定的方式(例如搬走工艺设备)改变;
• 假定该物业房地产是空置的,而现实中,在估价时点,它是被占用的;
• 假定该物业房地产按照规定的条款出租,而现实中,在估价时点,它是空置的;
的出价已经作出,或者可以合理预期的情况; 的信息。适宜做出特殊假设的情形,包括但不限于以下几例:
的一些例子:
•
实际或预期的营销约束在估价中的体现
协同价值。 双方之间的交易正常发生,其中一方对该物业有特殊权益,由于权益的合并而产生了附加价值或
2 实际或预期的营销约束在估价中的体现
2.1
•
• 被估价的权益受第三方的权益控制,并且不能保证该第三方对出售行为给予合作; 物业房地产的固有属性使得该物业房地产不可以公开地或充分地投放市场,包括但不限于以下例 子:
对转让权的限制或优先购买权的存在;或 被估价的权益可能会受制于特殊“地役权”契约或限制性条款,以致于不能公开市场出售,例如,
• 由于租契有待确定或将被没收,厂房与设备可能需要一接到通知即必须从租赁物业房地产搬走。
2.2
2.3 慎。 营销约束不应该混同于一个强制出售。约束可能会导致强制出售,但也可能在存在约束条件的同 时,导致业主被迫出售的情形从不会发生。因此,在识别认定任何特殊假设时,以及措辞方面,必须谨
这种处罚或加于该卖家的其它商业约束,估价师必须对其本质有一个充分的了解,才能就其对可实现价 的卖家,物业必须限期处理,否则卖家将遭受经济处罚;同时期限太短,不足以确保良好的营销。对于 除非出现极其特殊的情况,否则自由保有物业的强制出售只在下列情形下才可能出现:对于特定
格的影响给出明智意见。由于这个价格体现的是供应商的特定情形,它是针对所有值 的评估,而不是一 项估价。
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2.4 说法几乎没有可取之处,因为它建议估价师忽视市场上正在发生的事情的证据。VS 3.2对市场价值 的 注解明确指出,自愿卖家是指该卖家在作出适当的营销之后,以市场上可获得的最佳条款为动机进行出 人们往往误认为,在不良或下跌的市场中没有多少“自愿卖家”,因此,在这样的市场中,大部
2.5
分交易是“强制出售”的结果。据此,人们可能要求估价时按照这个基准针对强制出售提供意见。这种
在低迷的市场,可能有显著比例的销售是来自有义务出售的卖家,例如清盘人及接管人。然而, 售,而与价格如何无关。估价师应当谨慎,不接受建立在此基准上的指令,并向客户解释,只要不存在 对物业房地产或卖家有影响的确定约束,均宜采用市场价值为基准。 这些卖家通常也有责任根据形势获取最佳价格,不得自行强加任何不合理的营销条件或约束。这些销售
3 受损 的定义。 通常符合市场价值
3.1 物业房地产已被损坏,需作出特殊假设
• 视该物业房地产为已经恢复(估价将体现保险索赔因素);
• 视为已经清理的场所进行估价,其中,假定已经获得发展许可,而现有用途不变;
• 翻新或重建,用于另外用途;估价将体现获得必要的发展许可的前景。
受损 受损物业 受损 物业 物业房地产
物业 房地产
4 与贸易有关的物业
与贸易有关的 物业房地产 房地产
4.1 如果被估价物业房地产是与贸易有关的物业(见GN
• 经营帐目或记录不会向准买家提供,也不会被准买家依赖;
• 假定正在营业,而实际情况是未营业;
• 假定已经停止营业,而实际情况是正在从该物业房地产进行营业;
• 假定库存已经移除,或将被移除,而实际情况是尚未移除;
• 从该物业房地产进行交易所需的特许、同意书、认证和/或许可证已经丢失或处于危险之中;
与贸易有关的 物业 房地产
的情形可能包括:
可能包括以下: 2),特殊假设
• 业务将继续按照当前的条款进行经营,包括与业主维持关系,以便维持供应酒、赌博机或其他商
• 该估价体现的是,被估价权益的持有人对该物业服务潜力的所有元素进行重置所需的最小成本, 其中可能包括从货物批发和服务供获得的溢价。
品和服务;
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5 一般要点
一般要点
5.1 如果根据租赁条款对建筑物进行了改建和改善
如果根据租赁条款对建筑物进行了改建和改善,就应当采用一个
如果根据租赁条款对建筑物进行了改建和改善 就应当采用一个
就应当采用一个特殊
就应当采用一个 特殊
假设 假设。 假设
5.2 的采用,可能造成在采用市场价值定义的前提下提供有保留意见。如果客户 是放款人,要阐明情形的改变对物业作为抵押品的价值有哪些潜在影响时,特别适于采用特殊假设。 上述某些特殊假设
5.3 如果估价是为财务报表
将不包括由特殊假设 引起的附 加价值。然而,如果作出了这样的特殊假设,在任何公开发表的引文中必须予以提出。(见VS 6.13) 。
目的展开的,那么通常情况的价值基准
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附录 附录 5 商业抵押贷款估价
1 引言
引言
1.1
1.2 种情形下可以简化程序。尽管本附录是针对土地及建筑物,其基本原则在针对其它类型资产进行抵押贷 款估价时同样适用。 本附录适用的情形是,估价师向下列客户提供服务:该客户正在考虑是否放贷或延长以土地或建 筑物为抵押的商业贷款设施。它并不适用于个人住宅的估价,无论住宅是自用或出租作为投资,因为这
以下是最常见的几个可能寻求估价师意见的抵押贷款的例子:
1.3 本附录讨论下列专门针对抵押贷款估价的具体事项:
• 业主自用的或将会是业主自用的物业房地产;
• 现在是或将会作为投资的物业房地产;
• 该物业是设备齐全的贸易实体,估价是针对其贸易潜力进行的;以及
• 正在或打算进行开发或翻新的物业。
• 承接指令及披露;
• 客观性和利益冲突:
• 价值基准和特殊假设;以及
• 报告和披露。
1.4
1.5 1.2.3至1.2.7的要求,共同商定各种变动。首要目标是,估价 师应当了解放款人的需求和目标,而贷款人应当了解估价师给出的意见。 作为抵押品的物业各种各样,可用的贷款产品也有很多,每一种情况会需要稍微不同的估价方法 。因此,可以由估价师和放款人按照VS
1.1)。然而,一般认为在适当情况下采取这些原则是良好实践。如果估价意见是向第三方提 求(见VS 如果金融机构拥有自己的估价部门,作为内部估价师提供估价意见,则不必强制适用本附录的要
2 承接指令和披露
承接指令和披露
2.1 聘用条款
供,则将适用本附录。
2.2 2.1“聘用条款的商定”的最低要求。如果放款人有额外或备择要求,则 需要予以确认,并非常谨慎地约定并记录需要作出哪些特殊假设。 在某些情况下,针对抵押贷款的一项估价可能并非由拟放款人委托,例如,由准借款人或经纪人 必须包含VS
2.3 款人无法接受的。造成这种情况的原因可能是某些放款人认为由借款人或其代理人促致的估价不具有足 够的独立性,或者因为该放款人有特定的报告要求。 委托。如果当事方不知道或者不愿意透露拟放款人的身份,则必须在聘用条款中指出该项估价可能是放
显示存在这样的信息,则应进一步查询,例如,该物业房地产营销的程度、任何激励因素的影响、已实 现或已商定的价格、该价格是否是能获取的最佳价格等。
估价师应查询是否存在与待估价物业的任何部分相关的最近期间的交易或临时商定的价格。如果
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2.4 估价师必须确保已经按照VS
3 客观性和利益冲突 2.1以及下一节的要求,作出该指令所需的所有相关披露。
客观性和利益冲突
3.1
3.2 应向所有相关方作出披露。” 根据RICS行为规则,“会员应始终诚信、独立、客观行事,避免利益冲突,避免任何与专业义
1.7关于独立性和客观性的一般规定,又满足VS 1.8项下的附加准则,才可以确认 务不一致的行为与情况。”RICS规章指南提到:“如果存在无论个人或专业方面的潜在利益冲突,会员
该估价师是作为“独立估价师”行事的。 只有满足VS
3.3
3.4 连,与贷款关连交易的其它各方也无牵连。“以往的牵连”通常指过去两年间的任何事项,但是在某些 情形下时间段可能更长。 如果是针对抵押贷款进行估价,放款人可以指定关于独立性的附加准则。如果没有任何特定规范,
3.5
附加准则应视为包括:估价师与借款人、准借款人或被估价物业房地产没有任何以往、当前或预期的牵
如果与借款人之间存在牵连,则可能导致利益冲突,这里说的“借款人”包括准借款人或与要求 如果估价师与准借款人或被估价物业房地产存在以往、当前或预期的牵连,必须向放款人作出披 露。 贷款的交易关连的其他任何当事方,这样的情形包括但不限于估价师或事务所:
• 与准借款人或该物业房地产的所有者有着长期的专业关系;
• 向放款人或准借款人介绍一项交易,而该估价师或事务所
• 在该物业房地产拥有一项财务利益;
• 拥有一项针对准借款人的财务利益;
• 正在另一项关联交易中代理该物业房地产的业主;
• 在该物业房地产的收购中正在(或曾经)代理借款人;
• 被聘请参与被估价物业房地产的已完工开发项目的出售或出租;
• 最近曾参与涉及该物业房地产的一项市场交易;
• 曾经针对该物业房地产向当前或以往的业主或出租人提供有偿专业意见;和/或
• 正在为当前或以往的业主充当发展顾问。
现有来自此等客户的应付款;
3.6 估价师的独立性与客观性职责构成冲突时,可能视为有重大影响的事项包括:在某关联方持有的财务利 益的分量、估价师或事务所 从特定估价结果中获取重大利益的程度、从任何关联方赚取的费用水平占总 在考虑估价师与该物业或各当事方是否具有以往、当前或预期的牵连,以及这些牵连是否足以对
费用收入的比例等。
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3.7 如果估价师认为某些牵连足以抵触他或她向潜在客户应承担的职责,则应拒绝承接该指令。
3.8
3.9 在报告中指出。 如果客户认为已经披露的牵连确实构成了冲突,估价师应该拒绝承接该指令。如果估价师和客户 商定,可以通过引入适当安排来设法处理该指令,这些安排应以书面形式作好记录,列入聘用条款,并
作出披露之后承接了该指令,则估价师应按要求向RICS证明这一决定的合适性。如果未能提供令人满意 据“行为规则”中的原则来决定是否应当承接该指令,仍然是估价师自身的专业责任。如果对重大牵连 在决定最近、当前或预期的牵连是否构成冲突方面,虽然估价师可以顾及准客户的意见,但是根
3.10 关于利益冲突的一般性指导,请参阅附录1。 的理由,RICS可能采取纪律措施。
4 价值基准和特殊假设
价值基准和特殊假设
4.1 对于抵押贷款进行估价或评估时,市场价值
4.2 如果为了得出市场价值
4.3 在为抵押贷款提供估价时,通常适宜作出特殊假设的情形包括以下几个例子:
• 在该物业房地产进行开发的规划许可已经获批;
• 该物业房地产已经发生实际变化,例如,新建或整修;
而作出了任何特殊假设 (见VS 2.2),则必须事先以书面形式与放款 人达成一致,并在报告中指出。 始终是适宜的价值基准。
• 按照既定条款重新出租;或经过租金审议,按照特定租金进行结算;
• 存在某个特殊购买者,可能包括借款人;
• 条件; 存在一个约束,使该物业房地产不能够推向市场,或不能充分地暴露;但是估价时将忽略该约束
• 一项新的经济或环境指示已生效;
• 忽略污染或其它环境危害;以及
• 市场上可能出现的反常波动,将忽略不记。 这个列表并不详尽,估价时应作出哪些适当的特殊假设 将取决于在何种情形下要求估价,以及被估价物 对于估价时点
5 报告和披露 业房地产的特性。
5.1 除了VS
报告和披露
6.1“估价报告内容的最低要求”规定的事项,报告还必须包括以下内容:
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•
•
• 计算过程中采用的、辅助的(或在适当情况下,被要求的)估价方法; 已经在聘用条款中识别认定的以及后来发现的针对任何牵连(见第3节)作出的披露,或者为了 避免利益冲突商定的任何安排。如果估价师没有任何牵连,则应在报告中用一条陈述予以指出;
市场价值 的证据。如果根据第2.3款作出的查询未发现任何信息,估价师将在报告中对此 作为 如果该物业房地产最近发生过交易,或者披露过临时商定的价格,则应指出该信息在多大程度上
•
• 估价师意识到的任何影响价格的情形;对此还应指出其影响并提醒放款人注意; 针对该物业房地产是否适于作为按揭贷款抵押品用途发表评论,紧记考虑中的贷款的期限和条款
• 如VS
审议; 作出声明,同时要求如果在贷款完成之前出现此类信息,那么应将此等事项反馈给估价师进一步
3.2的注解所述,可能与市场价值 的定义及其基于的假设 相冲突的其它任何因素,应予 。如果贷款条款未知,可以按照假定的通常贷款条件发表评论;
指出并解释其影响。
5.2
• 在当前占用模式或类别下,针对其它备择用途或任何可预见的变化,该物业具有哪些潜力及需求; 项包括: 根据提议的贷款的确切情况以及贷款人的具体要求,在报告中可能需要指出并加以评论的其他事
• 该物业房地产的潜在占用需求;
• 年久失修情况,或是否注意到任何有害或危险物质的存在;
• 注意到的污染或环境危害因素;
• 以往、当前和预期的发展趋势,当地市场的波动性和/或该物业房地产类别的需求情况;
• 该权益目前的适销性,在贷款期限内是否具有持续性;
• 该项估价依赖了哪些显著的可比交易,这些交易与本项估价的关联性;
• 针对任何的环境或经济指示发表评论;
• 在通常的查询过程中发现的其他事项,对本报告中的估价有影响;
•
5.3 以下段落阐述了在为各种类别的物业估价时,按照第1.2款所列清单可能适宜在报告和披露中列 如果该物业房地产正在或预期按照住宅用途进行开发或修整,向买家提供激励措施会产生哪些影
业主自用的或将会是业主自用的物业
业主自用的或将会是业主自用的 物业房地产 房地产;
响。 入的事项。
业主自用的或将会是业主自用的 物业 房地产
5.4 在针对此类物业房地产估价时,可能作出的典型的特殊假设
• 针对该物业房地产发展(包括用途改变)的规划同意书已经或即将被授予;
包括:
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• 一栋建筑物或其他提议中的发展已经按照规定的平面图及规范完工;
• 所有必需的许可证已经获批;
• 该物业房地产已经按照规定的方式(例如搬走工艺设备)改变;
• 假定该物业房地产是空置的,而现实中,在估价时点,它是被占用的;
现在是或将会作为投资的
现在是或将会作为投资的
现在是或将会作为投资的
现在是或将会作为投资的物业
物业
物业
物业房地产
房地产
房地产
房地产;
5.5 报告应列出的内容还包括:
• 占用该物业房地产所需的租契,指出是否已经阅读,信息来源是否可靠;
• 关于当前租金收入的一条陈述或评论,与当前市场租赁价值的对比。如果该物业由多个单元组成,
每个单元可以各自出租,应针对每个单元单独提供信息;
• 如果没有现成资料,应对契约的力度作出假设,或从市场视角,针对租户的契约的质量、适用性
及力度发表评论;
• 对整个贷款期限的收入的可持续性发表评论,特别提及租赁中断、裁定及预期市场趋势等方面;
• 对占用该物业房地产的租契到期后,任何重建或翻新的潜力作出评论。
5.6 在针对此类物业房地产估价时,可能作出的典型的特殊假设 还包括是否存在下列情况:
• 已经商定或裁定不同的租金,例如,经过租金审议;
• 对任何现有租契进行了裁定,物业房地产现在空置的预备出租;或
• 按照指定条款提议的租契已经完成。
设备齐全的贸易实体的
设备齐全的贸易实体的
设备齐全的贸易实体的
设备齐全的贸易实体的物业
物业
物业
物业房地产
房地产
房地产
房地产的贸易潜力估价
的贸易潜力估价
的贸易潜力估价
的贸易潜力估价
5.7 停止营业对市场价值 会有显著影响。因此,估价师应在报告中指出其对市场价值 的影响,可以
单独指出,也可连同下列一个或多个特殊假设 :
• 已经停止营业,该物业房地产是空置的;
• 贸易库存已所剩无几或完全移除;
• 许可证、同意书、证书和/或执照已丢失或处于危险之中;和/或
• 无法向准买家提供账户和交易记录。
5.8 在针对此类物业房地产估价时,可能作出的典型的特殊假设 包括:
• 针对经营业绩作出的假设 ;以及
• 严重偏离当前市场预期的经营业绩预测。
正在或有意向进行开发或整修的
正在或有意向进行开发或整修的
正在或有意向进行开发或整修的
正在或有意向进行开发或整修的物业
物业
物业
物业房地产
房地产
房地产
房地产
5.9 报告应列出的内容还包括:

• 针对成本和合约采购发表评论;
• 针对拟议项目的可行性发表评论;
• 如果估价采用的是“余值法剩余法”,应说明该项估价针对作出的任何假设
• 指出任何成本超支或合同延误对价值会产生哪些影响。
5.10 在针对此类物业房地产估价时,可能作出的典型的特殊假设
• 所述工程已经按照质量良好、技术精湛的方式竣工,符合所有适用的法定要求;
• 该物业房地产在开发项目完成后已经按照规定的条款出租或出售;或
• 事先商定的出售或出租已经无法完成。
• 无论按照要求,估价是否建立在工程已完工的特殊假设
5.11 按照良好的执业实践,估价报告应指出并附上指令书和聘用条款
还包括是否存在下列情况: 的敏感度;
的现 行市场条件,而采用开发周期结束后的推测值或估价预测。 。
之上,估价报告均应基于估价时点
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附录 附录 附录 6 关于估价报告内容的最低要求
关于估价报告内容的最低要求
1 引言
引言
1.1 6.1所规定,本表格提供了这方面的更详细信息。除这 些内容外,估价报告应包括的额外内容请参照适用于某特定估价意图或物业类型的估价标准的规定。本 估价报告应包含的内容的最低要求如VS
1.2 虽然本表格与IVS 103的清单无任何直接对应关系,但是包含了IVS 标准关于报告的所有要求 。关于两个标准之间的详细比较,参见附录10。 6.1使用的标题相同。 表格第一列的标题与VS
项目 评论 (a) 对客户进行识 项目 估价报告必须以客户或其代表为接收人。如果接收人既非发出指令的一方,又非 客户本人,则应阐明。该报告如果存在其它已知用户,则应点名指出(另见(o) 项)。 别认定
本次估价的意 图 估价的意图必须清晰阐明,毫不含糊。如果客户未披露估价意图,则应在报告中 (b)
(c) 本次估价的对 如是指出。 如果该项估价包括针对厂房与设备的另一项单独估价,则可以把估价对象列成清 单,经过与客户商定对各项目进行识别认定(参考GN 5)。对果估价对象是多项 资产,列为清单可能更加方便,对其中每个估价单元进行识别认定(另见VS 6.9) 。 象
有待估价的权 益 应当阐明在每项资产或负债中持有的法定权益。如果资产是一处物业,应注明现 有的或将有的“空置管有权”的范围(如有要求)。 (d)
资产(或负债) 的类型,以及客户 如何使用它或如何 对其分级 对于某些估价意图,在资产或负债的用途、类别或级别方面应当已经与客户达成 一致。如果不要求正式约定,建议在报告中列出关于这些事项的简短描述(见附 录2第(e)项以及GN 3)。
(e)
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价值基准 必须阐明价值基准(见VS 6.1及VS 6.3)并提供完整定义。 如果采用公允价值 作为价值基准 ,必须谨慎地指出是两个可用定义当中的哪一 个(见VS 3.5)。 (f)
价是以经过测试的充足盈利潜力为前提(VS 6.5,针对私营部门),或以持续经 营或占用为前提(VS 6.6,针对公共部门)。 如果采用折旧重置成本估价方法的一项估价是用于财务报表,则必须阐明该项估
,或者一旦停业的情况下针对备 择用途的价值会有很大差别,则必须在报告中予以指出(见VS 6.7)。 如果报告包含的估价采用的是折旧重置成本方法
估价时点 必须阐明估价时点 (见VS 3.2和IVS框架第31款c)项)。该日期可能不同于 估价报告的发布日期,也可能不同于勘测的承办或完成日期。视情况,在报告中 应将两者清晰区分。如果一项估价是前瞻性的,则必须清楚列明在使用该项估价 方面存在哪些限制,以及在制订该项估价过程中采用了哪些条件及假设。 (g)
对重大牵连进 行披露,或指出不 存在此类重大牵连 按照VS 2.1(h)的规定作出的披露或陈述必须在报告中予以重申。(有关利益 冲突的解决,请参阅VS 1.7第6款。) (h)
负责本次估价 的估价师的识别认 定,并且如有要求, 一项估价应由某个单独的估价师负责。RICS不允许一项估价由某家如IVS 103(a) 所述的“事务所”完成。不过“授权代表签名”这样的字眼是可以接受的替代方 式。 (i)
态 指出该估价师的状
视情况,指出将 (j)
或外部估价师 行事。如果采 用了额外准则,必须予以确认,并阐明该估价师符合此等额外准则。 如有要求,估价师可能需阐明他或她是在作为内部
可能要求针对估价师的身份作出额外披露。 在某些国家,国家协会的估价标准 如果某些估价转换为除物业所在国家币种之外的另一种货币,则必须注明采用的 汇率及其来源(见VS 6.9)。
要采用的币种
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任何假设、特殊 假设、保留意见、 特殊指令或背离 (k)
均必须予以阐明,连同任何必需的保留条件(见附录3)。如果 在不同国家作出的假设 不同,必须在报告中阐明这一点。 如有特殊假设 ,必须清晰地阐明(见VS 2.2)。 作出的所有假设
流程,则 必须在报告中完整列出限制的详情(见VS 2.4及VS 2.5)。 如果该项估价是在限制性信息的基准上承接,或者该项估价略去了勘查
本标准的地方,必须予以指出并解释。 必须指出的事项还包括:是否针对处置该物业时可能产生的纳税义务(无论实际 如果存在背离
些国家,增值税或其它类似税收、采购及出售成本可能非常可观。 的或想象的)留有裕量、是否对采购过程或实现价值过程的成本有所体现。在某
如果某些陈述是基于租金和/或资本价值的远期增长前景,那么必须指出如果未发
(l) 估价师勘测的 生此等增长会有哪些影响,并指出这些价值可能上升但是也可能下降。 对于任何勘测 ,必须记录其日期及范围,包括指出该物业的哪些部分无法获取视 察权限。 如果该项估价是在无法展开充足勘测 的情况下作出的,估价师必须明确指出这一 范围
点。
的约定(见 VS 2.5) 。 对于重新估价,还应在报告中指出关于无必要进一步勘测
但是不可造成误导。 如果被估价的物业房地产数量很多,对上述方面作概括性的陈述是可以接受的,
估价师所依赖 的信息的性质及来 源 如果该项估价是在无法获取通常估价可获取的那些信息的情况下展开的,那么估 价师应明确指出这一点。估价师必须在报告中表明:作为该项估价的基准的那些 (m)
信息或假设 是否需要(如行得通)核实,或者是否存在估价师认为非常重要的信 息而客户暂未提供。
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对该项估价的金额而言意义重大,那么估价师必须明确指出 该项估价不可依赖,有待核实(见VS 5.2)。如果进行的是重新估价,那么应当 列出客户告知的重大变化,或指出“未曾发生重大变化”这条假设。 如果此等信息或假设
师认为这些信息很重要,有助于客户理解该项估价和从中受益,那么也应在报告 中列出。 对于估价师已经获取的或证实的其它信息,如果鉴于进行本次估价的意图,估价
同意或限制公 开发表 如果需要针对公开出版物引用该项估价提供一条声明,则应另起文件单独提供, 可以作为本报告的附件(见VS 6.12)。 (n)
的基准上提供了估价,或者背离 了任何一条估价标准, 那么必须如下阐明:任何公开文件在引用该报告时,必须同时指出这些特殊假设 或背离 (见VS 6.13)。 如果估价师是在特殊假设
限制或豁免估 价师对其它方(除 客户外)的责任 对于某些估价意图,估价师可能无法排除对第三方 承担的责任(见附录2(o)) 。 对于基于限制性信息或限制性指令的估价,应列出披露限制。 (o)
确认该项估价 符合本标准 本条陈述必须毫不含糊,但是可以交叉参考第(k)项指出的已经约定的背离。确 认这一点时,应列出VS 1.2.2要求的那些陈述。关于本报告合并了其它估价师完 成的估价项目的陈述,也应提及(见VS 6.10)。 (p)
。如果有必要确认符合具体的某一条IVS标准,请参阅附录9提供的两个清单的 详细比较。 如果要求估价项目符合VIS,则应阐明:RICS认为符合本标准的估价也将符合IVS
阐明估价方法 的选择与理由 为了根据估价背景理解该项估价,必须在报告中指出得出结论过程中采用的估价 方法、关键输入、主要推理等。如果已经特别约定,并且在聘用条款 中记录,某 项估价报告不必提供推理或支持性信息,那么本条要求不适用。
(q)
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阐明该估价师 具备必要的知识、 技能和理解能力, 能够称职地承办该 (r) 确认这一点时,可以仅限于阐明:估价师掌握着关于特定市场的地方、国家和国 际(视情况)的现行知识,并具有必要技能与理解能力,能够称职地承办该项估 价。如果该项估价是一个事务所 中多于一名估价师协作完成,那么需要确认满足 VS 1.6.4的要求,然而不必提供任何细节。如果VS 6.10适用,那么必须作出一 条适宜的揭露。 (s) 用数字及文字 估价项目
额)表述的估价意 见 在报告的正文中,估价意见应以数字及文字(大小写金额)两种格式提供。 如果某项估价指令包括多处物业,这些物业属于不同的类别,那么通常不宜提供 (即大写和小写金
如果对于个别物业房地产的识别认定及各自价值是另起清单在报告的附录中提 整体的总估价;不过这一点要按照具体估价意图而定。
环境等从估价时点 (如果估价时点早于报告日期)到报告日期发生了重大变化, 估价师必须提请读者注意这一点。另外,估价师还应谨慎的是,提请客户注意价 值会随着时间而改变,在特定日期给出的估价可能在较早或较晚的日期均无效。 供,那么应在报告的正文中列出价值的概要。如果市场条件、物业或物业组合的
(见VS 6.8)。 如果估价得出“负价值”的结论,必须单独阐明,不得与其它资产的正价值抵冲
1提供的指南以及RICS 用户指南《投资目的估价不确定性的体现》。 视情况如果需要提及估价的不确定性,那么可以参考GN
签名及报告日 期 报告必须由承担该项估价责任的那个人签署(见VS 1.5)。 (t)
103(a) 所述的“事务所”完成。不过“授权代表签名”这样的字眼是可以接受的替代方 式。
一项估价应由某个单独的估价师负责。RICS不允许一项估价由某家如IVS
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附录 附录 7 7 公开出版物引用估价报告的例子
1 引言
引言
1.1 6.12关于公开 出版物引用声明以及附录6.1第(n)项的要求,编制一条陈述,指出被估价物业的范围及本质。 以下几例仅用于说明通常情况下需要达到的详细程度。估价师必须正确地顾及VS
2 由外部估价师完成的估价
由外部估价师完成的估价
按照 按照 IFRS IFRS 标准进行的估价
2.1 Joe Smith(RICS会员, 阿尔法特许测量师)进行了估价。这些估价符合《RICS估价标准》第6版以及国际估价标准(IVS)的 该公司的自有持有物业及租赁物业,于2010年12月31日由外部估价师
• 如果 如果属于 属于 属于业主自 主自 主自用物业房地产:假定该物业将作为该“持续经营”实体的一部分出售; 如果 如果属于 属于 属于投资物业 投资物业 投资物业投资性房地产 投资性房地产 投资性房地产:假定该物业将按照现有租契出售;或 要求。针对每项物业的估价均基于市场价值 ,受制于下列假设(视情况列出):
如果属于 属于 属于剩余 剩余 剩余财产 财产 财产,或者为开 或者为开 或者为开发目的而 目的而 目的而持有的 有的 有的物业房地产:假定该物业将按当前状况,连同“空 置管有权”出售。 如果
估价意见主要根据下列方法推演而来(视情况列出):
•
•
2.2
如果
•
如果
与市场上最近以公平交易方式完成的交易进行比较; 估价师提供的市场价值
2.3 如果估价是针对厂房与设备、含矿地段等进行,也可能列出相似的评论。
2.4 应当按照VS
•
• 通过对该资产远期净收入潜力的预测,因为其独特性质意味着不存在可用的基于市场的证据。 作为某业务或实体的一部分进行交易);或 使用折旧重置成本方法,因为该资产的独特性质意味着市场上不存在同类型资产的交易(不包括
3 由内部估价师完成的估价 1.9的要求作出一条陈述。
3.1 与上文所述由外部估价师完成的估价使用的陈述相同,但对第一句作出如下变更:
3.2 如果合适,要求作出下列额外陈述:
由内部估价师完成的估价
Joe Smith(RICS会员,阿尔 法特许测量师)进行了估价,估价日期为2010年12月31日 该公司的自有持有物业房地产及租赁物业房地产,于2010年12月31日由董事会协同公司自己 该公司的自有持有物业房地产及租赁物业房地产,由内部估价师
的专业资格人员进行了估价。
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ABC特许测量师基于同样基准进行 了估价,从而证实了公司专业资格人员提供的价值与测量师得出的数字处于一致水平。
此外,选择了具有代表性的物业房地产样品,由外部估价师
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附录 附录 8 8 欧洲抵押贷款协会关于抵押贷款价值的文件
1 引言
引言
1.1
抵押贷款价值
抵押 贷款价值
承担责任,本文件不具有强制性,也并非经过批准的指南。 本附录是由欧洲抵押贷款协会编制的解释性说明的正文,仅为提供信息目的。RICS对其内容不
抵押 贷款价值
1.
2. 内部银行业务起到指导作用。 抵押贷款价值可能由金融服务行业用于以不动产为抵押的贷款活动。抵押贷款价值提供了一个长 期可持续价值界限,对信贷决策过程(如质押率、摊销结构、贷款期限)中或风险管理过程中的
预测物业的长期价值,因而不能与其它针对特定日期的“市场价值”的估价方法混合使用。 抵押贷款价值的采用便于评估按揭物业是否足以充当长期贷款的担保物。由于抵押贷款价值意在
3. 此外,抵押贷款价值可以多种方式用作风险管理工具,适用于以下背景:
4. 抵押贷款价值的定义由法律、法规及各国特定监管条例详细规定。
– 信贷机构的资本要求,详见“巴塞尔条约”第I部分和第II部分。
– 以不动产为抵押,通过担保债券方式为按揭贷款提供资金;
– 通过将不动产及当作担保物的不动产进行转化,开发资本市场产品(例如,按揭证券)。
5. 用途和可能的备择用途等状况,对其未来可销售性做出审慎评价而确定的物业价值。评估抵押贷 抵押贷款价值应指由估价师综合考虑物业的长期可持续性情况、当地一般市场条件、物业当前的
6. 所有国际公认的估价方法均适用于抵押贷款价值的评估,根据物业的类型及物业所在地的市场特 款价值时评价不得将投机因素考虑在内。抵押贷款价值应以清楚、明确的方式记入文档。
征(例如历史上或法律方面)具体确定,这些方法包括:
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– 市场比较法;
– 收益还原法;
– 折旧重置成本(DRC)法
7.
– 题: 针对上述方法的技术换位,抵押贷款价值因为注重长期有效性所以要求遵守一定的步骤,旨在消 除短期市场波动或临时市场趋势。确定物业的抵押贷款价值时,估价师必须解决以下几个关键问
对该物业的远期适销性和易售性应当仔细并审慎地评估。根本的时间观念应超出短期市场,
– 作为原则,物业房地产的长期可持续性方面如所处位置好坏、该区域的建筑及分布等必须考 涵盖长远期限。
虑在内。
–
–
对于可持续收益而言,租金收入必须基于过去及当前的长期市场趋势进行计算。任何带来远 期收益增长的可能性不确定因素不应考虑在内。 资本化率的运用亦应基于长期市场趋势,排除投资回报的短期预期。
– 对于管理费用及租金的资本化率,估价师必须采用最低折旧率。
– 如果抵押贷款价值是采用市场比较法或折旧重置成本法得出,那么比较值的可持续性应考虑
– 在内,必要时应采用适当的折扣。
– 用途。 的备择用途评估抵押贷款价值,例如,存在已经证实的意向,将整修或改变该物业房地产的 抵押贷款价值一般是基于物业房地产的现有用途。只有在特定情形之下,才能基于某个更好
透明度、估价的可理解性等。
作为对计算抵押贷款价值的法律框架的补充,还有更多要求,例如针对国家标准的合规性、
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8. 时刻的价值。它预测的是一处物业房地产在估价时点可能获得的价格,尽管该价值可能迅速改变 而不再切合目前情况。与之相反,抵押贷款价值的评估目的是提供长期可持续价值,它评估的是 一处物业是否适合作为一项按揭贷款的担保品,不受远期市场波动的影响,是基于更为稳定的基 市场价值与抵押贷款价值有重大区别。根据国际公认,市场价值用于评估一处物业房地产在特定
底层的长期趋势。 准。它提供的数字通常低于市场价值、因而能够吸收短期市场波动,但同时能够准确地反映市场
2006
©欧洲抵押贷款协会
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附录 附录 9 9 《RICS RICS RICS 估价 估价-专业标准
估价
专业标准 专业标准》与 专业标准 IVS 的比较
1 引言
引言
1.1 《RICS估价—专业标准》的电子版及印刷版均转载了2012年1月1日发布的IVS标准。
1.2 IVS标准由以下几部分组成:
1.3 下表提供的是IVS与本标准本版本的详细对比。
• IVS定义
• IVS框架
• 一般标准
• 资产标准
o 101 工作范围 102 实施 IVS
o IVS
o 103 报告 IVS
o IVS
o IVS
o IVS
o IVS
o IVS
商界权益
无形资产
厂房设备
不动产权益
正在施工的投资物业投资性房地产
–
–
– 220 200
–
–
210
o – IVS 250 金融工具 233 230
IVS 红皮 红皮书等价条款及 价条款及 价条款及评论 IVS IVS定义 如果本部分术语表包括IVS定义的术语,则采用IVS的措词方 IVS
IVS 法。
IVS IVS框架 框架 本标准不包含与IVS框架直接等价的条款。框架描述的大多数 术语已经并入本标准的各个部分。详情请参阅VS 1.2.2的注 解。 IVS
估价与判断 未具体提及,但是VS 1大致体现了其中的原则。
88

VS 1.7至VS 1.9更详细地讲述了这些术语。 称职 VS 1.5至VS 1.6更详细地讲述了该术语。 独立性与客观性
没有具体提到。 市场(的定义) 没有具体提到。 价格成本与价值
没有具体提到。 市场参与者; 没有具体提到。 市场活动
没有具体提到,但是相关原则在各注解、各附录中均有体现。 合并计算 对附录2.2.1(c)的修订体现了相关原则。 与实体相关的特定因素
VS 3.1结合了框架的第26-28款。 市场价值 VS 3.2结合了框架的第30-35款。 价值基准
VS 3.2更详细地讲述了该术语。 投资价值 VS 3.4更详细地讲述了该术语。 交易成本
VS 3.5更详细地讲述了该术语。 特殊价值 VS 3.2结合了框架的第44-47款。 公允价值
VS 3.2结合了框架的第48款。 假设 “附录3 假设”、VS 2.2及“附录4 特殊假设”更详细地讲 协同价值
述了该术语。
详细地讲述了该术语。
89
强制出售 “VS 2.3 营销约束及强制出售”和附录4第2.2至2.4款更

没有具体提到。 市场比较法 术语表列出了其定义。 估价方法
术语表列出了其定义。 成本计算法 术语表列出了其定义。 收益还原法
没有具体提到。 估价输入 没有具体提到。 应用方法
标准 IVS 101 工作范围 VS 2和“附录2 聘用条款”包括该条标准的所有资料。为了 一般标准
保证IVS与RICS标准的一致性,对RICS标准作出的任何修改
(a) 估价师的身份与状态 (i) VS 2.1第(i)项更详细地讲述了该事项,并已经经过修 均在本表的这一部分注明。
(ii)VS 2.1第(h)项以及VS 1.7更详细地讲述了该事项。 改,以提及估价师的识别认定。
1.7 至VS 1.9更详细地讲述了该事项。 (iii)VS
1.6及VS 2.1第(q)项更详细地讲述了该事项。应 当注意,IRCS不允许估价师是“某个事务所”,IVS 101 第2 款第(a)至(i)项表达了同样意思。 (iv)VS
对客户和其它预期用 户进行识别认定; VS 2.1第(a)项更详细地讲述了该事项。 (b)
本次估价的意图; VS 2.1第(b)项更详细地讲述了该事项。 (c)
作出了一些细微变化,该附录的注解视情况提到“资产”而非
90
被估价资产或负债的 识别认定 VS 2.1第(c)至(d)项以及附录2更详细地讲述了该事项。 (d)

(e) 价值基准 VS 2.1第(f)项更详细地讲述了该事项。 “物业”。
估价时点 VS 2.1第(g)项更详细地讲述了该事项。 (g) 勘测的范围 VS 2.1第(l)项、VS 5.1以及VS 5.2更详细地讲述了该事项 (f)
。
依赖的信息的性质与 来源 VS 2.1第(m)项、VS 2.4更详细地讲述了该事项。 (h)
假设和特殊假设 VS 2.1第(k)项、附录3以及附录4更详细地讲述了这些方面 。 (i)
对使用、转发、公开 进行限制 VS 2.1第(n)至(o)项更详细地讲述了该事项。 (j)
确认按照IVS标准承 办估价项目; VS 2.1第(p)项更详细地讲述了该事项。如果该项估价必须 符合IVS,应陈述指出只要符合RICS标准,即符合IVS。 (k)
报告的描述 VS 6.1.2以及VS 6.2更详细地讲述了该事项。 IVS 102 IVS 102 IVS 102 IVS 102 实施 (l)
VS 5更详细地讲述了该事项。 勘测
附录6.1.1第(q)项体现了这些方面的原则。 估价记录 VS 5.1.8更详细地讲述了该事项。 各估价方法
103 IVS 103 IVS 103 IVS 103 报告 VS 6和“附录6 报告”包括该条标准的所有材料。为了保证 IVS与RICS标准的一致性,对RICS标准作出的任何修改均在 IVS
本表的这一部分注明。
91

估价师的身份与状态 VS 6.1第(h)、(i)、(p)和(r)项更详细地讲述了该 事项。 (a)
对客户和其它预期用 户进行识别认定; VS 6.1第(a)项更详细地讲述了该事项。 (b)
本次估价的意图; VS 6.1第(b)项更详细地讲述了该事项。 (c)
被估价资产或负债的 识别认定 VS 6.1第(c)至(e)项更详细地讲述了该事项。 (d)
价值基准 VS 6.1第(f)项以及VS 6.3更详细地讲述了该事项。 (f) 估价时点 VS 6.1第(g)项更详细地讲述了该事项。 (e)
勘测的范围 VS 6.1第(l)项更详细地讲述了该事项。 (g)
依赖的信息的性质与 来源 VS 6.1第(m)项更详细地讲述了该事项。 (h)
假设和特殊假设 VS 6.1第(k)项以及VS 6.4更详细地讲述了该事项。 (j) 对使用、转发、公开 (i) VS 6.1第(n)至(o)项更详细地讲述了该事项。 进行限制
确认按照IVS标准承 办估价项目; VS 6.1第(p)项更详细地讲述了该事项。 (k)
估价方法及推理 VS 6.1第(q)项更详细地讲述了该事项。 (m) 估价得出的数额 VS 6.1第(s)项更详细地讲述了该事项。 (l)
报告日期 VS 6.1第(t)项更详细地讲述了该事项。 (n)
发生在估价日期之后的事件 附录6第1(s)节更详细地讲述了该事项。
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– 资产标准 IVS 200 商界权益 本标准未提及。 资产标准
无形资产
厂房设备
不动产权益
–
– 本标准未提及。 IVS 220 GN 5更详细地讲述了该事项。 IVS
–
210
– 本标准未提及。 IVS 233 正在施工的投资物业投资 IVS 本标准未提及。 230
性房地产
金融工具
– 本标准未提及。 估价应用 IVS
–
250
用于金融报告的估价;以 及附件“公共部门物业、厂房与设备 的估价” VS 4.1以及VS4.3更详细地讲述了该事项。 300 IVS
– 担保贷款物业房地产权益 估价 VS 4.2以及附录5更详细地讲述了该事项。
310 IVS
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指南
指南
GN GN 1 估价的确定性
估价的确定性
1 引言
引言
1.1 本指南
或特殊假设(见VS 3.1)。一项估价不是讲述一件事实,而是进行一次估计。无可避免的是,不同案例 旨在鼓励在估价报告落实最佳执业实践,具体提及了与报告相关的确切度和风险问题。
的估价意见” 与“假想的销售行为在估价时点 实际发生所能达到的价格”正好相同的概率。为了确保用户对估价的理 解和信心,需要增加估价方法的透明度,以及充分解释对估价有重大影响的所有 所有 所有因素。 涉及的主观程度也会有所不同,因而确切程度也会不同——确定性是指“估价师对市场价值
对估价方法和市场背景进行解释。据认可,未必在所有情况下都需要这样的评论、背景和解释。然而,
1.2 所有的估价均为建立在一定基础之上的专业意见,这里的基础包括阐明的基准,连同适当的假设
1.3
1.4
对于某些估价意图,非常有助于理解该项估价甚至可以说必不可少的做法是,列出支持性证据、
上,如果未能提请客户注意估价当中某些重大不确定性,从而使客户高估该项估价的份量,超出担保的 估价师应该考虑提供这种支持性意见,以增强用户对该项估价的信心。 估价师不应当这样认为:如果估价当中的一条陈述表达出小于通常的信心,就是承认弱点。事实
2 可能影响估价的确定性的事项 6.1的规定。 程度,那么该报告将具有误导性,违反了VS
2.1 下面的列表并不详尽,举例说明了可能对估价意见的确定度和置信水平有重大影响的事项:
• 估价师的状态;
• 固有的不确定性;
• 查询或资料提供方面的限制;
• 流动资产和市场活动;
• 市场不稳定性。
可能影响估价的确定性的事项
可能影响估价的确定性的事项
估价师的状态
估价师的状态
2.2
固有的不确定性
固有的不确定性 1.9陈述了针对估价师的资格和独立性的判断准则,VS 6.1 则要求估价师在报告中确认估价师拥有足够的经验,并且不存在利益冲突。 VS 1.5至 水平,也取决于估价师的独立性。VS 估价所需的判断的准确性和相关性取决于作出这些判断的个人的技能和经验。对这些判断的置信
94

2.3
查询或资料提供方面的限制
是否存在,均将从很大程度上取决于作出的假设。 规划许可,或涉及特殊购买者 能属于某种不寻常的甚至是唯一的物业房地产类型。同样地,重大希望值的量化,无论是涉及到潜在的 物业房地产本身的一些特别性质可能使估价师难以形成一个关于其可能价值的意见。例如,它可
查询或资料提供方面的限制
2.4
流动资产和市场活动
6.1第(m)项要求注明信息来源并提醒注意任何限制。 它情况下弱一些。VS 如果估价师可获取的信息不多,或者受到客户或估价环境的限制,那么该项估价的确定性就比其
流动资产和市场活动
2.5
市场的不稳定性
、运作正常的市场中,估价师应指出有丰富的经验数据能够支持得出的结论。 估价师应尽可能明确和透明的表明所得出的结论在多大程度上是基于主观性。同样,在液体性流动性好 在市场不活跃、资产流动水平低的情况下,可用于提供实证支持的数据量就较少。在这种情况下,
市场的不稳定性
2.6 恰好 与这些事件同时发生,或紧接着这些事件之后,则可能由于经验数据的反复无常或匮乏导致估价的确定 不可预见的金融、宏观经济、法律、政治甚至自然事件均可引起市场扰动。如果估价时点
3 报告
报告
3.1 VS
上的需求可能不同寻常地伤脑筋。虽然估价师应该仍然能够作出判断,非常重要的一点是,要清楚地表 时这一判断基于的背景。 性水平降低,或者使估价师面临一系列前所未有的环境作为判断的根据。在这种情况下,加在估价师身
定性的任何事项,并作出评论。根据估价的目的不同,该评论的外延会有所不同,而报告的格式应与客 户商定。 6.1要求估价报告不得产生误导作用或造成某种错觉。估价师应提请读者注意影响估价的确
3.2 和灵敏度分析,并充分和明确地解释列出 下列项目的原因: 在适当的情况下,估价师还应考虑列出使用特殊假设
• 特殊假设 的使用:如果估价师可以合理地预见在不同的环境下可能会出现不同的价值,该估价 师应该与客户谈话,考虑使用特殊假设 提供备择替代估价,以体现环境的不同。然而,非常重
• 要的一点是,要注意VS 2.2的规定,即:联系估价的实际环境,只有认为特殊假设切合实际、 相关并且有效时,才可以使用。 特殊假设
3.3
特殊假设
灵敏 灵敏度分 度分 度分析:如果发现可能对估价的确定性有重大影响的问题,审慎的做法可能是需要提供灵敏 度分析,说明这些变量的变化可能对报告中的估价产生什么影响。 通常,在报告中使用某个“标准”的防误解说明来对待估价的确定性问题是不可接受的。对于具 灵敏
体的估价,所提供的意见的不确定程度将是独一无二的,使用“标准”的条款可以使给出的意见的权威
题应在这个背景下呈报。
性贬值或值得怀疑。估价的任务是要在报告中给出权威的、经过慎重考虑的专业意见。影响确定度的问
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3.4 供一个单一的数字。使用有保留的字眼如“在如下区间内”,而不进行进一步的评论,通常是不适当的 或不足以转达重大不确定因素。如果在不同的环境下可能出现不同的价值,最好的做法是作出特殊假设 除非特别要求,将价值表达为某个区间,不是良好的执业实践。在大多数情况下,估价师必须提
3.5 如果报告中包含不确定性的数学衡量,那么必不可少的是要对用到的方法或模型予以充分的解释, 并适当地强调其中的任何局限性。
以提供这些不同的价值。
97

GN GN 2 2 个体贸易相关
个体贸易相关物业
个体贸易相关
物业 物业房地产
物业 房地产 房地产的估价
房地产 的估价
1 引言
引言
1.1 某些物业的估价要使用利润法(又称收益还原法)。本指南
1.2 不注重根据具体的被估价物业而各不相同的详细估价方法。 本指南 全球适用。 本指南 列明了这一估价方法的原则。但是
1.3 供。 本指南
1.4 某些物业房地产通常是基于其贸易潜力进行购买和出售。这样的例子包括旅店、酒馆和酒吧、餐 只涉及基于贸易潜力对个体物业进行的估价。对于企业的估价,将有另外的指南单独提
设计成或改装成针对某个特定用途,导致缺乏灵活性,这通常意味着该物业权益的价值与业主占用该物 业能产生的回报具有内在联系。因此该价值反映了该物业的贸易潜力。与之形成对比的是通用的物业, 可以用作一系列不同的业务类型,如标准的办公室、工业或零售物业。 厅、夜总会、赌场、电影院和剧院以及其他各种形式的休闲地产。这种类型的物业的本质特征是,它被
进行估价的估价师通常擅长特定市场的专业知识,因为物业估价以及整
1.5 对贸易相关物业房地产
1.6
1.7 信息可以从不同的经营实体获取。 个产业运作方面的知识,对于市场交易的理解和所需的分析来说是至关重要的。 可比信息的来源可能多种多样,而不限于交易方面的证据。而且,针对利润估价的各组成部分的
1 “估价的确定性”)。 估价师应在其报告中强调,估价是顾及贸易潜力进行评估的,应该参考实际取得的利润。如果贸 易潜力和/或实际利润发生变化,报告的价值有可能随之变化(见GN 该用途可能有更高的价值,则应在报告中给予适当的评论。如果提供了这种备择用途的价值,则应附有
1.8
2 本指南使用的
本指南 用的术语 术语 一条陈述,指出该项估价不考虑业务停止、中断的成本或与该价值的实现相关联的其他任何成本。 本指南假定该物业房地产目前的贸易相关用途将持续不变。然而,如果很明显存在某个备择用途,
2.1 在本指南
本指南
调整后的净利润
用的 术语
调整后的净利润 中所使用的术语可能与其他专业学科中的含义有所不同。
2.2 作出以下调整:异常和非再发生性开支、与物业本身相关的财务费用和折旧等,在适当的情况下还包括 租金。它涉及到现有的经营实体,在估价师评估公允可维护的营业利润(FMOP)时具有指导作用。
是指估价师对当前正在运转的经营实体的实际净利润的评估。它是在账目显示的净利润的基础上
98

99
未计利息
未计利息
未计利息
未计利息、税项
税项
税项
税项、折旧及摊销的收益
折旧及摊销的收益
折旧及摊销的收益
折旧及摊销的收益(EBITDA
EBITDA
EBITDA
EBITDA)
2.3 该术语涉及到实际的经营实体,可能与估价师预测的FMOP不同。
公允可维护的营业利润
公允可维护的营业利润
公允可维护的营业利润
公允可维护的营业利润(FMOP
FMOP
FMOP
FMOP)
2.4 在计算有关资产本身的折旧和财务费用(如果是租赁资产则还包括租金)之前指出的利润水平,
它是基于该物业的潜在盈利从市场视角的评估,合理高效的经营者(REO)从公允可维护的营业额(FMT)
获取利润的期望值。它应体现REO的所有费用和支出以及适当的年度裕量,用于定期开支,如装修、翻
新和贸易库存补充等。
公允可维护的营业额
公允可维护的营业额
公允可维护的营业额
公允可维护的营业额(FMT
FMT
FMT
FMT)
2.5 基于“该物业的装备、修理、维护和装饰水平适当”这条假设 ,REO可能期望达到的经营水平
。
市场租金
市场租金
市场租金
市场租金
2.6 在进行了适当的营销(其中各方均以知晓行情、谨慎的方式参与,且无强制因素)之后,自愿买
家和自愿卖家以公平交易的方式,在估价时点对一项物业进行租用的估算金额。只要提供了市场租金 ,
就必须阐明它体现的“适当租赁条款”。
市场价值
市场价值
市场价值
市场价值
2.7 在进行了适当的营销(其中各方均以知晓行情、谨慎的方式参与,且无强制因素)之后,自愿买
家和自愿卖家以公平交易的方式,在估价时点 对一项物业进行交换的估算金额。
经营实体
经营实体
经营实体
经营实体
2.8 通常包括:
• 在土地和建筑物持有的合法权益;
• 贸易库存,通常包括所有经营装置、配件、家具和设备等;以及
• 市场视角的贸易潜力,其中假定能够获取或更新必要的特许、同意书、认证及执照等。
通常不包括经营所需的耗材和储备。
(当前经营者的
当前经营者的
当前经营者的
当前经营者的)个人商誉
个人商誉
个人商誉
个人商誉
2.9 可产生的超出市场预期的利润价值,随着与贸易相关的物业 的出售而消失,一同消失的还有与
当前经营者相关的具体财务因素,如税收、折旧政策、借款费用以及投入到该业务的资本。

合理高效的经营者
合理高效的经营者(REO
合理高效的经营者 REO REO) REO
2.10
租户的资金
测的是贸易潜力,而非采用现有物主的实际经营水平;它排除个人商誉因素。 此概念是指估价师假定市场参与者是有能力的经营者,以有效的方式在该场所经营某业务。它估
租户的资金
2.11 可能包括诸如所有耗材、库存的采购、储备和营运资金等。
与贸易有关的
与贸易有关的物业
与贸易有关的 物业 物业房地产
物业 房地产
2.12
贸易潜力
。 专为某种特定类型的业务而设计的物业房地产,该物业房地产的价值反映的是该业务的贸易潜力
贸易潜力
2.13
3 估价采用的利润还原
估价采用的利 润还原法 水平和现行市场条件下的历史营业额。 或低于该物业最近的历史营业额。它体现了该物业资产的一系列固有因素,如位置、设计和特征、适应 在针对该物业估价方面,是指REO能够从该物业的占用中实现的远期利润的期望值。它可能高于
3.1 利润还原法这种估价方法包括以下步骤:
估价采用的利 润还原
第2步:在适当的情况下,针对FMT产生的潜在毛利进行评估。 第1步:针对REO可能在该物业获取的FMT进行评估。
将会是最有可能的购买者或经营者。 第4步: 第3步:评估FMOP。评估中将显示的成本和裕量应体现REO的期望值,因为如果该物业推向市场,REO
为了评估该物业的市场价值 ,将按适当的回报率对FMOP进行资本化,反映该物业的风险和 报酬及其贸易潜力。相关的具有可比性的市场交易证据,应加以分析和应用。 b) 在评估市场价值 时,估价师可以决定,新任经营者可能期望通过进行改建或改善来提高贸 a)
得出的数字中留出适当的裕量,以体现完成改建或改善的成本和实现FMT的延迟。同样,如 果物业需要维修和/或装饰才能使REO实现FMT,也应从第4步(a)得出的数字中留出适当 的裕量,以体现此等维修和装饰的成本。
易潜力。估价师在第1步对FMT进行估测时应已隐含表达这一点。这种情况下,应从第4步
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3.2
3.3
利润还原法的某些扩展的或更详细的方法可能也是适当的,特别是对一些较大或较复杂的与贸易
的实用知识是必要的。 取怎样的FMT和FMOP,形成FMT和FMOP估价意见。
估价时,至关重要的一点是,估价师应审查估价流程各步骤的累积 非常重要的一点是,估价师应经常从事于此类别物业的相关市场,因为关于特定市场的影响因素
为了新的租约、租金审查时的应付租金、实际现行租金的合理性等目的,评估市场价值 时 (特别是针对投资物业进行估价时),应从FMOP中留出裕量,以体现租户向经营实体投入 的资金(例如贸易库存、储备和营运资金等成本)的回报。由此产生的款项称为可分割结余 。这一项应该参照各自的风险及回报,在业主与租户之间按比例分摊,其中业主那部分代表 c)
有关的 物业。可考虑采用折现现金流量评估和不同的收入流。这些知识将有助于分析和审查历史和当前 年度租金。
的经营业绩,预测实际营业额呈现增加或减少的可能性。从而有助于估价师考虑潜在买主或REO能够获
3.4 结果。估价应被视为与估价师对市场的一般经验和知识有关。 进行一项与贸易有关的物业
4 估价的特殊假设
估价的特殊假设
估价的特殊假设
4.1 的估价通常基于市场价值或市场租金 ,但人们通常要求估价师提供受制于特 殊假设 的估价。典型的特殊假设 包括: 与贸易有关的物业
在业务已经停止、无法向远景买家或租户提供经营记录的基础上估价; b) 与(a)项相同,但是同时假定贸易库存已被移除; a)
作为设备齐全的运作实体,但是尚未开始经营(也称作“第一天”估价);以及 d) 以载明的经营预测为条件(假定这些预测已经得到证实)。这一条适用于考虑该物业的发展 的估价。 c)
5 针对设备 对设备 对设备齐全
对设备 齐全 齐全的运作
齐全 运作 运作实体的估价
运作 实体的估价
5.1 作为设备齐全的运作实体进行估价,必然假定该物业将出租或出售,连同持续经 营所需的库存、许可证等。 贸易相关物业
5.2 并不意味着所有的贸易库存均包括在本项估价中。例如,某些设 备可能归第三方 拥有,因此不构成待估价的权益的组成部分。如有针对贸易库存作出了任何假设,应在 然而,需要注意的是,该假设
报告中清楚列明。
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5.3 是:所有押记的业主或受益人将同意该资产作为一部分,
5.4 随经营实体的销售一同转让。是否可以作出这样的假设 并不确定;估价师必须仔细考虑,并在报告中相 应指出如果这些资产不可用,会对购买或租赁该经营实体的人产生哪些潜在影响。 如果经营实体运行所必需的有形资产的所有权与土地和建筑物的所有权分离,或者受制于独立的 融资租赁或押记,那么可能需要作出的一条假设
或其他法定同意书进行更新,并接管现有证书和特许权益。如果估价师作出了不同于此的假设,则应作 作为设备齐全的运作实体出租或出售,购买者或经营者通常需要对执照 如果与贸易有关的物业
5.5 如果无法检查与该物业关联的执照、同意书、证书和特许,或者存在其他无法核实的信息,则应 在报告中对作出的假设 进行识别认定,同时建议客户的法律顾问核实这些文件的存在。 为特殊假设 明确表明。
在区别的。对于经营者,物业的所有值 是源于该运作实体按照选定的格式进行经营而获得的当前和潜在 净利润。尽管目前的经营者可能成为市场上的潜在投标人,但是估价师将需要了解其他潜在投标人的要 与该物业对于特定经营者来说的价值(或它的所有值)之间是存 的市场价值
贸易潜力评估
贸易潜力评估
5.6 与贸易有关的物业
5.7 与贸易有关的物业房地产 通常应为单独的贸易实体,估价时通常作出“交易将延续”的假设 。 求和可实现的利润,以及开放市场的动态,才能给出特定物业的价值意见。
5.8
5.9 接管该物业,则 可能实现的额外贸易潜力。 在评估远期贸易潜力时,估价师应排除任何纯粹与个人情况、技能、专业知识、声誉和/或现有
的经营相对比。因此,对这些物业类 经营者的品牌名称等有关的营业额和成本。然而,估价师应该反映如果REO在估价时点
的估价师应该参照市场 型的利润潜力的正确理解,以及如何相互比较,是至关重要的。与贸易有关的物业 实际的贸易业绩应与相似类型和风格的与贸易有关的物业
5.10
5.11
对于许多贸易实体而言,业务转让的手段将是出售该物业的永久业权或租赁权益。这种交易证据
竞争格局的变化可能对盈利能力(进而对价值)具有剧烈影响。估价师应意识到当前和预计远期
,以鉴定目前的业务是否代表在现行市场条件下的FMT。为了反映 REO所处的环境,可能需要在被估价物业和类似物业的实际交易账户(如果可用)的基础上作出调整。 上的交易和相似的与贸易相关的物业
的估价中作为可比证据,但估价师应排除此等交易中那些无关联的组成部分的 价值。这样的例子包括库存、易耗品、现金、负债及无形资产 (如品牌名称或合同,无法向REO提供的 东西)。 可以在与贸易相关的物业
竞争水平对价值的影响。如果据预计,将从现有水平发生显著变化,那么估价师应在报告中清楚地予以
认定,并评论它对盈利能力及价值的一般影响。
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5.12
5.13 的价值。 如果打算在估价中反映购买者的成本(通常在投资估价的情况下),则应采用通常的市场方法, 外界因素,如新道路的建设或相关立法的变化,也可能影响贸易潜力,进而影响与贸易有关的物 业
作为设备齐全的运作实体、顾及贸易潜力、基于商定的假设或特殊假设的市场价值[或市场租
5.14 如果该物业的交易正在进行并且据预期将继续,那么该项估价应如下报告: 并在报告中作出适当的评论。
6 非贸易 ...[清楚列明全部假设]。 金],..
贸易 贸易物业 贸易 物业 物业房地产
物业 房地产 房地产的估价方法
房地产 的估价方法
6.1 。例如,可能是空置的物业,已
6.2 被剥离全部或大部分贸易库存,也可能是新的物业,还未配备贸易库存,但无论哪种情况,仍然可以考 虑其贸易潜力进行估价。 非贸易物业的估价过程与第5节所概述相同,但是如果其中的物业是空置的(要么因为停止贸易, 要么因为它是新的物业,没有既定交易历史),那么应作出不同的假设
进行表达。针对与贸易相关的 物业 作贷款担保用途的价值向贷款人提供意见时通常有此要求。例如,其间差异可能反映了购买和配备 的做法是,除了基于反映现状表达该价值外,也基于一个或多个特殊假设 经营实体的停业,或部分或全部的贸易库存被移除,均可能对物业的价值产生影响。因此,合适
6.3 如果物业是空置的,那么估价应如下报告: 贸易库存、获取新的执照、任命工作人员、实现FMT等涉及的成本和时间。
7 分摊
分摊
7.1 估价师可能客观需要,或者按客户主动要求提供估价或交易价格的象征性分摊,用于:
• 作为可比物进行分析;
...[清楚列 明全部特殊假设]。 作为设备齐全的运作实体、顾及贸易潜力、基于下列特殊假设的市场价值[或市场租金],..
7.2 这样的市场价值
• 按照适用的会计准则在财务报表
• 抵押贷款;或
• 税务目的。
• 土地及建筑物,反映其贸易潜力;及
• 贸易库存。
中列出;
分摊,通常是涉及到:
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7.3
• 贸易库存、耗材和现金; 因为该交易除反映第7.2款列出的内容外,还需要反映以下内容: 在考虑交易价格的分摊时,特别是有限责任公司通过股权转让实现的出售,估价师应谨慎行事,
7.4 针对税收目的分摊,必须按照具体的立法,属于本指南
• 无形资产;以及
• 负债,例如工资、税收、债务等。
8 作投资用 投资用途的估价 的估价
投资用 的估价 的范围之外。
8.1 的投资用途估价的基本方法与其他任何类别的物业一样。如果该项投资是物 业群或物业投资组合,可参阅与之相关的GN 3“物业资产组合和物业群的估价”。 与贸易相关的物业
8.2 的投资进行估价时,估价师将需要以第3.1款所载方式进行FMT和FMOP 评估。还可能需要评估该物业的市场租金,以确定收益流和增长潜力可用作怎样的担保。租金的到期与 针对与贸易有关的物业
8.3 投资估价采用的资本化率不同于空置管有权估价。投资回报率一般由类似的与贸易有关的物业房 地产 投资市场交易确定。显然,由于与贸易有关的物业房地产 的迥异特点和种类繁多的租赁条款,仔 审查将按照现在的或提议的租赁条款确定。
8.4 估价师将把房东的的土地及建筑物的固定装置和配件包括在内,但可能排除贸易库存,因为贸易 库存通常归占用该物业的承租人所有。估价师应强调贸易库存对贸易潜力和物业房地产价值的重要性。
细对具有可比性的交易进行分析是至关重要的。
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GN GN 3 3 物业 物业房地产
物业
房地产 房地产资产组合与
房地产 资产组合与
资产组合与物业
资产组合与 物业 物业房地产
物业 房地产 房地产群的估价
房地产 群的估价
1 引言
引言
1.1 本指南
1.2 为了避免给出具有误导性或不恰当的意见,必须特别注意的是,要顾及下列事项如:分块或分组 、不同物业类别的确认,并且作出关于什么情况下可以把该物业推向市场的假设 或特殊假设。 是针对估价师在为同一客户进行几项物业估价时应注意的事项。
式应当为在被估价权益的出售中最有可能采用的划分方式。然而,估价应与客户讨论各种选择,谨慎地
2 独立 独立物业 独立 物业 物业房地产
物业 房地产 房地产的识
房地产 的识 的识别认定
的识
2.1 对于什么物业构成单一物业,如果存在疑问,估价师一般应当对该物业进行分块或分组,划分方
2.2 需要针对如何分块的假设 与报告中均对采用的方法进行确认。 在聘用条款
• 由目前所有者分别收购的物理毗邻的物业——例如,开发商拼装一处场地用于未来重建目的,或 作出具体澄清的情形包括以下几个例子:
•
• 停车场与建筑物不相连,但是专供该建筑的住户使用。 者投资者在当地建设一个战略股权;
•
由同一实体占用的物理上分离的物业房地产,各项物业之间有功能上的依赖性,——例如:一个
店就是如此。 相比拥有一处单独的物业房地产,如果拥有大量分离的物业,将对业主或占用人带来特别的优势, 原因是实惠,这可能来自于市场份额的增加,或来自于管理或分销方面的节省,连锁零售店或酒
如,作为一个国家或地区的公用事业网络的一部分,如电信桅杆。 每一处单独物业房地产是一项业务的必不可少的组成部分,该业务覆盖了大面积地理区域——例
2.3
2.4 要求基于“以人工的方式对物业进行分块”的假设 进行的估价,一般应予拒绝。然而,在某些 估价的目的很可能决定了应采用的方法。例如,客户有可能要求多项资产的估价一一单独报告。
2.2) 。 怎样的范围才算作一处单独物业或其它资产,将需要与客户进行澄清。 情况下,不常见的分块可以按特殊假设的方式进行处理。(见VS
3 估价假设
估价假设
3.1 假设 或 特殊假设 是必要的。这些应在聘用记录 (见VS 2)和报告(见VS 6)中予以记录。下列各段 一旦估价师已经对需要一一单独估价的资产组合内的地块进行了确认,就需要考虑哪些具体的
讨论的是,不同的假设 可能对投资组合的估价产生重大影响的情形的例子。
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3.2 如果整个资产组合或其中数量可观的物业将同时推向市场,那么可能产生会充斥市场的效果,导
3.4
致价值减少。相反,购买特定的物业群组的时机可能会产生溢价。换句话说,整个组合的价值可能超过
对此予以阐明。 然而,如果将同一项资产组合作为抵押贷款的担保品进行估价,那么整个组合同时放到市场时可 财务报表 的估价,那么为了反映充斥市场的影响而作出扣减或留出裕量,则是不合适的。在报告中应当
能对每项单独物业产生的不利影响就不应该被忽略。在这种情况下,适宜的做法通常是阐明下面这个假
3.3 如果对于某个估价目的,假定该资产组合的所有权或占用情况将继续保持现有状态,例如,用于 的各个部分的总和。
,即:各项物业将有条不紊地进行营销,而不是全部同时放入市场。然而,如果环境决定了市场不会 作出这样的假设 ,例如,已知当前的所有者面临财政困难,那么这一条应成为特殊假设 ,应当清晰阐 设
3.5 同样,估价师为单独物业的群体归结一个价值时,也应阐明支持这种方法的必要的假设 。如果 估价师认为,在此基准上对待该资产组合不是市场一般会采取的做法,那么这个假设 就成为特殊假设 2.2)。 明其对估价的影响(见VS
4 报告要求 2.2)。 (见VS
报告要求
4.1
4.2 出版物引用该报告时均应列出这些“分块”假设 。 在任何情况下,如果资产组合内的各物业的总价值根据放入市场方式的不同而显著不同,取决于 这些物业是一一单独出售、分组出售、还是一下子出售,那么应在报告中对此予以清晰阐明。任何公开
,那么报告中的市场价值 将与整个物业群相关联。其中每项单独物业的市场价值 的明细也应清晰 注明这一点,并指出这种分摊不一定等同于任何单独物业权益的市场价值 。 如果对一个物业房地产群或物业房地产资产组合进行估价,作出了“将其作为单一实体出售”的 假设 的估价中提供了一个汇总数字,
4.3 应注意不可将此数字表达成整个投资组合的市场价值 。
反之,如果在针对资产组合中每项单独物业房地产的市场价值
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GN GN 4 4 个人 个人财产 个人
1 引言和适用性
引言和适用性
1.1 中,“个人财产”一词是指不永久附着于土地或建筑物的资产。它包括古董、艺术品 、家具、收藏品和用具。它不包括厂房与设备,关于厂房与设备的具体指导见附录5。 在本指南
1.2 进一步解释本标准在个人财产估价的应用。它仅适用于以书面的估价,主要包括但不限 于保险和税收目的需要。本指南不适用于作为土地及建筑物的权益的一部分,与之一起估价的个人财产, 本指南
1.3 本指南不适用于将估价意见用于招标,以期得到指令或正在按指令处置或收购个人财产(无论是 通过拍卖还是其他方法 )。也不适用于针对预期可达到或应支付什么样的价格提供意见,包括关于是否 或作为经营实体的一部分,针对贸易潜力的估价(见GN 2)。
1.1.5“例外情形”)。 应当接受或提供某个具体要约的意见(见VS
2 聘用条款
聘用条款
2.1
2.3
客户的知识范围各有不同,有些对个人财产市场非常了解,也有些对这些市场、使用的术语和估
可能希望编制可用于各种类型的估价指令的聘用书。如果估价按要求需符合本标准,那么 会员 编制的聘用条款 必须满足VS 2.1规定的最低要求。整个清单转载如下,并添加了必要的注解,阐 达成理解和一致。 会员
2.2 最紧要的是,估价师与客户要在提交估价报告之前,就聘用条款 价师接受的概念不太熟悉。
a) 对客户进行识别认定; 明了处理个人财产时什么样的估价是可接受的:
本次估价的意图; c) 本次估价的对象; b)
被估价的权益是哪些(某些情况下被估价的个人财产权益可能是与他共享的,在这种情况下, 应明确指定被估价的权益是什么); d)
物业的类型,以及客户如何使用它及对它分类(该项目一般不适用于个人财产); f) 价值基准(见第5款); e)
估价日期 ; h) 对重大牵连进行披露,或指出不存在此类重大牵连;
g)
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如有要求,阐明该估价师的状态; j) 视情况确定是否需要指出采用的币种; i)
任何假设、特殊假设、保留意见、特殊指令或背离; l) 估价师勘测的范围(见第4款); k)
估价师所依赖的信息的性质及来源(见第4款); m)
同意或限制公开发表; o) 限制或豁免估价师对其它方(除客户外)的责任; n)
确认将按照本标准 (RICS标准)承接估价; q) 确认估价师具备必要的知识、技能和理解能力,能够称职地承办该估价项目; p)
计算费用时将依据的基准; r)
3 市场的识 市场的识别认定
市场的识 市场的识
3.1
3.2 和报告中澄清,将假定该资产在哪一类市场出售。 估价的意图将对假定该交易将发生的预期市场具有一定影响。据公认,个人财产的营销可能存在 用条款 市场的主要类型有:
如果该事务所 属于注册接受RICS监管的事务所,则应提及该事务所 处理投诉的流程,如 有要求,提供一份副本; t) 指出在合乎本标准方面,可以接受RICS行为和纪律规定的监控。 s)
若干可识别的路线,并可以采取多种不同的方式进行。这可能导致不同的观察价格,而估价师必须在聘
• 拍卖;
• 零售;
• 私人协约方式出售,其中,可能存在也可能不存在特殊利益。
4 勘查 勘查、勘测
勘查 勘测 勘测以及收到
勘测 收到 收到的信息和协
收到 的信息和协
的信息和协助
的信息和协
4.1 个人财产的勘查
可能是受限的,这可能是由于其位置,或者在保险理赔的情况下,由于该财产 或勘测,必须予以记录。估价师需要与客户商定,在什
4.2 么范围内的勘查 是可行的,或者在什么范围内由客户或其他方提供的信息可能是可靠的(见VS 5“勘 测”)。 已不复存在这个事实。如果存在任何受限的勘查
可行,应加以合理核实。如果无法进行核实,应在报告中指出。
如果估价师依赖了从客户获得的信息,应该予以记录。估价师应援引此类信息的来源,并且如果
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4.3
5 估价方法
。 6.10“合并其他估价”) 则应如实披露。(见VS 师应采取合理必要步骤以确保这些服务是称职地完成的,得出的结论是可靠的;如果未采取此等步骤, 估价指令可能要求估价师获取并依赖其他专家顾问或其他专业人士的服务。在这种情况下,估价
估价方法
5.1
• 与估价时点 估价时点 左右达 左右达成的 成的 成的、相同或相 相同或相 相同或相似项目的 项目的 项目的出售 出售 出售价格相比较 相比较 相比较:就拍卖结果而论,应选择最终接 估价师使用的估价方法将取决于估价的意图和客户要求的价值基准。个人财产的估价中主要使用
•
的方法包括下列类型:
仿样置 样置 样置换:仿样是原始物品的复制品,在材料的性质、质量及年龄上尽可能接近原始物品,但它 收的出价(也称为“落槌价”)作为达成的价格,不因为出售者或购买者的溢价、佣金或其它费 用而调整; 是按现代施工方法创建的(这种方法通常只用于保险目的);
•
报告
制作方法也与原始时期相同(这种估价方法通常只用于保险目的)。 本置换:真本是原始物品的精确副本,使用性质、质量和年龄均极其相近的材料制作,使用的 本置
真本置
6 报告
6.1
6.2 6.1)。 VS 6“估价报告及其在公开版物中的引用”的一般规则,适用于个人财产估价报告。VS 6.1的 估价师有责任确保估价报告对读者来说是明确的、毫不含糊的,并确保它是按照高标准的完整性
2.1的清单是相同的。在报告中,必须重申聘用条款 中列出的所有变动、 、清晰性和客观性完成的(见VS 最低要求清单,实际上与VS
6.3 考虑到6.1(c)的要求,对于个人财产,应当针对本次估价目的进行恰当描述。例如,对于保 险目的估价,重要对象的描述应该是全面的;而用于赋税目的时,价值不太高的物品的描述可以不太详 估价方法和勘测作业。
最低描述标准。关于对象ID的详情,请参阅http://archives.icom.museum/object-id/about.html 尽。建议在适当情况下使用照片。
价值基准 和被估价物品所属市场的描述必须清晰。如 6.1(f)的要求,实际采用的
6.4
6.5 考虑到VS 对于个人财产,描述古董和美术品时通常采用明确条款,在这种情况下,建议使用对象ID作为
果合适,还应确认该项估价符合客户的特殊要求或其他监管规则。例如,赋税目的估价必须遵守国家的
6.6 建议如下组织估价报告:
有关法规,还可能需要采用某条特殊假设。
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• 封面;
• 索引;
• VS
• 布局(按类别或其他顺序);
• 概要;
• 价值陈述(针对该项估价的意图,如果必要,应附认证声明
• 术语表(如适用);
• 图像(视情况,也可并入正文)。
的修改; 6.1的最低要求,经过聘用条款
–
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见VS
6.2);

GN GN 5 5 厂房与设 房与设 房与设备 房与设
1 引言
引言
1.1 本指南
1.2 响。厂房与设备通常能够被移动或迁移,并且贬值的速度通常比不动产显著。很多情况下,其价值会因 针对估价标准在厂房与设备的应用提供额外的注解。
1.3 作为单独的物品用于交换,以及是否可视为已经到位或准备搬迁。 厂房与设备资产具有区别于大多数类型的不动产的具体特点,这一事实对估价的方法和报告有影
厂房与设备大致可分为以下几类: 为估价环境的不同而显著变化,取决于厂房与设备的组件是否连同经营单元内其它资产一同估价,或是
• 厂房:与其它部分相结合不可分割的资产,其中物品可能属于特殊建筑的装备装置、机械和设备
• 机械:个别机器或其集合,可能全部是在占用者的工业或商业流程中安装的(一台机器是指一个 的一部分;
• 设备:如家具和陈设、租户的固定装置及配件、车辆和散装工具等其他资产,是用来协助企业或 实体运作具体过程中使用的仪器);
1.4 这些类别之间的界限是不易界定的,并且根据估价目的和用户会计惯例的不同,所采用的判断准 则也可能有所不同。 实体的运作的。
估价。在这些情况下客户可能要求针对建筑服务厂房提供某项特定的估价。 的估价中,通常该公司的账本已经识别认定厂房与设备的哪些物品需要单独估价 物业权益的一部分。不过,这个一般规则的例外情况可能包括用于列入资产负债表的估价或纳税目的的
1.5
1.6
一般的规则是,主要用于为建筑物提供服务的资产,如果一般在物业出售时一同出售,则应视为
。在其他情况下,估价师将需要与客户澄清哪些物品应包括在厂房与设备的估价中。 用于财务报表
1.7 。 如果物业的估价及厂房的估价聘用了不同的估价师,则应保持谨慎联络,以避免遗漏或重复计算
2 通常 通常包括 通常 包括 包括在物业
包括 物业 物业房地产
物业 房地产 房地产权益的估价中的
房地产 的估价中的
的估价中的厂房与设备
的估价中的 房与设备
2.1 这将包括:
• 与提供服务(气、电、水、排水、防火和安全)相关的物品;
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• 用于空间加热、热水和空调等,不属于任何整体流程的设备;
• 不属于流程设备的组成部分的结构和固定装置,如烟囱、厂房外壳和铁路路轨。
2.2 权益,例如,一个财务协议或融资 租赁(见第4节)。在这种情况下,估价师应特别谨慎。客户可能要求在估价当中忽略任何这样的负担, 偶尔,通常与土地及建筑物一同估价的物品会受制于第三方
3 单独估价的
单独估价的厂房与设备
单独估价的 房与设备
3.1
3.2 “固定资产”的例子包括: 脱离物业单独估价的厂房与设备可分为两大类资产。“固定资产”通常由相关国家的会计准则进
。然而,这种类型的假设 可能并不总是恰当,估价师可能 需要勘测向第三方 支付什么成本才能获得彻底的控制权,或者评估如果该物品被移除会对物业权益的价 值产生什么影响。 在这种情况下,应作出一条相应的特殊假设
行定义。取决于估价的意图,可能需要对不同的类别进行识别认定和单独估价。
3.3 可能符合厂房与设备的定义,但不认作“固定资产”的物品包括:
3.4 尽管
• 流程和生产用厂房及机器;
• 固定装置和设备;
• 办公设备,包括电脑;
• 办公家具;以及
• 车辆和移动厂房。
• 特定产品特殊的物品,例如模型、夹具、模具和零部件;以及
• 仓库、正在交易的材料、新店铺和未完成的工程。
• 假设。无形资产 的例子包括: 商业和行政记录、图纸、设计和技术数据;以及 是否可用,建立适当的 师应该在报告之前,针对有关无形资产
• 执照、操作系统、商誉、专利、商标、品牌和其他知识产权。
4 有产 有产权负担的资产
有产 负担的资产
不属于厂房与设备的定义范围,但可能对其价值有影响。在这种情况下,估价 无形资产
4.1 厂房与设备常常受制于融资安排,这意味着在向放款人支付未结清的余额前,不得出售。这个结
4.2 受制于融资租赁的物品通常通常包括在企业的资产估价中,但应单独识别认定。
余可能超过也可能低于该物品在没有产权负担时的价值。
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4.3 受制于经营租赁或属于
5 重大注 财产的物品应排除在外。这些物品可能需要单独估价。 第三方
大注 大注意事项
大注
5.1 为基准对厂房与设备进行估价时,按照VS 3.2的要求,估价师应指出在该项估价中 是假定该资产将维持在工作地点,还是将搬迁。取决于估价的意图,还可能需要进一步的假设 。如下面 以市场价值
• 物业房地产将如何要约出售,例如作为一个整体或个别物品; 的例子:
• 假定的销售方法;
• 买主或卖主是否承担该物品退役或移除的费用;
• 是否为移除之后的恢复成本留出裕量,如果是,谁将承担这些费用。
5.2 约束,——例如,如果物业租赁即将到期。如果估价师认为这个时限不足以充分营销(如概念框架对市场 如果承接的估价是为了厂房与设备脱离其所在物业单独出售,那么可能存在营销和出售时间上的
5.3 VS
的定义),那么提供市场价值 可能 是不合适的,只能用来说明时间限制对价值的不利影响。估价 师可以根据时间限制的后果提供有关的价格意见,但不应将其描述为强制出售价值(见VS 2.3)。如果 在估价时点 不存在任何约束,但是客户要求针对假定的营销约束的可能影响提供估价意见,那么可以在 作出特殊假设 的基础上在报告中提供市场价值 ,这个特殊假设 应澄清假定的时间限制以及作出这个假 价值
5规定的勘查 要求,大多可以很容易地应用于厂房与设备资产。为了完成一项估价,估价师 首先需要弄清诸如该物品的类型、规格、容量和用途等事项,然后考虑诸如年龄、效率、条件、经济和 设的原因。
5.4 与土地和建筑物的估价一样,估价师通常很难或根本无法弄清对估价有影响的所有重大事实。因 此,估价师应与客户商定,并在报告中指出勘查 的范围以及在估价中有所体现的任何假设 。 功能老化,以及总计有用的经济工作寿命等事项。
子包括,按照短期租赁持有的财产,如果出现提议的重建,或者土地受到污染,要求在移走厂房之前进
5.5
6 监管措施 监管 措施 行净化,等等。 同样地,某些情况下,对土地及建筑物有影响的那些因素也将影响厂房与设备的估价。这样的例
监管 措施
6.1 房与设备的使用权。其中有许多这样的规章是针对具体的厂房及工艺。因此,估价师必须考虑厂房及活 工业活动常常受到具体的法律和规章的限制。不遵守这些法律规定,可能会导致暂时剥夺这些厂
。
动的性质,以及估价的范围及目的,才能确定在多大程度上对可能或可以影响估价的监管措施进行勘测
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6.2 , 也可能是提出任何可能获得的合规证书,均应在报告中指出。
针对任何规章的合规性如果存在疑问,估价师应与客户讨论此事,讨论的结果可是同意作出假设
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GN GN 6 6 用于 用于财务报告的折旧
用于
务报告的折旧
务报告的折旧重置成本
务报告的折旧 重置成本 重置成本估价方
重置成本 估价方 估价方法 估价方
1 引言
引言
1.1 指南 旨在提供关于折旧重置成本(DRC)方法 运用方法的信息。“成本法”和 DRC 方法被 视为同义词,两者均为世界各地的常用方法,用来描述各种类型的资产的估价。本 指南 还强调了本标 本
1.2 重要的一点是要明白,与财务报告相比,这里的“折旧”一词用在不同的背景下。在 DRC估价 中,“折旧”是指对新式等效资产的成本进行扣除或减记,以反映对实际资产有影响的老化程度及相对 方法估价的报告要求。 准概述的具体关于使用DRC
1.3 本指南
• 客户的参与和理解;
• 估价无论在公共部门还是私营部门都能满足客户的需求;
• 透明度;以及
在财务报告中,“折旧”记账是指从一个实体的收入中收取的费用,以反映某一资产在特 定会计期间的消费。这些是该词的不同用法,在各种情况下用于评估折旧的方法之间不存在直接关联。 旨在提供指引,更好地保证以下几点: 的功能欠缺。
1.5 如果在公共部门使用DRC
• 资产估价方法逐年一致,即使更换了估价师也是如此。
1.4 方法进行了估价。那么在管辖这些估价的规则当中,可能存在某些要
2
。
折旧重置成本的
本附录包含一份清单,有助于估价师检查本指南提及的所有需要审议事项是否全部已经得到解决
。 本指南 求,是对本指南的特定部分的补充,例如,假定该建筑物在哪一天可用。这些具体要求的优先程度高于
2.1 国际普遍认可的估价方法有三个:
• 直接的市场比较;
• 收益还原法;以及
• 成本计算法。
折旧重置成本的
折旧重置成本的定义
折旧重置成本的 定义
,包括市场价值 。 的重点是怎样使用DRC 推导市场价值。用该方法评估 市场价值 时,目标是确定自愿买 所有这些方法均可用来评估不同价值基准
2.2 本指南
方与自愿卖方在公平交易的基础上应支付的价格。因此,在考虑可比成本和折旧调整时,估价师必须考 虑到市场的证据(在可行的范围内),而不仅是当前的所有者的情况。
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2.3 IVS
的定义是:
©
对DRC
IVSC,2007年 使用新式等效资产重置某项资产的时价成本,扣除物理损坏以及各种形式的折旧与优化。
方法是基于替代经济理论。与第2.1款所列的其他估价方法一样,它涉及到被估价资产与其
2.4 它资产的比较。然而, DRC通常用于没有直接的备择估价可拿来比较的情况。因此,必须用一个假设的 DRC
2.5
2.6
为了评估买家愿意为实际资产出什么样的价格,必须对总重置成本作出折旧调整,以体现该资产
本指南
值 的定义)在采购该资产时将不会支付多于采购一项新式等效资产所需的成本。该技术涉及到按估价时 点 的定价提供一项新式等效资产所需的所有成本的评估。 备择方案进行比较,这个备择方案也称作新式等效资产。基本理论是,交易中的潜在购买者(见市场价
运行成本以及可比效益及功能。 讨论的因素,既包括在评估新式等效资产时,也包括在评估折旧调整时可能需要应用于 与新式等效资产的区别。这些区别可以反映出多种因素,如实际资产的可比年龄或剩余经济寿命、可比
实际资产的那些因素。
3 哪些情形 哪些情形需要使用折旧重置成本方法
哪些情形 哪些情形 用折旧重置成本方法
3.1 适用的情形是,不存在被估价资产对应的活动市场,即,由于该资产的独特性质,市场上不 存在有用的或相关的近期销售交易证据。 DRC
3.2 方法可用于不同类型的特殊资产的估价,但是,将 DRC方法应用于如“术语表”所定 义的特殊物业 时,可能出现特定的复杂因素。特殊物业 的定义是: 虽然DRC
3.3 然而,DRC
上出售(除非作为企业或实体的一部分共同出售)。 是指该物业房地产由于特性、设计、构造、大小、位置或其他因素带来的独特性,而极少或从不在市场
特,市场上不存在涉及类似物业的相关或可靠销售证据。 通常被称为不得已的方法,只有在无法使用其它途径得出可靠的估价时才使用。将一 这个定义界定的范围很广泛,可以适用于那些属于传统建筑物的物业或资产,但是由于其规模或位置独
估价方法。如果存在充足的直接市场证据,仍然可能按 项资产归类为特殊,并不自然导致必须采用DRC
销售比较法和/或收益资本化法承办特殊物业 的估价。
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3.4
3.5 否可实现。 对于某些类型的特殊资产,如果与可识别的、专门的现金流量相关,那么收入还原法(也称作“利
3.6
润测试法”)可能更合适。虽然DRC可能不是首选的估价方法,但可用于交叉检查,以确定资本回报是
DRC 方法之前, 将需要确信不存在涉及类似用途的类似建筑物的交易,可以为销售比较法的使用提供足够的证据。 资产的市场将随时间而改变。先前已归类为没有市场的资产,现在可能存在一个新近出现的活跃 的市场。例如,在医疗保健和休闲部门,市场交易的证据越来越多。因此,估价师在采用
该物业设计目的的需求,那么它的特殊属性可能不具任何价值,甚至可能对价值产生不利影响,因为它 特殊物业房地产(或特殊厂房与设备资产)的价值与其用途存在内在联系。如果市场上没有针对
3.7
3.8
某些建筑物(或特殊厂房与设备资产)具有传统的基本设计,表面上看起来类似于市场上常常购
报表 中将这些特殊改造的成本作为单独的估价项目。在这种情况下,估价师将需要在对该资产的权益进 行估价时,作出“这些适应化改造并不存在”的特殊假设。如果这些改造对价值有损害,还可能需要阐 如果一个实体按照自己的要求对某项现有资产进行了显著的适应化改造,该实体可能选择在财务
而估价时,要确定该实体的意图。如果因 为提供的产品或服务不再有需求,特殊物业 将不被保留,那么使用DRC方法将是不恰当的。如果新式等 效资产将立即变为多余,则不会存在考虑购置它的假定买家。这样的剩余物业,应针对其备择用途的潜 力进行估价,估价时要留出裕量,用于实现备择用途所需成本。 代表了一种负担。因此,很重要的一点是,在为纳入财务报告
,会发现它具有特殊功能或广泛的适用性,其设计能满足实 际占用者的要求。典型的例子可能包括为特定目的建造或改装的那些,如带有加厚墙壁、钢化玻璃以及 额外避让空间的办公楼,或结构改动、用于特定生产过程的工业建筑。 买或出售的其它建筑物,但是经过仔细勘查
3.9 如果该实体不把适应化改造的费用单独对待,那么这些改造将作为物业权益的一部分进行估价。 估价师将需要决定这些适应化改造程度是否足以使该物业满足特殊物业 的定义。在采用DRC方法之前, 明估价时未考虑拆除和恢复原状的相关费用。
外加这些适应化改造。在不动产方面,作出这 个决定时应顾及当地市场。在某个位置,可能存在类似经改造的建筑物的销售证据,因此使用DRC方法 将是不恰当的。然而,在另一个位置,同样的建筑物可能适于使用 DRC方法,因为在该位置不存在具有 估价师还需决定是否存在其他可靠的方法来评估市场价值
3.10 DRC 方法不适用于贷款担保目的的不动产估价。这一是因为通常使用DRC 方法进行估价的资产 应具有独特性质,二是因为这种方法假定存在使用该资产的持续需求。在极少数特殊情况下,它可用于 可比性的物业的购买和出售证据。
支持使用其它方法进行的抵押贷款估价。
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4 估价师资格
估价师资格
4.1 一条根本 一条根本原则是,应将 一条根本
DRC DRC 视为本标准适用的一项估价
为本标准适用的一项估价
为本标准适用的一项估价,而非一次
为本标准适用的一项估价
成本预测 成本预测作业。对于本标准适用的每项估价
成本预测 对于本标准适用的每项估价
对于本标准适用的每项估价,均需
对于本标准适用的每项估价 均需 均需由具有适当资格的估价
均需 有适当资格的估价
有适当资格的估价
师完成或监
师完成或监督完成
师完成或监 完成 完成。 完成
4.2 估价师的任务包括考虑涉及该特殊资产的市场交易的各关键因素。要承办一项DRC
• 对资产、其功能及其环境的认知; 所需的专门知识包括: 方法的估价,
• 有关当前市场的等效资产所需规范以及该资产的收购或采购所需成本的相关知识;
• 确定该资产的剩余实用和经济生命所需的关于该资产及其市场的足够知识;
• 评估功能、技术或经济折旧所需的关于主题领域的足够知识。
4.3 这些要求。按照VS 1.6的规定,如果估价师提议聘请另一家 事务所 提供估价意见,而不是提供资料以 虽然单一的估价师即可能拥有全部必要的知识或技能,但是本标准允许多个估价师从总体上满足
5 商定聘用条款 协助他或她自行完成该项估价,那么必须获取客户的同意。
5.1 。 商讨聘用条款
5.2 VS
• (c)本次估价的对象; 注意:
• (d)有待估价的权益
• (e)物业资产或负债的类型,以及客户如何使用它或如何对其分级
• (l)估价师勘测的范围;以及
• (m)估价师所依赖的信息的性质及来源;
聘用条款
DRC方法的采用是否适当 2.1 第(a)至(t)项规定了 聘用条款 必须解决的若干事项。尤其以下几点可能需要格外 是估价师与客户之间必不可少的一个环节,有助于确定
(c)本次 本次 本次估价的对
本次 估价的对 估价的对象及(d)有待估价的权益
估价的对
估价的权益
5.3 对于特殊资产,可能有必要界定该项估价要包括哪些内容。对于特殊物业
而言,在资产的识别 认定中,哪些被归类物业权益的一部分,哪些归类为厂房与设备的一部分,往往是不清楚的。许多特殊 资产的组成部分可以分别辨认,而估价师将需要与客户讨论,将这些组成部分视作单独的物品进行估价
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(e)物业 物业 物业房地产
物业 房地产 房地产资产或负
房地产 资产或负 资产或负债的类型
资产或负 类型 类型,以及客户
类型 以及客户 以及客户如何使
以及客户 如何使 如何使用它或
如何使 用它或 用它或如何
用它或 如何 如何对其分
如何 对其分 对其分级 对其分
5.4 估价师将需要确认经营实体如何使用该资产,并确认有意向继续按该用途使用。对于特殊物业
策可能影响该决定。 是否合适,或者,应在多大程度上将这些组成部分合并为单一资产并相应地进行估价。该实体的会计政
可能有必要确认特殊增建设施占用多大范围的土地,将其与正确归类为剩余资产或传统用途的其它土地 区分开。
,
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(l)估价师 估价师 估价师勘查
估价师 勘查 勘查的范围
勘查 范围 范围及(m)估价师
范围 估价师 估价师依赖
估价师 依赖 依赖的信息的性质和
依赖 的信息的性质和
的信息的性质和来源
的信息的性质和 来源
5.5 。这些信息可能包括该资产的成本、设计特点和性能等。由于资产是特殊的,据预期,关于此等事项的 详细知识可能超出估价师通常在该领域的知识与技能范围。这时,讨论与协商就很重要,以便商定估价 师应在何种程度上依赖客户提供的信息,或者,如果估价师获取了其他专家的建议,在何种程度上依赖 对于特殊资产,相比传统用途资产,估价师可能需要从更大程度上依赖客户或其顾问提供的信息
5.7 至关重要的一点是,对于与客户讨论的内容,以及得出结论的原因,估价师应保持准确和全面的 记录。 的信息有助于估价师确认以前采用的是哪种估价方法,并对可能出现的显著差异进行调和。
5.6 如果估价师以前不曾为客户提供估价,那么建议请求客户提供早期估价报告的副本。这些报告中 这些建议的来源和成本。
6 重置成本 重置成本评估
重置成本
6.1
6.2 的。 总的原则是,重置成本应体现新式等效资产的成本。重新制作该实际资产所需的实际或预计成本,
6.3
虽然有时与估价相关,但是在很多情况下,特别是该资产非常破旧或已经报废时,这个信息是无关紧要
上具有可比性,而非物理特性。 为了说明本原则,可以考虑具有几年役龄的机械物品的价值。如果技术的进步使得可以用更小更
潜在购买者可能产生的所有费用。这些可能 高效的机器得到相同的输出,那么实际的机器将不会被重置。“新式等效”的概念定义为在性能与输出
包括交货、运输、安装、调试等成本,以及不可追回的税捐。通常,特殊的资产可能需要特殊调试,所 在评估重置资产的成本时,应适当顾及在估价时点
6.4 考虑 特殊物业 时,评估的是该资产目前的重置成本总额。这包括换土地的成本和置换土地修建 部分的成本。对于后者,方法是对其新式等效替代品的成本进行评估,然后作出折旧调整,以反映新式 以还可能产生设计费用和其他费用。
• 创立成本(在适当情况下)如规划费用及地盘平整工程; 等效资产与实际资产之间的差异。据预期,重置资产时可能产生的费用包括:
• 与项目有关的专业费用;
• 应急裕量(如果合适);
• 融资成本,(并考虑可能使用怎样的付款模式。)
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6.5 被估价资产的置换可能需要相当长的时期,往往几年。在评估新式等效资产的重置成本时,应基 于当前价格,兼顾长期前景的成本波动和相关事项。 得出重置成本的总额之后,再对折旧因素进一步单独进行计算。
方法的最终目标是得出实际资产在其实际位置的价值,但是在估算重置成本总额的初 始阶段,可能需要体现新式等效资产所需合适场地的成本。通常,需要一个规模和位置均与实际场地相 DRC
7 特殊资产的场地价值
特殊资产的场地价值
7.1 虽然
7.2 被估价的物业所处的场地从现在看来可能过于昂贵。这可能是由于所提供服务的交付方式发生了
7.3
7.4 实际的场地为4公顷,新式等效资产仅需占用2公顷土地。 除了新式等效资产场地的确定外,还需要考虑其他因素。新式等效资产可能不需要如实际场地那 样的规模。在这方面,土地与其他资产并无不同。如果现在仅需2公顷即可提供相同的服务,那么即使
专门的产业化经营可能需要紧邻或靠近船坞,因为其材料必须经海路进口。有时,虽然在其他地点可以 新式等效资产的场地选择可能还受限于地域,这可能是由物理或可行性因素造成的。例如,一个
用性,不会再考虑采用,那么应当假定新式等效资产的场地具有相应合适特征。基本原则是,新式等效 资产的假定买家将购买适用于其拟议业务的最便宜场地。 似的场地。然而,如果由于商业上的浪费或资源使用方面的不当,审慎的买方将不会认可实际场地的适
可能坐落在郊区更好一些,因为交通基础设施发生了改变,或其服务人群发生了迁移。再例如,一个特 殊的工业设施原先可能靠近原材料的源头,而现在原材料是依靠进口,造成原先的位置无关紧要。 变化,或其生产的产品的市场发生了变化。例如,最初建设的一个医院可能坐落于城市中心,现在来看,
7.5 特殊资产 的场地通常包括一块闲置土地。这块闲置土地可能备用于远期扩张、作为安全或保卫 警戒线,或者仅为简单剩余。对于任何空置场地的用途,估价师将需要进行查询,以确定想象的重置场 获得更便宜的场地,但是地方当局可能只在特定地理区域才有义务提供某项服务。
7.6 创建新式等效资产所需场地的范围和位置确定之后,下一步就是要估计在估价时点
估价中将不体现这一点,其价值将单独另外考 虑。剩余土地在估价报告中通常作为单独的资产,因为在财务报表 中需要对其单独认定和处理。 从市场上收 地是否必须具备该特征。如果答案是否定的,那么在DRC
将具有自成一格 的用途,因此,在确定何种规划 用途可用于销售比较时,可能存在可行性方面的困难。对于特殊工业物业,适宜的做法通常是假定已经 得到(或预期可能得到)规划许可的土地为最好的可比证据。同样道理,对于位于市中心的特殊行政大 楼,办公用途的场地可能提供最合适的可比证据。
购该场地的成本。由于根据规划法令,许多特殊资产
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7.7 实际场地所在区域盛行的一系列用途,但是鉴于上述讨论过的原因,如果新式等效场地位于别处,则可 物业的实际用途可能非常特殊,可能无法按照一般市场术语进行分类。在这种情况下,估价师需
7.9
要确定该物业可以在同样特殊用途的备择场地向购买者提供哪些在市场中有竞争力的用途。这可能是在
估价师可能需要决定并与该实体协商,哪些地点可能符合当前界定的服务要求。这可能意味着与 到某些特殊事项。这种物业的特征之一是,服务要求可能与一个严格定义的地理区域紧密联系,限制了 备择场地的可用性。 其他用户竞争,但是如果可以通过法定权力获得土地使用权,这可能表明了哪种估价方法是适当的。估
7.8 在公共部门,向界定的当地社区提供服务的特殊物业,如学校、图书馆和保健中心等,可能牵涉 能不合适。那么,应该考虑的是在另一区域的一系列用途。
在相关地点为等效资产获取场地可能花费的最 价师的首要目标是要确定一个审慎的购买者在估价时点
7.10 对于学校,无论公共部门或私营部门,都存在一个特别的难题,那就是有的学校在附属庭院里拥 有操场。这片土地将与建筑物所在土地分开估价,因为没有任何审慎的买方会把得到住宅或商业发展许 低金额。
估价无关,因为等效资产的购买者将购买只允许用作操场 的土地。有许多学校、大学和私营企业把主要设施建在镇内,但是把操场建在镇外,不在发展许可限制 可的土地用作操场。现有场地的潜力将与DRC
7.11 某些情况下,实际场地可能是租赁物业。考虑这样的土地价值时,应体现租契的当前条款。 的范围。
7.12 附带成本,如手续费和运输成本等,仅限于正常收购和土地开发有关的费用。
8 计算特殊 计算 特殊物业 物业房地产 房地产的建筑物和现场改善成本
的建筑物和现场改善成本
计算 特殊 物业 房地产 的建筑物和现场改善成本
8.1 特殊物业房地产进行估价时,往往难以区分哪些部分属于建筑物或构筑物,哪些部分属于厂 房。在专门的工业领域,许多构筑物实际上仅为流程厂房提供支持及天气防护——如果厂房被移除,那 对
8.2 由于组成特殊物业房地产
果是,那么两者各包括哪些物品。 的建筑物、构筑物和厂房性质不同,“场地改善”一词是指所有的土 么该建筑物也不存在了。在这种情况下,必须与经营实体进行讨论,是否有必要区分建筑物和厂房,如
值或效用。场地改善具有不同的使用类型和经济生命周期。
地补充。这些建筑物、构筑物或者场地改善是长期性的,涉及劳动费用和资本,其目的是增强物业的价
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8.3
8.4 同样的原则适用于所有场地改善。 场地改善将包括与发展相关的所有现场工程,如服务、栅栏、铺路和支持专门用途的其它永久性
会要求 质的物品。以下各款提供了关于计算建筑物和现场改善成本的指南。虽然这些指南具体针对建筑物,但
怎样的规模与规范,才能提供相同水平的输出,或称为等效值服务。如果实际建筑很陈旧,通常的情况 为了评估新式等效资产的成本,估价师首先需要确定假想的买方理想情况下在估价时点
8.5
8.6
确定假想的待估价建筑物的规模之后,估价师可能需要确定一个适用于该建筑物的规范。这不能
是安全问题不敏感的用途。同样道理,一般的护理、私营部门医院所需的规范不同于公共部门特殊、高 例如,对于高安全性的政府部门(例如一个防御武器机构),适用规范可能不同于其他专门的但
因为它可以提供开放的平面或净跨区域,这样,其容量就大于传统建筑,因为传统建筑的住宿空间分散, 净总楼面面积小。 是新的建筑物可以较少,却仍能够提供相同的服务水平。例如,新式建筑物往往能够更有效地利用空间,
不同,这是因为后者对于经营实体的需要而言,可能不再适宜或根本无关。其他情况下,现有的材料可 能仍然合适,可是无法使用,或只有花费过高成本才可用。估价师应谨慎地考虑建筑物内提供了哪些公 共服务设施,并为标的建筑物的公共服务潜力适用规范进行定价。 假定与实际建筑物相同,尤其是对于陈旧的实际建筑物。新式等效资产的设计与建造可能与现有建筑物
历史 历史建筑 历史 建筑
历史 依赖的单位。
8.7
8.8 常见。通常,经营实体目前占用历史建筑,与该实体提供的服务只是附带关系,在提定新式等效资产时, 将完全无关。 历史建筑可能给估价带来特殊的难题。成本应基于新式等效资产这条原则仍然适用,但是在有些 情况下,对实际建筑进行重建可能是使用置换资产提供等效服务潜力的唯一途径。然而,这种情况很不
例如,安置在一栋建筑物内的一个艺术画廊,建筑物本身吸引游客的作用与其中展 品同等重要。再如,由国际会计师联合会(IFAC,www.ifac.org)出版的“国际公共部门会计准则17” (IPSAS 17 “物业厂房与设备 ”,第47款)提供了另一个例子,即:议会大厦,它可能需要重建而非 成本体现重建成本。 只有在建筑物本身的历史性质构成其资产权益或服务潜力的内在组成部分时,才可以用新式等效
8.9 某些历史或文物资产可能无法替代,这是因为现代化的复制品不可能重新创建具有重大历史意义
独特设计的高规范的一栋建筑物的建造费用。 替代,因为它对社区具有重要意义。如果实际建筑不可能重建,那么适宜的做法可能是,评估具有相同
行性作出评论,或以其它方式进行估价。
的资产。是否将具有历史性的资产予以资本化,应由经营实体作出决定,但是实体可能要求估价师对可
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125
成本
成本
成本
成本信息的
信息的
信息的
信息的来源
来源
来源
来源
8.10 确定
确定
确定
确定新式等
新式等
新式等
新式等效资产以及其它
效资产以及其它
效资产以及其它
效资产以及其它必要场地
要场地
要场地
要场地改善
改善
改善
改善的性质
的性质
的性质
的性质、规模和规
和规
和规
和规范之
范之
范之
范之后,提供
提供
提供
提供这些
这些
这些
这些
东西
东西
东西
东西的成本
成本
成本
成本可以
可以
可以
可以参照已公布的建筑
的建筑
的建筑
的建筑成本数据
成本数据
成本数据
成本数据进行评估
进行评估
进行评估
进行评估。不过,如果置
如果置
如果置
如果置换建筑物或
换建筑物或
换建筑物或
换建筑物或构筑
物十分特殊
分特殊
分特殊
分特殊,那么已
那么已
那么已
那么已公布的建筑价
的建筑价
的建筑价
的建筑价格数据
格数据
格数据
格数据对估价的
对估价的
对估价的
对估价的帮助
帮助
帮助
帮助可能十
能十
能十
能十分有限
分有限
分有限
分有限。相反,估价师
估价师
估价师
估价师
可能必须
能必须
能必须
能必须以创建当前资产所
建当前资产所
建当前资产所
建当前资产所涉及的实
及的实
及的实
及的实际成本为依据
际成本为依据
际成本为依据
际成本为依据,或与经营实体
或与经营实体
或与经营实体
或与经营实体讨论
讨论
讨论
讨论是否
是否
是否
是否需要委托
委托
委托
委托
其它专
其它专
其它专
其它专家提供
提供
提供
提供成本
成本
成本
成本建议
建议
建议
建议。
8.11 如果估价师能够得知创建该资产时实际发生的费用,这些费用可能需要调整,以反映其与创建新
式等效资产所需费用的差异。
8.12 其中最明显的差异是:价格是在不同的日期确定的。新式等效资产的成本反映的是在估价时点 把
工程委任出去所需的成本。已公布的各种施工和设计成本指数显示了典型的历史价格波动,可以用于调
整历史成本数据,作为估价时点 的数据。
8.13 可能导致创建实际资产的成本不同于假想的替代品成本的其他因素包括:
• 场地准备
场地准备
场地准备
场地准备:实际场地可能进行了修整,对于假想的等效场地,则不存在这个必要。例如,整平和
提供公用服务设施的费用可能已经在购买等效场地的成本中有所体现,因为市场可比证据可能已
经包含整平、公用服务设施费用。
• 工程
工程
工程
工程阶段划
阶段划
阶段划
阶段划分:大型场地可能是分期开发的,而新式等效资产的成本反映的是在估价时点 签订
单一合同,置换整个资产的成本。这可能造成规模节约,减少合同开销,例如,临时工程的开销
。
• 最优工程条
工程条
工程条
工程条件:等效资产的成本可能是基于“不存在任何难题或发展制约”这个假设,因此忽略
了实际场地可能存在的异常情况。
• 合同变更
同变更
同变更
同变更:在实际建筑的施工过程中,整个合同期间的设计或规范变更可能引起了额外费用,这
些将被忽略。
• 规划变更
变更
变更
变更:建造实际资产时,可能申请并获取了规划同意书。由于规划方面的立法发生了变化,
可能需要考虑获取新式等效资产的同意书所需的成本。
还有两个相关因素,即重型机械(如果需要专门的厂房与设备)地基所需额外费用,以及对现有物业进
行扩展所需额外费用。
8.14 如手续费、运输成本等附带费用,仅限于与假定的建筑物采购相关的那些。对于增值税,只在该
项费用无法追回时,才为其留出裕量。估价时虽然通常不会增加成本以反映开发商利润(因为购买方采
购该建筑物是为了自用),但是,如果建造新式等效资产发生的费用可观,增加管理时间则是合适的。

8.15
9 怎样评估折旧
怎样 估折旧 用销售比较法或收益还原法对该资产进行估价时的最终价值分配。 )。这些成本不可混同于在新式等效建筑物内创建等效组件的成本,而是旨在反映假定使 (见第1.4款 作为估价指令的一部分,经营实体可能要求估价师估计实际建筑内的组件的成本,用于折旧会计
怎样
估折旧
9.1
9.2 效资产符合买家的理想,为实际资产支付的价格应体现比较过程中得出的所有缺点。 确定新式等效资产的重置成本之后,接下来应作出必要的调整或贬值,以反映新式等效资产与实 际被估价资产的差异。基本的原则是,假想的买家可以选择采购新式等效资产或实际资产。如果新式等
的折旧率是合适的。DRC 的应用,应该模拟只能以有限的市场为参考的潜在买家的演绎过程。 测受市场趋势和/或实体意图的影响。建议估价师对这些趋势和意图进行确认,并能够利用他们证明采用 折旧的应用,主要是模拟“市场如何看待该资产”的一个过程。折旧率和资产未来经济寿命的预
9.3 折旧(或过时)裕量的三种主要类型可认定为:
• 物理损坏;
• 功能过时;
• 外部过时。
物理 物理损坏 物理 损坏
9.4
9.5 资产应按其现有状况进行估价,估价师应充分考虑由于缺乏维修或其他原因引起的物理损坏,并 物理损坏是多年的磨损造成的,可能还与缺乏维护有关。估价师将拿相同市场上役龄相仿的资产
9.6
与全新资产的价值相比较,查明价值下跌情况。
资产的物理损坏不应按照绝对条款看待,而应根据背景。在某些市场,以及针对某些类型的资产, 认识到缺乏足够的维护可以加速折旧率。因此,应留出裕量以反映维护不当引起的折旧,就像基于销售 比较的估价中应针对失修作出扣除。物理损坏常常参照资产的预期实用寿命进行衡量。 一定程度的物理损坏不会对价值产生负面影响,而在另外一些情况下则会产生负面影响。按照纯粹机械
功能过 功能过时 功能过
功能过 论条款确定物理损坏对价值折旧的影响,是不恰当的。
9.7 设计的特定功能是为某个流程提供场所,而现在已经不再开展该流程。在某些情况下,功能过时是绝对 的,即该资产不再适合原用途。另一些情况下,资产仍然可以使用,但是效率水平比新式等效资产低; 或者,经过修改才可以满足当前的规范。折旧调整将反映升级成本,如果升级是不可能的,那么它将反 资产的设计或规范不再能够满足其最初设计的功能时,就产生功能过时。例如,一栋建筑物当初
映与新式等效资产相比,效率降低造成的财务后果。
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9.8
9.9 新式等效资产的重建可能比当前的资产便宜,所以重置成本已经反映了一个“优化”的资产,从 技术的进步也可能造成功能过时。就一台机器而言,或许能够使用提供类似输出的更小、更便宜
而在本项下进行进一步调整是不必要的。例如,新式等效资产可能表现为一栋较小的建筑,因为已经没 的等效资产来置换;就一栋建筑物而言,或许能够借助优良的绝缘材料和现代化服务提高效率。
座候机厅从设计上能接待的每架飞机乘客数量可能有一个上限,现在可能因为太小而无法应付大型现代
9.10 因为技术的进步使规模经济效应成为可能,有时可能出现被估价资产尺寸过小的情况。例如,一 有必要反映实际建筑那些历史的或多余的功能。基于这些功能的缺失而考虑进一步贬值将是重复计算。
或者在某些情况下,建造该厂房时打算生产的产品现在是非法的。在服务行业,要求房客遵守现行健康 客机。
9.11
经济学过 济学过时 和安全法规,或者要求带有残障人士通道等,也可能引起不同程度的功能过时。 功能过时的另一个可能原因是立法的变化。在产业界,一座现有厂房可能不再满足现行环保法规;
济学过
9.12
9.13 方法得出的估价减记 入账,这仅是占用者自身因素。 经济学过时是受该资产提供的货物或服务需求市场条件变化的影响而产生的。不过,要注意区分 经济条件因素和经营实体的具体因素。为了反映企业的盈利能力而将单独采用DRC
不符合经济原则。在这些时期,“经济学过时”会对生产这些产品使用的特殊设施的需求和价值有显著 影响。在这些特殊例子中,市场的周期性意味着买方虽然可能愿意购买并持有该设施以恢复盈利,但价 产是否新式或高效。在产业界,某些时期商品价格下跌,市场容量过剩,造成石油或钢铁等商品的生产 经济学过时常见例子是特定市场的产能过剩,需求降低,实际资产的价值随之降低,而无论该资
怎样衡量过
怎样衡量过时
怎样衡量过
怎样衡量过 格需要反映所涉及的风险。
9.14 可能还有其他原因。折旧率可以包罗万象,也可以单独分析。三个主要类别仅简单说明了实际资产价值 小于新式等效资产的常见原因。在每个类别下单独调整往往是不可能的,有的时候各类别之间的区别也 可能不太清晰。一定要避免每个类别单独考虑造成重复计算。
在确定实际资产成本过程中,需要对新式等效资产成本进行调整,除上述认定的三个主要类别外,
127

9.15 有些情况下,“过时”是彻底的。如下面的例子:
•
• 物理过时 物理过时:如果实际资产经过修理、恢复或翻新才能使用,而成本超出新式等效资产,即意味着 该资产没有任何价值。 功能过时 能过时 能过时:新技术的引入可能导致预期寿命本来很长的相对较新资产提前过时,结果除了废物利 物理过时
•
物理过时
济学 济学过时 过时 过时如果对该资产所提供产品或服务的需求已经崩溃并且据预期不会恢复,那么除了废物 利用或其他备择用途外,对此资产将不会再有任何需求。 经济学 用或其他备择用途外,对此资产将不会再有任何需求。
9.16
9.17 讨论此事,因为归类为剩余资产将意味着改变估价方法。 对于彻底过时,估价指令往往一开始就明确指出,相应地被该经营实体归类为剩余或冗余资产。
DRC 方法通常应用于仅仅局部过时的资产。虽然实际资产在相同条件下可能不如新式等 但是,如果资产完全过时这个结论是估价师在估价过程中得出的,那么在继续估价之前,应与经营实体
效资产高效或先进,但是仍可能剩余一定的有用寿命,相应地具有一定价值。因此,评估资产的剩余寿 因此,
资产 资产寿命 资产 寿命
资产 方法的一个重要方面。 DRC 命是
9.18 价值占置换资产价值的百分比将高于预计剩余5年寿命的资产。剩余寿命可能取决于物理或经济学因素, 也可能与两者皆有关系。物理寿命是资产可用于任何目的的年限,与翻新或重建潜力无关。经济学寿命 是例任业主按照设计的用途使用该资产的年限。就估价而言,如果物理寿命和经济学生命不吻合,应取 与新式等效资产相比,折旧对资产的影响将取决于其预期剩余寿命。预计剩余20年寿命的资产
9.19 作为DRC 估价的一部分,确定资产寿命(及其折旧类型)时基于的决断准则,并不一定与“使 用寿命”或“未来有用经济学寿命”或公共部门的“提供服务寿命”以及“同时折旧”等相同,其中“同 两者较低者。
9.20 评估剩余寿命时,可以假定正常进行例行维护和修理,但是通过显著翻新或组件置换延长资产寿 命的可能性则应忽略。 时折旧”用于折旧会计,由经营实体确定(“同时折旧”与“使用寿命”不可混淆)。
剩余寿命。这种情况下,当前置换成本在估价时点 的剩余百分点可按照“直线”、“余额递减”或“S 曲线”方法进行预测。这些将在以下各段进行描述。 的
中处理折旧问题,以及处理方法与估价方法的区别,建议估价师
9.21 对于某些类型的资产,可能确定其在整个生命周期的特定折旧规律,而估价将反映估价时点
9.22 与客户进行讨论。
对于经营实体如何在财务报表
128

直线
直线
9.23
9.24 该方法缺点是作出了“与等效置换资产相比,该资产的价值在整个寿命周期内平均衰减”这个过 计算建筑物折旧,直线基准往往是最普遍采用的方法,因为方法简单,相对容易应用。直线折旧
。很明显,该假设 在生命周期的两个点是正确的,即开头和结尾,但是它在任何中间点 假定预计寿命每年折旧分配相同数额。 于简单的假设
余额递减 递减
9.25
S 曲线
余额递减折旧方法假定按照逐级减少的基数和衡定的百分比折旧。每至期末,余额按其自身的固
。 的正确性则纯属偶然,而估价最有可能发生的时间点是中间点。不过,增加估价次数可以减轻这种影响
比直线方法,它能更好地匹配价值随着时间下降的合理预期。 定比例减小,在资产的整个生命周期形成下垂折旧价值曲线。这种方法有效地“合成”了折旧总额。相
曲线
9.26
9.27 诸如厂房等某些资产的折旧模式可能不同(早期折旧较快)。 如果估价师掌握足够数据,确信S曲线能够代表可能的现实,则可采用S曲线法。某些情况下,
9.28
假定早期折旧率偏低,中间几年加快,最后几年再次减缓,则S曲线最能表示真实的资产折旧。但是,
况下,曲线的精确模式可能依赖于主观输入,从而并不比其他方法更具相关性。 虽然通常认为S曲线切实代表了大部分资产整个寿命的折旧模式,但是某个具体年份的百分比将 取决于不同时期的折旧率分别为多少,以及何时发生变化。在缺少经验数据,难以确定这些输入值的情
英磅。两种类型的S曲线演示了差异的可能范围,因为据公认,对于不同的资产类型,如建筑物与“厂 图1是各种折旧方法的模式对比图表,其中假定资产原始成本为100000英镑,20年之后降至1000
图1 1
房与设备”,其折旧模式也有所不同。
129

9.29
9.30 如果存在经验证据则是适当的。 上述概括的三种方法都很常用。其中,直线方法的优点是简单。然而,它并不代表资产价值通常
10
在市场上的体现方式。余额递减法也具有类似的缺点,即反映不了市场看法。S曲线尝试代表市场行为,
其他注 他注意事项 时调整时,除依靠专业知识、判断和市场经验外,还应考虑资产的性质和用途。 特定市场可能还会使用其他可供选择的折旧曲线形式,估价师应予考虑。建议估价师在折旧及过
他注
10.1
10.2 估价时,通常的做法是首先单独评估土地改善的成本并评估相应的折旧,然后将其添加到 土地置换成本,得出最终的估价。 从市场收购新式等效资产时,通常不会针对场地成本作出折旧调整,因为永久业权土地很少贬值
由许多建筑物或者构筑物组成,某些组成部分的预期寿命可能比其它部分 。对特殊物业
长一些。虽然在估价中可以针对不同的构筑物采取不同的折旧率,但是应当注意,不能忽略了估价的目 如果特殊物业房地产
10.3 如果确定个别建筑物在超出整体特殊物业
10.4 某些情况下,估价师可以很容易认定特殊物业
整体价值。因此,如果赋予单个建筑物或组件的寿命比整个物业的预期寿命长很多, 则是不恰当的。 预期寿命后具有其他用途的潜力,那么可以单独报告, 标,即确定特殊物业
计算中体现。DRC 方法旨在确定特殊物业 与新式等效物业 相比具有多大价值。在备择用途方面,则不可假定新式等效资产与实际资产完全相似;作为DRC 计算的 一个步骤进行评估的,仅是资产针对当前用途的那部分功用。 并且基于不同的估价方法,但是不应在DRC
如果当前用途中止,则可用于备择用途。在DRC 计算过程中,评估新式等效置换场地的成本时,这种潜 的场地可以重建用于备择用途,而且价值将更高,
种潜力与DRC过程无关。然而,这并不意味着它与经营实体也无关。在这些情况下,VS 方法。这
6.7要求估价师 在报告中指出基于备择用途的价值。关于这一点的进一步讨论请参阅第9节。
兴建特殊设施的。大多数情况下,实际场地的潜力需要使用销售比较法进行认定,而不是DRC 力应予忽视,原因很简单:如果一定要与更有价值的用途竞争,那么假想的买家是不会购买该场地用于
130

11 最后对账
11.1 DRC
11.2 建议估价师以“旁观者”的态度查看总体结论,特别注意检查折旧调整过程中是否出现重复计算 计算通常涉及许多单独元素的考量,留给估价师的最后一个至关重要的步骤,是确保得出 的数学结论与最根本的估价目标一致,即“自愿卖方和自愿买方在公平交易的基础上支付的价格”。
,这样的例子可能包括:土地在当前位置具有附加值,因此购买者购买该设施 并且保持用途不变时,出价会更高,高于不具备此等潜力的新式等效资产。 果被估价物业是特殊物业 或遗漏。对账过程中可能发现在与假想的新式等效资产对比过程中未予反映的实际资产的某项属性。如
12 报告
报告
12.1 报告必须符合VS
“估价报告”的要求。所有估价报告均必须涵盖的事项见VS 时,VS 6.5和VS 方法的运用施加了额外要求。下段给出了一个摘要: 6.1的列表,同 6
6.6针对DRC
12.2 方法,有必要在报告中予以指出(见VS 了符合VS 是要并入按照国际财务报告准则(IFRS)编制的账目,应在报告中指出估价基准是市场价值。然而,为
6.1第(q)项的要求,必须说明:由于财产的特殊性质,估价采用的是DRC 方法,而基于市场 类似资产销售证据对比。这条要求与国际会计准则(IAS)第16条的要求是一致的,即:经营实体在公 如果采用的方法是DRC 6.1第(q)项)。如果估价目的
开出版的账目中应包含相似的说明。
12.3 6.5的要求,必须包含一条陈述,指出该项估价的前提是: 在充分考虑雇用的全部资产的条件下,该业务具有足够的盈利能力。 对于私营部门持有的资产,按照VS
12.4 6.6的要求,必须包含一条陈述,指出该项估价以该资产的 持续占据利用前景及可行性为条件。如果估价师很容易就能认定资产用于备择用途时,价值将更高,那 对于公共部门持有的资产,按照VS
12.5 如果估价师认为资产的价值可能因为业务停止而受到重大负面影响,那么也必须在报告中指出。
2.2)。
应基于“该实体已停止营业”这个特殊假设(见VS
6.7第(a)项的要求,在报告中对此作出基于市场价值 的备择估价,同时指出备择估价 并未顾及业务停止或中断等事项及可能产生的相关费用。特殊物业 最有可能出现这种情况,因为其土地 重新开发的价值可能高于DRC 价值。 么必须按照VS
6.7第(b)项)。本标准不要求估价师提供用于此目的的实际数字。如果经营实体希望弄清特 殊功用的终止可能对资产产生什么影响,那么它可以委托估价师反映该资产的“解散”、废物利用或备 择用途价值。但这将作为另外的单独业务,而非用于财务报表 的DRC 估价的一部分。提供的任何估价 (见VS
131

GN GN 6 6 的附录 的附录:清单
的附录
清单
中讨论的全部事项。 如果被估价物业数目众多,针对每个物业群准备一份清单和一份进度表可能有帮助。该进度表可以用于 标出已经讨论并商定的事项。 本清单旨在向估价师提供一个简单方法,用于确认是否已经考虑到本指南
价时保持一致性。 需要考 需要考虑的项目 的项目 GN GN参考条目 参考条目 评论 为估价报告附上这样的一个进度表可能有助于读者充分理解估价师采用的方法,也有助于在承接重新估
1 DRC方法是否适用
3 商定
4 重置成本评估
5 建筑物及场地改善
6 历史建筑物需要考虑的事项
7 成本信息的来源
8 折旧评估
2 估价师资格
3.1–3.9
4.1–4.2
(a) 4.3 专家协助
5.1–5.2
6.1–6.5
(a) 7.1–7.12
聘用条款
场地价值
(b) 实际资产
(c) 新式等效资产
8.1–8.6
(a) 识别的厂房
(b) 基础设施工程
(c) 新式等效资产的规模
(d) 新式等效资产的规范
8.7–8.8
8.9–8.14
9.1–9.2
(a) 9.4–9.6 物理损坏
(b) 功能或技术过时
9.7–9.11
132

9 折旧方法
10 其他注意事项
11 最后对账
12 报告
(c) 经济学过时
(d) 资产寿命
9.12–9.13
9.18–9.22
9.23–9.30
(a) 9.23–9.24 直线
(b) 余额递减
(c) S曲线
9.25
9.26–9.27
10.1–10.4
11.1–11.2
(a) VS
(b) 指出采用了DRC
(c) VS
(d) VS
(e) VS 6.7 的要求(针对备择价值) (针对公共部门) 6.6的要求
(f) 备择价值阐述
12.1 方法 6.1包含的全部事项
(针对私营部门) 6.5的要求
估价过程中作出的决定的全部相关信息。
确保文件包含DRC
133

International Valuation
Standards
2011
International Valuation Standards Council

Copyright © 2011 International Valuation Standards Council.
All rights reserved.
No part of this publication may be translated, reprinted or reproduced or utilised in
any form either in whole or in part or by any electronic, mechanical or other means,
now known or hereafter invented, including photocopying and recording, or in any
information storage and retrieval system, without the prior permission in writing of
the International Valuation Standards Council.
Please address publication and copyright matters to the International Valuation
Standards Council:
41 Moorgate, LONDON, EC2R 6PP, United Kingdom, Tel: +44 (0)20 7374 5585
Email: ivsc@ivsc.org
ISBN: 978-0-9569313-0-6
The International Valuation Standards Council, the authors and the publishers do
not accept responsibility for loss caused to any person who acts or refrains from
acting in reliance on the material in this publication, whether such loss is caused by
negligence or otherwise.
Typeset and printed by Page Bros, Norwich

Contents
Introduction 1
Principal Changes 5
IVS Definitions 11
IVS Framework 13
General Standards 29
IVS 101 Scope of Work 29
IVS 102 Implementation 33
IVS 103 Reporting 35
Asset Standards 39
IVS 200 Businesses and Business Interests 39
IVS 210 Intangible Assets 47
IVS 220 Plant and Equipment 56
IVS 230 Real Property Interests 61
Annexe – Historic Property 69
IVS 233 Investment Property under Construction 73
IVS 250 Financial Instruments 80
Valuation Applications 93
IVS 300 Valuations for Financial Reporting
Annexe – Property, Plant and Equipment in
93
the Public Sector 110
IVS 310 Valuations of Real Property Interests for
Secured Lending 115
Index 123
iii
Contents

Introduction
Valuations are widely used and relied upon in financial and other markets,
whether for inclusion in financial statements, for regulatory compliance or
to support secured lending and transactional activity. The International
Valuation Standards Council (IVSC) is an independent, not-for-profit,
private sector organisation that has a remit to serve the public interest.
The IVSC’s objective is to build confidence and public trust in the valuation
process by creating a framework for the delivery of credible valuation
opinions by suitably trained valuation professionals acting in an ethical
manner.
The IVSC achieves this objective by:
● creating and maintaining the International Valuation Standards (IVS),
● issuing technical guidance for professional valuers, and
● promoting the development of the valuation profession and ethical
practices globally.
The overriding objective of the IVS is to increase the confidence of users
of valuation services in valuations on which they rely. In pursuit of this the
IVS:
(a) promote consistency and aid the understanding of all types of valuation
by identifying or developing globally accepted principles and definitions,
(b) identify and promulgate common principles for the undertaking of
valuation assignments and the reporting of valuations,
(c) identify specific matters that require consideration and methods
commonly used when valuing different types of assets or liabilities,
(d) identify the appropriate valuation processes and reporting disclosures
for the major purposes for which valuations are required,
(e) reduce diversity of practice by enabling the convergence of different
valuation standards used in specific sectors and states.
1
Introduction

Introduction
While the standards are designed to be applied by valuation professionals,
they are intended to be of benefit to users of valuation services and to the
operation and regulation of markets generally. The standards identify
valuation methods that are commonly used but do not explain their
application in detail. Some explanatory commentary is provided to assist
understanding of the requirements of each standard in context but
technical guidance on valuation techniques is not included. Valuation
methodology and other technical guidance are separately published by
IVSC but do not form part of these standards.
The International Valuation Standards Board (IVSB) is the standard-setting
body of the IVSC. The IVSB members are appointed by the IVSC Trustees
having regard to criteria set out in the bylaws of the organisation and the
IVSB has autonomy in the development and approval of the IVS.
In developing the IVS, the IVSB:
(a) follows due process in the development of any new standard that
involves consultation with providers and users of valuation services and
public exposure of all new standards and material alterations to existing
standards,
(b) liaises with other bodies that have a standard-setting function for
valuation within a defined geographic area or for a defined sector,
(c) conducts outreach activities including round table discussions with
invited constituents and targeted discussions with specific users or user
groups.
The IVSB is subject to oversight by the Board of Trustees of the IVSC to
ensure that it acts in accordance with the Council’s remit and adopts
suitable processes for determination of the standards.
Structure
The IVS consist of the following:
International Valuation Standards
IVS Definitions
This contains those words or phrases that have a specific meaning in
the context of the standards and that appear in more than one
standard. Definitions that are only used in a single standard are only
defined in that standard.
IVS Framework
The IVS Framework contains generally accepted valuation concepts
and principles upon which the IVS are based and that are to be
considered and applied when following the standards.
2

Introduction
General Standards
The three General Standards have general application for all asset
types and valuation purposes, subject only to variations or additional
requirements specified in the Asset Standards or the Valuation
Applications. The General Standards are IVS 101 Scope of Work, IVS
102 Implementation and IVS 103 Reporting.
Asset Standards
The Asset Standards consist of a standard and a commentary. The
standard sets out requirements that either modify or augment the
General Standards and include illustrations of how the principles in the
General Standards are generally applied to the particular asset class.
The commentary provides additional background information on the
characteristics of each asset type that influence value and identifies the
common valuation approaches and methods used.
Valuation Applications
Valuation Applications are produced for common purposes for which
valuations are required. Each application contains a standard and
guidance. The standard includes any additions to or modifications of
the requirements in the General Standards and illustrations of how the
principles in the General Standards and Asset Standards apply when
undertaking valuations for that purpose. The guidance section provides
information on:
(a) the valuation requirements of internationally applicable regulations
or standards issued by other bodies that may be applicable, eg
International Financial Reporting Standards,
(b) other commonly accepted requirements for valuations for that
purpose,
(c) appropriate valuation procedures to meet these requirements.
Application of these Standards
Where a statement is made that a valuation will be or has been undertaken
in accordance with IVS, it is implicit that all relevant individual standards are
complied with. Where a departure is necessary to comply with any
legislative or regulatory requirements, this should be clearly explained.
Assets and Liabilities
The standards apply to the valuation of both assets and liabilities. To assist
the legibility of these standards, the words asset or assets are deemed to
include liability or liabilities, except where it is expressly stated otherwise, or
is clear from the context that liabilities are excluded.
3
Introduction

Introduction
International Valuation Standards
Effective Dates
This publication includes those standards approved by the IVSB as of
1 June 2011. The effective date for each standard is shown in the standard.
Although for convenience, printed and bound copies of the standards
approved as of a given date are published at regular intervals, changes
may be made to existing standards or additional standards introduced at
any time, subject to the IVSB following the due process. Any amended or
new standards will be available on the IVSC website at www.ivsc.org.
2007 Standards
The standards, applications and guidance notes in the eighth edition
published in 2007 are no longer applicable after 31 December 2011.
4

Principal Changes
Critical Review Recommendations
IVSC is the successor body to the International Valuation Standards
Committee, which from the early 1980s until 2007 developed and published
the IVS. In 2006, the former Committee established a Critical Review Group
with a remit of considering how the standards could be improved to meet
the requirements of the evolving market for valuation. The report of the
Critical Review Group was published in 2007 and comments invited on its
recommendations. In developing these new standards the IVSB has had
regard to most of the major recommendations made in this review and also
to the feedback received during the consultation process.
As a result there are major changes in the style and presentation of the
revised standards compared with earlier versions. Because of this it is
impractical to list every change that has been made. Among the more
significant changes are:
Eliminating Repetition
To make the standards more accessible there was a need to reduce their
length and apparent complexity. Merging material that previously appeared
in different parts of IVS 2007 revealed significant repetition of the same
concepts and topics.
Eliminating Methodology
Two Guidance Notes in IVS 2007 on the Cost Approach (GN8) and
Discounted Cash Flow (GN9) are discussions on the use and application of
specific valuation techniques that fall outside the criteria for inclusion in the
standards. In the new standards approaches and methods are defined and
explained at high level but no detail is provided on their application. In future
the IVSC Professional Board will publish Technical Information Papers
(TIPS) on methodology separately from the standards. The former GN8 and
GN9 are being reviewed by the IVSC Professional Board and exposure
drafts were published on these topics in 2011 and further TIPs are planned.
Details of the IVSC’s current work plan can be found at www.ivsc.org.
5
Principal Changes

Principal Changes
International Valuation Standards
Eliminating the Code of Ethics
The IVSC is a valuation standards setter. Ethical behaviour is a vital
component of valuation practice but accrediting and regulating individual
valuers is a matter for those adopting the standards. Valuer regulation also
takes many forms in different sectors and states. Including a Code of
Ethics in standards that are intended to be capable of mandatory
application created an obstacle to their adoption because the code
inevitably differed in detail from those used by others. The Code of Ethics
that appeared in earlier editions has therefore been removed, although the
IVSC Professional Board has a project to develop a model Code of Ethics
to act as a benchmark for other codes and to assist the development of the
profession in emerging economies.
Glossary
The 2007 edition of the IVS included a very substantial glossary. This
included many terms that are not used in the standards and superfluous
definitions where the definition provided was no different to the common
dictionary meaning of the word or words. The revised standards do not
include a glossary, only a short list of definitions used in the standards
themselves to assist in their interpretation. This is limited to words and
terms that are used with a particular meaning that is not necessarily clear
from their everyday or common usage. A comprehensive glossary of
common valuation terms is under development by the IVSC Professional
Board but will not form part of the standards.
Greater Focus on Principles
In the previous standards there had been a tendency to make prescriptive
requirements that were too detailed for practical application across a wide
range of global valuation practice. The new standards focus on the required
principles, illustrated as necessary with examples, in order to enable them
to be applied as widely as possible.
Changes by Section
Although detailed text changes cannot be individually referenced, the more
significant changes from IVS 2007 on a section-by-section basis are
summarised below:
IVS 2007 Revised Standards
Concepts Fundamental The generic valuation principles have been
to Generally Accepted carried forward into the IVS Framework. Other
Valuation Principles material discussing market value and land and
(GAVP) property has been merged into IVS 230 Real
Property Interests.
Code of Conduct Removed – see comment above.
6

Principal Changes
IVS 2007 Revised Standards
Property Types Not directly replicated. Some elements included
in individual asset standards.
Introduction to IVS 1,2,3 Not directly replicated. Elements included in IVS
Framework and IVS 103 Reporting.
IVS 1 Market Value and Merged into IVS Framework.
IVS 2 Other Bases of
Value
IVS 3 Valuation Principles carried forward into IVS 103
Reporting Reporting.
IVA 1 Valuations for Now included in IVS 300 Valuations for Financial
Financial Reporting Reporting. The material has been updated and a
clear distinction is now made between the
valuation standard and guidance on the
valuations needed to meet specific accounting
requirements.
IVA 2 Valuations for Made specific to real property and carried
Secured Lending forward to IVS 310 Valuations of Property
Interests for Secured Lending. The distinction
between the valuation standard and guidance
has been made clear and there have been other
minor changes.
IVA 3 Valuation of Now forms annexe to IVS 300 Valuations for
Public Sector Assets Financial Reporting.
for Financial Reporting
GN1 Real Property Elements carried forward and merged to IVS 230
Valuation and GN2 Real Property Interests.
Lease Interests
GN3 Valuation of Plant Updated and carried forward to IVS 220 Plant
and Equipment and Equipment.
GN4 Valuation of This was replaced by a revised and extended
Intangible Assets GN4 published in February 2010. This contained
comprehensive guidance on intangible assets.
The new standard IVS 210 Intangible Assets is
based on the revised GN4, but the more detailed
guidance has been omitted. This is being
incorporated into a separate Technical
Information Paper.
7
Principal Changes

Principal Changes
International Valuation Standards
IVS 2007 Revised Standards
GN5 Valuation of No equivalent in new standards. The definition of
Personal Property personal property in the previous standards was
very broad and covered many asset classes that
are now the subject of more specific standards.
The previous GN was withdrawn by the IVSB in
February 2010.
GN6 Business Updated standards for business valuation are in
Valuation IVS 200 Businesses and Business Interests.
GN7 Consideration of This topic is just one of many that potentially
Hazardous and affect an asset’s value. No other topics have been
Toxic Materials highlighted in previous IVS. Not carried forward.
GN8 Cost Approach These are discussions on valuation methods and
and GN9 Discounted do not meet the criteria for inclusion in the
Cash Flow standards. The IVSC is producing revised
Technical Information Papers on these and other
valuation methods.
GN10 Valuation of Not being carried forward as the previous
Agricultural Property standard contained no requirements that differed
from those for other real property types.
GN11 Reviewing The scope of and the limitations on any valuation
Valuations assignment are now covered generically in IVS
101 Scope of Work. Not carried forward. The
IVSC currently has a project on developing
guidance on audit reviews that may lead to future
changes to the existing standards or to a new
standard.
GN12 Valuation of A revised standard appeared in the Exposure
Trade Related Property Draft but has not been approved by the Board
pending further consultation on the relationship
with IVS 200 Businesses and Business Interests
and IVS 230 Real Property Interests.
GN13 Mass Appraisal Not being carried forward as it contains no
for Property Taxation valuation procedures that differ from the
General Standards.
8

Principal Changes
IVS 2007 Revised Standards
GN14 Valuations of A comprehensive project on valuations in the
Properties in Extractive Extractive Industries is about to commence and
Industries will probably lead to a new standard and
Technical Guidance. The current GN has not
been carried forward and was withdrawn by the
IVSB in February 2010.
GN15 Valuation of Carried forward as annexe to IVS 230 Real
Historic Property Property Interests.
GN17 Valuation of Carried forward as IVS 233 Investment
Investment Property Property under Construction.
under Construction
(published February
2010)
9
Principal Changes

IVS Definitions
The definitions below are of words or phrases used in the IVS Framework,
the General Standards or in more than one Asset Standard or Valuation
Application that have a specific or limited meaning. These terms are
italicised in the text of each standard.
Basis of value – a statement of the fundamental measurement
assumptions of a valuation.
Cost approach – provides an indication of value using the economic
principle that a buyer will pay no more for an asset than the cost to obtain
an asset of equal utility, whether by purchase or by construction.
Fair value – the estimated price for the transfer of an asset or liability
between identified knowledgeable and willing parties that reflects the
respective interests of those parties. 1
Goodwill – any future economic benefit arising from a business, an interest
in a business or from the use of a group of assets which is not separable.
Income approach – provides an indication of value by converting future
cash flows to a single current capital value.
Intangible asset – a non-monetary asset that manifests itself by its
economic properties. It does not have physical substance but grants
rights and economic benefits to its owner.
Investment property – property that is land or a building, or part of a
building, or both, held by the owner to earn rentals or for capital
appreciation, or both, rather than for:
(a) use in the production or supply of goods or services or for
administrative purposes, or
(b) sale in the ordinary course of business.
1 This does not apply to valuations for financial reporting – see IVS 300.
11
IVS Definitions

IVS Definitions
International Valuation Standards
Investment value – the value of an asset to the owner or a
prospective owner for individual investment or operational objectives.
Market approach – provides an indication of value by comparing the
subject asset with identical or similar assets for which price information is
available.
Market rent – the estimated amount for which a property would be leased
on the valuation date between a willing lessor and a willing lessee on
appropriate lease terms in an arm’s length transaction, after proper
marketing and where the parties had each acted knowledgeably, prudently
and without compulsion.
Market value – the estimated amount for which an asset or liability should
exchange on the valuation date between a willing buyer and a willing seller
in an arm’s length transaction, after proper marketing and where the parties
had each acted knowledgeably, prudently and without compulsion.
Real estate – land and all things that are a natural part of the land, eg
trees, minerals and things that have been attached to the land, eg buildings
and site improvements and all permanent building attachments, eg
mechanical and electrical plant providing services to a building, that are
both below and above the ground.
Real property – all rights, interests and benefits related to the ownership
of real estate.
Special assumption – an assumption that either assumes facts that differ
from the actual facts existing at the valuation date or that would not be
made by a typical market participant in a transaction on the valuation date.
Special purchaser – a particular buyer for whom a particular asset has
special value because of advantages arising from its ownership that would
not be available to other buyers in a market.
Special value – an amount that reflects particular attributes of an asset
that are only of value to a special purchaser.
Synergistic value – an additional element of value created by the
combination of two or more assets or interests where the combined value
is more than the sum of the separate values.
Trade related property – any type of real property designed for a specific
type of business where the property value reflects the trading potential for
that business.
Valuation date – the date on which the opinion of value applies.
12

IVS Framework
Contents Paragraphs
Valuation and Judgement 1
Independence and Objectivity 2–4
Competence 5–6
Price, Cost and Value 7–10
The Market 11–15
Market Activity 16–18
Market Participants 19–20
Entity Specific Factors 21–23
Aggregation 24–25
Basis of Value 26–29
Market Value 30–35
Transaction Costs 36
Investment Value 37–38
Fair Value 39–43
Special Value 44–47
Synergistic Value 48
Assumptions 49–52
Forced Sales 53–55
Valuation Approaches 56
Market Approach 57–58
Income Approach 59–62
Cost Approach 63–64
Methods of Application 65
Valuation Inputs 66–73
13
IVS Framework

IVS Framework
International Valuation Standards
The IVS Framework includes generally accepted valuation concepts,
principles and definitions upon which the International Valuation
Standards are based. This framework should be considered and
applied when following the individual standards and valuation
applications.
Valuation and Judgement
1. Applying the principles in these standards to specific situations will
require the exercise of judgement. That judgement must be applied
objectively and should not be used to overstate or understate the
valuation result. Judgement shall be exercised having regard to the
purpose of the valuation, the basis of value and any other
assumptions applicable to the valuation.
Independence and Objectivity
2. The process of valuation requires the valuer to make impartial
judgements as to the reliance to be given to different factual data or
assumptions in arriving at a conclusion. For a valuation to be
credible, it is important that those judgements can be seen to have
been made in an environment that promotes transparency and
minimises the influence of any subjective factors on the process.
3. Many states have laws or regulations that only allow certain
persons to value particular classes of assets for various purposes.
Additionally, many professional bodies and valuation providers have
ethical codes that require the identification and disclosure of
potential conflicts of interest. The purpose of these standards is to
set internationally recognised principles and definitions for the
preparation and reporting of valuations. They do not include
regulations on the relationship between those commissioning
valuations and those undertaking them, as matters relating to the
conduct and ethical behaviour of valuers is for professional bodies
or other bodies that have a regulatory role over valuers.
4. While specific conduct rules for valuers are outside the scope of
these standards, it is nevertheless a fundamental expectation that
appropriate controls and procedures are in place to ensure the
necessary degree of independence and objectivity in the valuation
process so that the results can be seen to be free from bias. Where
the purpose of the valuation requires the valuer to have a specific
status or disclosures confirming the valuer’s status to be made, the
requirements are set out in the appropriate standard.
Competence
5. Because valuation requires the exercise of skill and judgement, it is
a fundamental expectation that valuations are prepared by an
individual or firm having the appropriate technical skills, experience
14

IVS Framework
and knowledge of the subject of the valuation, the market in which
it trades and the purpose of the valuation.
6. For complex or large multi-asset valuations, it is acceptable for the
valuer to seek assistance from specialists in certain aspects of the
overall assignment, providing this is disclosed in the scope of work
(see IVS 101 Scope of Work).
Price, Cost and Value
7. Price is the amount asked, offered or paid for an asset. Because of
the financial capabilities, motivations or special interests of a given
buyer or seller, the price paid may be different from the value which
might be ascribed to the asset by others.
8. Cost is the amount required to acquire or create the asset. When
that asset has been acquired or created, its cost is a fact. Price is
related to cost because the price paid for an asset becomes its cost
to the buyer.
9. Value is not a fact but an opinion of either:
(a) the most probable price to be paid for an asset in an exchange,
or
(b) the economic benefits of owning an asset.
A value in exchange is a hypothetical price and the hypothesis on
which the value is estimated is determined by the purpose of the
valuation. A value to the owner is an estimate of the benefits that
would accrue to a particular party from ownership.
10. The word “valuation” can be used to refer to the estimated value
(the valuation conclusion) or to refer to the preparation of the
estimated value (the act of valuing). In these standards it should
generally be clear from the context which meaning is intended.
Where there is potential for confusion or a need to make a clear
distinction between the alternative meanings, additional words are
used.
The Market
11. A market is the environment in which goods and services trade
between buyers and sellers through a price mechanism. The
concept of a market implies that goods or services may be traded
among buyers and sellers without undue restriction on their
activities. Each party will respond to supply-demand relationships
and other price-setting factors as well as to their own understanding
of the relative utility of the goods or services and individual needs
and desires.
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IVS Framework

IVS Framework
International Valuation Standards
12. In order to estimate the most probable price that would be paid for
an asset, it is of fundamental importance to understand the extent
of the market in which that asset would trade. This is because the
price that can be obtained will depend upon the number of buyers
and sellers in the particular market on the valuation date. To have
an effect on price, buyers and sellers must have access to that
market. A market can be defined by various criteria. These include:
(a) the goods or services that are traded, eg the market for motor
vehicles is distinct from the market for gold,
(b) scale or distribution restraints, eg a manufacturer of goods may
not have the distribution or marketing infrastructure to sell to
end users and the end users may not require the goods in the
volume at which they are produced by the manufacturer,
(c) geography, eg the market for similar goods or services may be
local, regional, national or international.
13. However, although at any point in time a market may be selfcontained
and be little influenced by activity in other markets, over a
period of time markets will influence each other. For example, on
any given date the price of a asset in one state may be higher than
could be obtained for an identical asset in another. If any possible
distorting effects caused by government trading restrictions or fiscal
policies are ignored, suppliers would, over time, increase the supply
of the asset to the state where it could obtain the higher price and
reduce the supply to the state where the price was lower, thus
bringing about a convergence of prices.
14. Unless otherwise clear from the context, references in IVS to the
market mean the market in which the asset or liability being valued
is normally exchanged on the valuation date and to which most
participants in that market, including the current owner, normally
have access.
15. Markets rarely operate perfectly with constant equilibrium between
supply and demand and an even level of activity, due to various
imperfections. Common market imperfections include disruptions of
supply, sudden increases or decreases in demand or asymmetry of
knowledge between market participants. Because market
participants react to these imperfections, at a given time a market is
likely to be adjusting to any change that has caused disequilibrium.
A valuation that has the objective of estimating the most probable
price in the market has to reflect the conditions in the relevant
market on the valuation date, not an adjusted or smoothed price
based on a supposed restoration of equilibrium.
16

IVS Framework
Market Activity
16. The degree of activity in any market will fluctuate. Although it may
be possible to identify a normal level of activity over an extended
period, in most markets there will be periods when activity is
significantly higher or lower than this norm. Activity levels can only
be expressed in relative terms, eg the market is more or less active
than it was on a previous date. There is no clearly defined line
between a market that is active or inactive.
17. When demand is high in relation to supply, prices would be
expected to rise which tends to attract more sellers to enter the
market and therefore increased activity. The converse is the case
when demand is low and prices are falling. However, different levels
of activity may be a response to price movements rather than the
cause of them. Transactions can and do take place in markets that
are currently less active than normal and, just as importantly,
prospective buyers are likely to have in mind a price at which they
would be prepared to enter the market.
18. Price information from an inactive market may still be evidence of
market value. A period of falling prices is likely to see both
decreased levels of activity and an increase in sales that can be
termed “forced” (see paras 53 to 55 below). However, there are
sellers in falling markets that are not acting under duress and to
dismiss the evidence of prices realised by such sellers would be to
ignore the realities of the market.
Market Participants
19. References in IVS to market participants are to the whole body of
individuals, companies or other entities that are involved in actual
transactions or who are contemplating entering into a transaction
for a particular type of asset. The willingness to trade and any
views attributed to market participants are typical of those of buyers
and sellers, or prospective buyers and sellers, active in a market on
the valuation date, not to those of any particular individual or entity.
20. In undertaking a market-based valuation, matters that are specific
to the current owner or to one particular potential buyer are not
relevant because both the willing seller and the willing buyer are
hypothetical individuals or entities with the attributes of a typical
market participant. These attributes are discussed in the conceptual
framework for market value (see paras 31(d) and 31(e)). The
conceptual framework also requires the exclusion of any element of
special value or any element of value that would not be available to
market participants generally (see paras 31(a) and 31(f)).
17
IVS Framework

IVS Framework
International Valuation Standards
Entity Specific Factors
21. The factors that are specific to a particular buyer or seller and not
available to market participants generally are excluded from the
inputs used in a market-based valuation. Examples of entity
specific factors that may not be available to market participants
include the following:
(a) additional value derived from the creation of a portfolio of
similar assets,
(b) unique synergies between the asset and other assets owned by
the entity,
(c) legal rights or restrictions,
(d) tax benefits or tax burdens,
(e) an ability to exploit an asset that is unique to that entity.
22. Whether such factors are specific to the entity or would be available
to others in the market generally is determined on a case-by-case
basis. For example, an asset may not normally be transacted as a
stand-alone item but as part of a group. Any synergies with related
assets would transfer to market participants along with the transfer
of the group and therefore are not entity specific.
23. If the objective of the valuation is to determine the value to a
specific owner, entity specific factors are reflected in the valuation
of the asset. Situations in which the value to a specific owner may
be required include the following examples:
(a) supporting investment decisions,
(b) reviewing the performance of an asset.
Aggregation
24. The value of an individual asset is often dependent upon its
association with other related assets. Examples include:
(a) offsetting assets and liabilities in a portfolio of financial
instruments,
(b) a portfolio of properties that complement each other by
providing a prospective buyer with either a critical mass or a
presence in strategic locations,
(c) a group of machines in a production line, or the software
required to operate a machine or machines,
(d) recipes and patents that support a brand,
(e) interdependent land, buildings, plant and other equipment
employed in a business enterprise.
18

IVS Framework
25. Where a valuation is required of assets that are held in conjunction
with other complementary or related assets, it is important to clearly
define whether it is the group or portfolio of assets that is to be
valued or each of the assets individually. If the latter, it is also
important to establish whether each asset is assumed to be valued:
(a) as an individual item but assuming that the other assets are
available to a buyer, or
(b) as an individual item but assuming that the other assets are not
available to a buyer.
Basis of Value
26. A basis of value is a statement of the fundamental measurement
assumptions of a valuation.
27. It describes the fundamental assumptions on which the reported
value will be based, eg the nature of the hypothetical transaction,
the relationship and motivation of the parties and the extent to
which the asset is exposed to the market. The appropriate basis will
vary depending on the purpose of the valuation. A basis of value
should be clearly distinguished from:
(a) the approach or method used to provide an indication of value,
(b) the type of asset being valued,
(c) the actual or assumed state of an asset at the point of valuation,
(d) any additional assumptions or special assumptions that modify
the fundamental assumptions in specific circumstances.
28. A basis of valuation can fall into one of three principal categories:
(a) The first is to indicate the most probable price that would be
achieved in a hypothetical exchange in a free and open market.
Market value as defined in these standards falls into this
category.
(b) The second is to indicate the benefits that a person or an entity
enjoys from ownership of an asset. The value is specific to that
person or entity, and may have no relevance to market
participants in general. Investment value and special value as
defined in these standards fall into this category.
(c) The third is to indicate the price that would be reasonably
agreed between two specific parties for the exchange of an
asset. Although the parties may be unconnected and
negotiating at arm’s length, the asset is not necessarily exposed
in the market and the price agreed may be one that reflects the
specific advantages or disadvantages of ownership to the
parties involved rather than the market at large. Fair value as
defined in these standards falls into this category.
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IVS Framework
International Valuation Standards
29. Valuations may require the use of different bases of value that are
defined by statute, regulation, private contract or other document.
Although such bases may appear similar to the bases of value
defined in these standards, unless unequivocal reference is made
to IVS in the relevant document, their application may require a
different approach from that described in IVS. Such bases have to
be interpreted and applied in accordance with the provisions of the
source document. Examples of bases of value that are defined in
other regulations are the various valuation measurement bases
found in International Financial Reporting Standards (IFRS) and
other accounting standards.
Market Value
30. Market value is the estimated amount for which an asset should
exchange on the valuation date between a willing buyer and a
willing seller in an arm’s length transaction, after proper marketing
and where the parties had each acted knowledgeably, prudently
and without compulsion.
31. The definition of market value shall be applied in accordance with
the following conceptual framework:
(a) “the estimated amount” refers to a price expressed in terms of
money payable for the asset in an arm’s length market
transaction. Market value is the most probable price reasonably
obtainable in the market on the valuation date in keeping with the
market value definition. It is the best price reasonably obtainable
by the seller and the most advantageous price reasonably
obtainable by the buyer. This estimate specifically excludes an
estimated price inflated or deflated by special terms or
circumstances such as atypical financing, sale and leaseback
arrangements, special considerations or concessions granted by
anyone associated with the sale, or any element of special value;
(b) “an asset should exchange” refers to the fact that the value of
an asset is an estimated amount rather than a predetermined
amount or actual sale price. It is the price in a transaction that
meets all the elements of the market value definition at the
valuation date;
(c) “on the valuation date” requires that the value is time-specific as
of a given date. Because markets and market conditions may
change, the estimated value may be incorrect or inappropriate
at another time. The valuation amount will reflect the actual
market state and circumstances as of the effective valuation
date, not as of either a past or future date. The definition also
assumes simultaneous exchange and completion of the
contract for sale without any variation in price that might
otherwise be made;
20

IVS Framework
(d) “between a willing buyer” refers to one who is motivated, but not
compelled to buy. This buyer is neither over eager nor
determined to buy at any price. This buyer is also one who
purchases in accordance with the realities of the current market
and with current market expectations, rather than in relation to
an imaginary or hypothetical market that cannot be
demonstrated or anticipated to exist. The assumed buyer would
not pay a higher price than the market requires. The present
owner is included among those who constitute “the market”;
(e) “and a willing seller” is neither an over eager nor a forced seller
prepared to sell at any price, nor one prepared to hold out for a
price not considered reasonable in the current market. The
willing seller is motivated to sell the asset at market terms for
the best price attainable in the open market after proper
marketing, whatever that price may be. The factual
circumstances of the actual owner are not a part of this
consideration because the willing seller is a hypothetical owner;
(f) “in an arm’s length transaction” is one between parties who do
not have a particular or special relationship, eg parent and
subsidiary companies or landlord and tenant, that may make
the price level uncharacteristic of the market or inflated because
of an element of special value. The market value transaction is
presumed to be between unrelated parties, each acting
independently;
(g) “after proper marketing” means that the asset would be exposed
to the market in the most appropriate manner to effect its
disposal at the best price reasonably obtainable in accordance
with the market value definition. The method of sale is deemed
to be that most appropriate to obtain the best price in the
market to which the seller has access. The length of exposure
time is not a fixed period but will vary according to the type of
asset and market conditions. The only criterion is that there
must have been sufficient time to allow the asset to be brought
to the attention of an adequate number of market participants.
The exposure period occurs prior to the valuation date;
(h) “where the parties had each acted knowledgeably, prudently”
presumes that both the willing buyer and the willing seller are
reasonably informed about the nature and characteristics of the
asset, its actual and potential uses and the state of the market
as of the valuation date. Each is further presumed to use that
knowledge prudently to seek the price that is most favourable
for their respective positions in the transaction. Prudence is
assessed by referring to the state of the market at the valuation
date, not with benefit of hindsight at some later date. For
example, it is not necessarily imprudent for a seller to sell
assets in a market with falling prices at a price that is lower than
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IVS Framework
International Valuation Standards
previous market levels. In such cases, as is true for other
exchanges in markets with changing prices, the prudent buyer
or seller will act in accordance with the best market information
available at the time;
(i) “and without compulsion” establishes that each party is
motivated to undertake the transaction, but neither is forced or
unduly coerced to complete it.
32. The concept of market value presumes a price negotiated in an
open and competitive market where the participants are acting
freely. The market for an asset could be an international market or a
local market. The market could consist of numerous buyers and
sellers, or could be one characterised by a limited number of
market participants. The market in which the asset is exposed for
sale is the one in which the asset being exchanged is normally
exchanged (see paras 16 to 20 above).
33. The market value of an asset will reflect its highest and best use.
The highest and best use is the use of an asset that maximises its
productivity and that is possible, legally permissible and financially
feasible. The highest and best use may be for continuation of an
asset’s existing use or for some alternative use. This is determined
by the use that a market participant would have in mind for the
asset when formulating the price that it would be willing to bid.
34. The highest and best use of an asset valued on a stand-alone basis
may be different from its highest and best use as part of a group,
when its contribution to the overall value of the group must be
considered.
35. The determination of the highest and best use involves
consideration of the following:
(a) to establish whether a use is possible, regard will be had to
what would be considered reasonable by market participants,
(b) to reflect the requirement to be legally permissible, any legal
restrictions on the use of the asset, eg zoning designations,
need to be taken into account,
(e) the requirement that the use be financially feasible takes into
account whether an alternative use that is physically possible
and legally permissible will generate sufficient return to a
typical market participant, after taking into account the costs
of conversion to that use, over and above the return on the
existing use.
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IVS Framework
Transaction Costs
36. Market value is the estimated exchange price of an asset without
regard to the seller’s costs of sale or the buyer’s costs of purchase
and without adjustment for any taxes payable by either party as a
direct result of the transaction.
Investment Value
37. Investment value is the value of an asset to the owner or a
prospective owner for individual investment or operational
objectives.
38. This is an entity-specific basis of value. Although the value of an
asset to the owner may be the same as the amount that could be
realised from its sale to another party, this basis of value reflects
the benefits received by an entity from holding the asset and,
therefore, does not necessarily involve a hypothetical exchange.
Investment value reflects the circumstances and financial objectives
of the entity for which the valuation is being produced. It is often
used for measuring investment performance. Differences between
the investment value of an asset and its market value provide the
motivation for buyers or sellers to enter the marketplace.
Fair Value
39. Fair value is the estimated price for the transfer of an asset or
liability between identified knowledgeable and willing parties that
reflects the respective interests of those parties.
40. The definition of fair value in IFRS is different from the above. The
IVSB considers that the definitions of fair value in IFRS are
generally consistent with market value. The definition and
application of fair value under IFRS are discussed in IVS 300
Valuations for Financial Reporting.
41. For purposes other than use in financial statements, fair value can
be distinguished from market value. Fair value requires the
assessment of the price that is fair between two identified parties
taking into account the respective advantages or disadvantages that
each will gain from the transaction. It is commonly applied in judicial
contexts. In contrast, market value requires any advantages that
would not be available to market participants generally to be
disregarded.
42. Fair value is a broader concept than market value. Although in many
cases the price that is fair between two parties will equate to that
obtainable in the market, there will be cases where the assessment
of fair value will involve taking into account matters that have to be
disregarded in the assessment of market value, such as any
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International Valuation Standards
element of special value arising because of the combination of the
interests.
43. Examples of the use of fair value include:
(a) determination of a price that is fair for a shareholding in a nonquoted
business, where the holdings of two specific parties may
mean that the price that is fair between them is different from
the price that might be obtainable in the market,
(b) determination of a price that would be fair between a lessor and
a lessee for either the permanent transfer of the leased asset or
the cancellation of the lease liability.
Special Value
44. Special value is an amount that reflects particular attributes of an
asset that are only of value to a special purchaser.
45. A special purchaser is a particular buyer for whom a particular
asset has special value because of advantages arising from its
ownership that would not be available to other buyers in the market.
46. Special value can arise where an asset has attributes that make it
more attractive to a particular buyer than to any other buyers in a
market. These attributes can include the physical, geographic,
economic or legal characteristics of an asset. Market value requires
the disregard of any element of special value because at any given
date it is only assumed that there is a willing buyer, not a particular
willing buyer.
47. When special value is identified, it should be reported and clearly
distinguished from market value.
Synergistic Value
48. Synergistic value is an additional element of value created by the
combination of two or more assets or interests where the combined
value is more than the sum of the separate values. If the synergies
are only available to one specific buyer then it is an example of
special value.
Assumptions
49. In addition to stating the basis of value, it is often necessary to
make an assumption or multiple assumptions to clarify either the
state of the asset in the hypothetical exchange or the
circumstances under which the asset is assumed to be exchanged.
Such assumptions can have a significant impact on value.
24

IVS Framework
50. Examples of additional assumptions in common use include,
without limitation:
● an assumption that a business is transferred as a complete
operational entity,
● an assumption that assets employed in a business are
transferred without the business, either individually or as a
group,
● an assumption that an individually valued asset is transferred
together with other complementary assets (see paras 24 and 25
above),
● an assumption that a holding of shares is transferred either as a
block or individually,
● an assumption that a property that is owner-occupied is vacant
in the hypothetical transfer.
51. Where an assumption is made that assumes facts that differ from
those existing at the date of valuation, it becomes a special assumption
(see IVS 101 Scope of Work). Special assumptions are often used to
illustrate the effect of possible changes on the value of an asset.
They are designated as “special” so as to highlight to a valuation user
that the valuation conclusion is contingent upon a change in the
current circumstances or that it reflects a view that would not be
taken by market participants generally on the valuation date.
52. Assumptions and special assumptions must be reasonable and
relevant having regard to the purpose for which the valuation is
required.
Forced Sales
53. The term “forced sale” is often used in circumstances where a seller
is under compulsion to sell and that, as consequence, a proper
marketing period is not possible. The price that could be obtained in
these circumstances will depend upon the nature of the pressure
on the seller and the reasons why proper marketing cannot be
undertaken. It may also reflect the consequences for the seller of
failing to sell within the period available. Unless the nature of and
the reason for the constraints on the seller are known, the price
obtainable in a forced sale cannot be realistically estimated. The
price that a seller will accept in a forced sale will reflect its particular
circumstances rather than those of the hypothetical willing seller in
the market value definition. The price obtainable in a forced sale
has only a coincidental relationship to market value or any of the
other bases defined in this standard. A “forced sale” is a description
of the situation under which the exchange takes place, not a distinct
basis of value.
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International Valuation Standards
54. If an indication of the price obtainable under forced sale
circumstances is required, it will be necessary to clearly identify the
reasons for the constraint on the seller including the consequences
of failing to sell in the specified period by setting out appropriate
assumptions. If these circumstances do not exist at the valuation
date, these must be clearly identified as special assumptions.
55. Sales in an inactive or falling market are not automatically “forced
sales” simply because a seller might hope for a better price if
conditions improved. Unless the seller is compelled to sell by a
deadline that prevents proper marketing, the seller will be a willing
seller within the definition of market value (see paras 18 and 31(e))
above).
Valuation Approaches
56. One or more valuation approaches may be used in order to arrive at
the valuation defined by the appropriate basis of value (see paras
26 to 29 above). The three approaches described and defined in
this Framework are the main approaches used in valuation. They all
are based on the economic principles of price equilibrium,
anticipation of benefits or substitution.
Market Approach
57. The market approach provides an indication of value by comparing
the subject asset with identical or similar assets for which price
information is available.
58. Under this approach the first step is to consider the prices for
transactions of identical or similar assets that have occurred
recently in the market. If few recent transactions have occurred, it
may also be appropriate to consider the prices of identical or similar
assets that are listed or offered for sale provided the relevance of
this information is clearly established and critically analysed. It may
be necessary to adjust the price information from other transactions
to reflect any differences in the terms of the actual transaction and
the basis of value and any assumptions to be adopted in the
valuation being undertaken. There may also be differences in the
legal, economic or physical characteristics of the assets in other
transactions and the asset being valued.
Income Approach
59. The income approach provides an indication of value by converting
future cash flows to a single current capital value.
60. This approach considers the income that an asset will generate
over its useful life and indicates value through a capitalisation
process. Capitalisation involves the conversion of income into a
26

IVS Framework
capital sum through the application of an appropriate discount rate.
The income stream may be derived under a contract or contracts, or
be non-contractual, eg the anticipated profit generated from either
the use of or holding of the asset.
61. Methods that fall under the income approach include:
● income capitalisation, where an all-risks or overall capitalisation
rate is applied to a representative single period income,
● discounted cash flow where a discount rate is applied to a series of
cash flows for future periods to discount them to a present value,
● various option pricing models.
62. The income approach can be applied to liabilities by considering the
cash flows required to service a liability until it is discharged.
Cost Approach
63. The cost approach provides an indication of value using the
economic principle that a buyer will pay no more for an asset than
the cost to obtain an asset of equal utility, whether by purchase or
by construction.
64. This approach is based on the principle that the price that a buyer in
the market would pay for the asset being valued would, unless undue
time, inconvenience, risk or other factors are involved, be not more
than the cost to purchase or construct an equivalent asset. Often the
asset being valued will be less attractive than the alternative that
could be purchased or constructed because of age or obsolescence.
Where this is the case, adjustments may need to be made to the cost
of the alternative asset depending on the required basis of value.
Methods of Application
65. Each of these principal valuation approaches includes different
detailed methods of application. Various methods that are commonly
used for different asset classes are discussed in the Asset Standards.
Valuation Inputs
66. Valuation inputs refer to the data and other information that are
used in any of the valuation approaches described in this standard.
These inputs may be actual or assumed.
67. Examples of actual inputs include:
● prices achieved for identical or similar assets,
● actual cash flows generated by the asset,
● the actual cost of identical or similar assets.
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International Valuation Standards
68. Examples of assumed inputs include:
● estimated or projected cash flows,
● the estimated cost of a hypothetical asset,
● market participants’ perceived attitude to risk.
69. Greater reliance will normally be placed on actual inputs; however,
where these are less relevant, eg where the evidence of actual
transactions is dated, historic cash flows are not indicative of future
cash flows or the actual cost information is historic, assumed inputs
will be more relevant.
70. A valuation will normally be more certain where multiple inputs are
available. Where only limited inputs are available particular caution
is required in investigating and verifying the data.
71. Where the input involves evidence of a transaction, care should be
taken to verify whether the terms of that transaction were in accord
with those of the required basis of value.
72. The nature and source of the valuation inputs should reflect the
basis of value, which in turn depends on the valuation purpose. For
example, various approaches and methods may be used to indicate
market value providing they use market derived data. The market
approach will by definition use market derived inputs. To indicate
market value the income approach should be applied using inputs
and assumptions that would be adopted by market participants. To
indicate market value using the cost approach, the cost of an asset
of equal utility and the appropriate depreciation should be
determined by analysis of market-based costs and depreciation.
The data available and the circumstances relating to the market for
the asset being valued will determine which valuation method or
methods are most relevant and appropriate. If based on
appropriately analysed market derived data each approach or
method used should provide an indication of market value.
73. Valuation approaches and methods are generally common to many
types of valuation. However, valuation of different types of assets
involves different sources of data that must reflect the market in
which the assets are to be valued. For example, the underlying
investment of real estate owned by a company will be valued in the
context of the relevant real estate market in which the real estate
trades, whereas the shares of the company itself will be valued in
the context of the market in which the shares trade.
28

General Standards
IVS 101 Scope of Work
Contents Paragraphs
General Principle 1
Requirements 2
Changes to Scope of Work 3
Effective Date 4
General Principle
1. There are many different types and levels of valuation advice that
may be provided. IVS are designed to apply to a wide spectrum of
valuation assignments. A valuation must be appropriate for its
intended purpose and it is also important that the recipient
understands what is to be provided and any limitations on the use
of the valuation. A scope of work sets out the agreed purpose of
the valuation, the extent of investigation, procedures that will be
adopted, assumptions that will be made and the limitations that will
apply. The scope of work may be prepared at the outset or during
the progress of the valuation assignment but before the valuation
and report are finalised.
Requirements
2. A scope of work shall be prepared and confirmed in writing that
addresses the matters set out below. For certain asset classes or
applications there may be variations from this standard or additional
matters to be included or considered in preparing the scope of
work. These are found in the relevant Asset Standard or Valuation
Application.
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International Valuation Standards
(a) Identification and status of the valuer
A statement confirming:
(i) the identity of the valuer. The valuer may be an individual or
firm;
(ii) that the valuer is in a position to provide an objective and
unbiased valuation;
(iii) whether the valuer has any material connection or
involvement with the subject of the valuation or the party
commissioning the valuation;
(iv) that the valuer is competent to undertake the valuation. If
the valuer needs to seek material assistance from others in
relation to any aspect of the assignment, the nature of such
assistance and the extent of reliance shall be agreed and
recorded.
(b) Identification of the client and any other intended users
Confirmation of those for whom the valuation is being produced
is important when determining the form and content of the
valuation report to ensure that it contains information relevant to
their needs.
Any restriction on those who may rely upon the valuation shall
be agreed and recorded.
(c) Purpose of the valuation
The purpose for which the valuation is being prepared shall be
clearly stated, eg the valuation is required for loan security, to
support a share transfer or to support an issue of shares. The
purpose of the valuation will determine the basis of value.
It is important that valuations are not used out of context or for
purposes for which they are not intended.
(d) Identification of the asset or liability to be valued
Clarification may be needed to distinguish between an asset
and an interest in or right of use of that asset.
If the valuation is of an asset that is utilised in conjunction with
other assets, it will be necessary to clarify whether those assets
are included in the valuation, excluded but assumed to be
available or excluded and assumed not to be available (see IVS
Framework paras 24 and 25).
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General Standards
(e) Basis of value
The valuation basis must be appropriate for the purpose. The
source of the definition of any basis of value used shall be cited
or the basis explained. The valuation bases recognised by IVS
are defined and discussed in the IVS Framework, but other
bases may be used. It may also be necessary to clarify the
currency in which the valuation will be reported.
(f) Valuation date
The valuation date is defined in IVS as the date on which the
opinion of value applies. This may be different from the date on
which the valuation report is to be issued or the date on which
investigations are to be undertaken or completed.
(g) Extent of investigation
Any limitations or restrictions on the inspection, inquiry and
analysis for the purpose of the valuation shall be set out in the
scope of work.
If relevant information is not available because the conditions of
the assignment restrict the investigation, if the assignment is
accepted, then these restrictions and any necessary assumptions
or special assumptions shall be recorded in the scope of work.
(h) Nature and source of the information to be relied upon
The nature and source of any relevant information that is to be
relied upon without specific verification during the valuation
process shall be agreed and recorded.
(i) Assumptions and special assumptions
All assumptions and any special assumptions that are to be made
in the conduct and reporting of the valuation shall be recorded.
Assumptions are matters that are reasonable to accept as fact
in the context of the valuation assignment without specific
investigation or verification. They are matters that, once stated,
are to be accepted in understanding the valuation.
A special assumption is an assumption that either assumes
facts that differ from the actual facts existing at the valuation
date or that would not be made by a typical market participant in
a transaction on the valuation date.
Special assumptions are often used to illustrate the effect of
changed circumstances on value. Examples of special
assumptions include:
● that a proposed building had actually been completed on
the valuation date,
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International Valuation Standards
● that a specific contract was in existence on the valuation
date which had not actually been completed,
● that a financial instrument is valued using a yield curve that
is different from that which would be used by a market
participant.
Only assumptions and special assumptions that are reasonable
and relevant having regard to the purpose for which the
valuation is required shall be made.
(j) Restrictions on use, distribution or publication
Where it is necessary or desirable to restrict the use of the
valuation or those relying upon it, this shall be recorded. If
matters are identified that are likely to cause the valuation to be
qualified, this shall also be recorded.
(k) Confirmation that the valuation will be undertaken in
accordance with the IVS
While confirmation of conformity with IVS is required, there may
be occasions where the purpose of the valuation requires a
departure from IVS. Any such departure shall be identified
together with justification for that departure. A departure would
not be justified if it results in a valuation that is misleading.
(l) Description of report
Confirmation of the format of the report to be provided shall be
agreed and recorded. Reference shall be made to any of the
report contents specified in IVS 103 Reporting that are to be
excluded.
Changes to Scope of Work
3. Some of the above matters may not be capable of determination
until the assignment is in progress, or changes to the scope may
become necessary during the course of the assignment, eg
additional information may become available or a matter emerge
that requires further investigation. The scope of work requirements
can be contained in a single document issued at the outset or in a
series of documents prepared throughout the course of the
assignment providing all matters are recorded before the
assignment is completed and the valuation report is issued.
Effective Date
4. The effective date of this standard is 1 January 2012, although
earlier adoption is encouraged.
32

IVS 102 Implementation
General Standards
Contents Paragraphs
General Principle 1
Investigations 2–4
Valuation Approaches 5–7
Valuation Record 8
Effective Date 9
General Principle
1. Valuation assignments shall be conducted in accordance with the
principles set out in this standard and the terms and conditions set
out in the scope of work.
Investigations
2. Investigations made during the course of a valuation assignment
must be adequate having regard to the purpose for which the
valuation is required and the basis of value to be reported.
3. Sufficient evidence shall be assembled by means such as inspection,
inquiry, computation and analysis to ensure that the valuation is
properly supported. When determining the extent of evidence
necessary, professional judgement is required to ensure the
information to be obtained is adequate having regard to the purpose
of the valuation. As a matter of practical expediency, it is normal for
limits to be agreed on the extent of the valuer’s investigations. Any
such limits shall be recorded in the scope of work.
4. The purpose of the valuation, the basis of value, the extent and
limits on the investigations and any sources of information that may
be relied upon are recorded in the scope of work, see IVS 101
Scope of Work. If during the course of an assignment it becomes
clear that the investigations included in the scope of work will not
result in a credible valuation or information to be provided by third
parties is either unavailable or inadequate, an appropriate revision
to the scope of work shall be made.
Valuation Approaches
5. Consideration shall be given as to the relevant and appropriate
valuation approaches. The principal valuation approaches are
described in the IVS Framework and methods that are commonly
used to apply these approaches to different asset types are
discussed in the commentaries to the Asset Standards.
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International Valuation Standards
6. The most appropriate valuation approach or method will depend
upon consideration of the following:
● the adopted basis of value, determined by the purpose of the
valuation,
● the availability of valuation inputs and data,
● the approaches or methods used by participants in the relevant
market.
7. More than one valuation approach or method may be used to arrive
at an indication of value, especially where there are insufficient
factual or observable inputs for a single method to produce a
reliable conclusion. Where more than one approach and method is
used, the resulting indications of value should be analysed and
reconciled to reach a valuation conclusion.
Valuation Record
8. A record shall be kept of the work done during the valuation
process for a reasonable period having regard to any relevant legal
or regulatory requirements. Subject to any such requirements this
record shall include the key inputs, all calculations, investigations
and analyses relevant to the final conclusion, and a copy of any
draft or final report provided to the client.
Effective Date
9. The effective date of this standard is 1 January 2012, although
earlier adoption is encouraged.
34

IVS 103 Reporting
General Standards
Contents Paragraphs
General Principle 1–3
Report Contents 4–5
Effective Date 6
General Principle
1. The final step in the valuation process is communicating the value
to the commissioning party and any other intended users. It is
essential that the valuation report communicates the information
necessary for proper understanding of the valuation. A valuation
report shall not be ambiguous or misleading and shall provide the
intended reader with a clear understanding of the valuation
provided.
2. To provide comparability, relevance and credibility, the valuation
report shall set out a clear and accurate description of the scope of
the assignment, its purpose and intended use, confirmation of the
basis of value used and disclosure of any assumptions, special
assumptions, material uncertainty or limiting conditions that directly
affect the valuation.
3. This standard applies to all valuation reports whether printed on
paper or transmitted electronically. For certain asset classes or
applications there may be variations from this standard or additional
requirements to be reported upon. These are found in the relevant
Asset or Valuation Application.
Report Contents
4. The purpose of the valuation, the complexity of the asset being
valued and the users’ requirements will determine the level of detail
appropriate to the valuation report. The format of the report and
any exclusion from the content requirements of this standard should
have been agreed and recorded in the scope of work.
5. All valuation reports shall include reference to the matters listed
below. Items (a) to (k) in this list relate to matters that should be
recorded in the scope of work (see IVS 101Scope of Work). It is
recommended that the scope of work be referred to in the report.
(a) Identification and status of the valuer
The valuer can be an individual or a firm. A statement
confirming that the valuer is in a position to provide an objective
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International Valuation Standards
and unbiased valuation and is competent to undertake the
valuation shall be included.
The report shall include the signature of the individual or firm
responsible for the valuation.
If the valuer has obtained material assistance from others in
relation to any aspect of the assignment, the nature of such
assistance and the extent of reliance shall be referenced in the
report.
(b) Identification of the client and any other intended users
The party commissioning the valuation shall be identified
together with any other parties whom it is intended may rely on
the valuation (see also (j) below).
(c) Purpose of the valuation
The purpose of the valuation shall be clearly stated.
(d) Identification of the asset or liability to be valued
Clarification may be needed to distinguish between an asset
and an interest in or right of use of that asset.
If the valuation is of an asset that is utilised in conjunction with
other assets, it will be necessary to clarify whether those assets
are included in the valuation, excluded but assumed to be
available or excluded and assumed not to be available (see IVS
Framework paras 24 and 25).
(e) Basis of value
This shall be appropriate for the purpose. The source of the
definition of any basis of value used shall be cited or the basis
explained. Some common valuation bases are defined and
discussed in the IVS Framework.
(f) Valuation date
The valuation date is defined in IVS as the date on which the
opinion of value applies. This may be different from the date on
which the valuation report is issued or the date on which
investigations are to be undertaken or completed. Where
relevant, these dates shall be clearly distinguished in the report.
(g) Extent of investigation
The extent of the investigations undertaken, including the
limitations on those investigations set out in the scope of work,
shall be disclosed in the report.
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General Standards
(h) Nature and source of the information relied upon
The nature and source of any relevant information relied upon
in the valuation process without specific verification by the
valuer shall be disclosed.
(i) Assumptions and special assumptions
All assumptions and any special assumptions made shall be
clearly stated.
(j) Restrictions on use, distribution or publication
Where it is necessary or desirable to restrict the use of the
valuation or those relying upon it, this shall be stated.
(k) Confirmation that the valuation has been undertaken in
accordance with the IVS
While confirmation of conformity with IVS is required, there may
be occasions where the purpose of the valuation requires a
departure from the IVS. Any such departure shall be identified,
together with justification for that departure. A departure would
not be justified if it results in a valuation that is misleading.
(l) Valuation approach and reasoning
To understand the valuation figure in context, the report shall
make reference to the approach or approaches adopted, the
key inputs used and the principal reasons for the conclusions
reached.
This requirement does not apply if it has been specifically
agreed and recorded in the scope of work that a valuation
report shall be provided without reasons or other supporting
information.
(m) Amount of the valuation or valuations
This shall be expressed in the applicable currency.
(n) Date of the valuation report
The date on which the report is issued shall be included. This
may be different from the valuation date (see (f) above).
Effective Date
6. The effective date of this standard is 1 January 2012, although
earlier adoption is encouraged.
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General Standards – IVS 103 Reporting

Asset Standards
IVS 200 Businesses and Business Interests
Contents Paragraphs
STANDARD 1
Scope of Work 2–3
Implementation 4
Reporting 5
Effective Date
COMMENTARY
6
Definitions C1
Businesses C2–C4
Ownership Rights C5–C7
Business Information C8–C12
Valuation Approaches C13–C14
Market Approach C15–C21
Income Approach C22–C30
STANDARD
1. The principles contained in the General Standards apply to
valuations of businesses and business interests. This standard only
includes modifications, additional requirements or specific examples
of how the General Standards apply for valuations to which this
standard applies.
Scope of Work (IVS 101)
2. To comply with the requirement to identify the asset or liability to be
valued in IVS 101 para 2(d), the specific interest in the business to
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International Valuation Standards
be valued shall be recorded. This will include items such as
specifying the legal structure of the business, whether it is a whole
or partial interest, whether it is confined to or excludes certain
assets or liabilities and the class or classes of shares involved.
3. Typical assumptions or special assumptions that may need to be
stated to comply with IVS 101 para 2(i) when valuing a business or
business interest include:
● in the case of a partial interest, an assumption clarifying
whether the owner or owners of the remaining interest(s) are
either intending to sell or retain their holdings,
● whether certain assets or liabilities owned by the business are
to be disregarded.
Implementation (IVS 102)
4. If the valuation is of an interest that has the ability to liquidate the
assets of the business, consideration shall be given as to whether
the total value of the assets sold individually following liquidation
would exceed their combined value as a going concern.
Reporting (IVS 103)
5. There are no additional requirements for businesses and business
interests other than inclusion of appropriate references to matters
addressed in the scope of work in accordance with paras 2 and 3
above.
Effective Date
6. The effective date of this standard is 1 January 2012, although
earlier adoption is encouraged.
40

Asset Standards
COMMENTARY
Definitions
C1. In the context of this Commentary, the following definitions apply.
(a) Enterprise value – the total value of the equity in a business
plus the value of its debt or debt-related liabilities, minus any
cash or cash equivalents available to meet those liabilities.
(b) Equity value – the value of a business to all of its shareholders.
Businesses
C2. A business is a commercial, industrial, service or investment
activity. A valuation of a business may either comprise the whole of
the activity of an entity or a part of the activity. It is important to
distinguish between the value of a business entity and the value of
the individual assets or liabilities of that entity. If the purpose of the
valuation requires individual assets or liabilities to be valued and
those assets are separable from the business and capable of being
transferred independently, those assets or liabilities should be
valued in isolation and not by apportionment of the value of the
entire business. Before undertaking a valuation of a business, it is
important to establish whether the valuation is of the entire entity,
shares or a shareholding in the entity, a specific business activity of
the entity or of specific assets or liabilities.
C3. Valuations of businesses are required for different purposes
including acquisitions, mergers and sales of businesses, taxation,
litigation, insolvency proceedings and financial reporting.
C4. The following matters may require consideration depending on the
context and purpose of the valuation and the nature of the business
or the business interest being valued.
Ownership Rights
C5. The rights, privileges or conditions that attach to the ownership
interest, whether held in proprietorship, corporate or partnership
form, require consideration in the valuation process. Ownership
rights are usually defined within a jurisdiction by legal documents
such as articles of association, clauses in the memorandum of the
business, articles of incorporation, bylaws, partnership agreements
and shareholder agreements. Ownership interests may be of part,
or share, of a business or of the entire business. In some situations
it may also be necessary to distinguish between legal and beneficial
ownership. Care should be taken to distinguish between rights and
obligations inherent to the interest and those that may be contained
in an agreement between current shareholders.
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C6. The documents may contain restrictions on the transfer of the interest
and may contain provisions governing the basis of valuation that has
to be adopted in the event of transfer of the interest. For example, the
documents may stipulate that the interest should be valued as a pro
rata fraction of the entire issued share capital regardless of whether it
is a controlling or minority interest. In each case, the rights of the
interest being valued and the rights attaching to any other class of
interest needs to be considered at the outset.
C7. A non-controlling interest may have a lower value than a controlling
interest. A majority interest is not necessarily a controlling interest.
The voting and other rights attaching to the interest will be
determined by the legal framework under which the entity is
established. There are often different classes of equity in business,
each having different rights. Where this is the case it is therefore
possible that a minority interest may still have control or an effective
veto over certain actions.
Business Information
C8. The valuation of a business entity or interest frequently requires
reliance upon information received from management,
representatives of the management or other experts. Significant
care should be taken to specify what information can be relied upon
and which has to be verified, and the extent of verification required,
during the valuation process when settling the scope of work, see
IVS 101 Scope of Work para 2(g).
C9. Although the value on a given date reflects the anticipated benefits
of future ownership, the history of a business is useful in that it may
give guidance as to the expectations for the future.
C10. Awareness of relevant economic developments and specific
industry trends is essential for business valuation. Matters such as
political outlook, government policy, exchange rates, inflation,
interest rates and market activity may affect businesses that
operate in different sectors of the economy quite differently.
C11. The valuation of an ownership interest in a business is only relevant
in the context of the financial position of the business at a point in
time. It is important to understand the nature of assets and liabilities
of the business and to determine which items are required for use
in the income-producing process and which ones are redundant to
the business at the valuation date.
C12. Businesses may have unrecorded assets or liabilities that are not
reflected on the balance sheet. Such assets could include patents,
trademarks, copyrights, brands, know-how and proprietary
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Asset Standards
databases. Goodwill is a residual value after all tangible and
identifiable intangible assets have been taken into account. The
valuation of intangible assets is addressed in IVS 210 Intangible
Assets.
Valuation Approaches
C13. The market and the income approaches described in the IVS
Framework can be applied to the valuation of a business or
business interest. The cost approach cannot normally be applied
except in the case of early stage or start-up businesses where
profits and/or cash flow cannot be reliably determined and
adequate market information is available on the entity’s assets.
C14. The value of certain types of businesses, eg an investment or
holding business, can be derived from a summation of the assets
and liabilities. This is sometimes called the “net asset approach” or
“asset approach”. This is not a valuation approach in its own right
as the values of the individual assets and liabilities are derived
using one or more of the principal valuation approaches described
in the IVS Framework before being aggregated.
Market Approach
C15. The market approach compares the subject business to similar
businesses, business ownership interests and securities that have
been exchanged in the market and any relevant transactions of
shares in the same business. Prior transactions or offers for any
component of the business may be also indicative of value.
C16. The three most common sources of data used in the market
approach are public stock markets in which ownership interests of
similar businesses are traded, the acquisition market in which entire
businesses are bought and sold, and prior transactions in shares or
offers for the ownership of the subject business.
C17. There needs to be a reasonable basis for comparison with and
reliance upon similar businesses in the market approach. These
similar businesses should be in the same industry as the subject
business or in an industry that responds to the same economic
variables. Factors to be considered in whether a reasonable basis
for comparison exists include the following:
● similarity to the subject business in terms of qualitative and
quantitative business characteristics,
● amount and verifiability of data on the similar business,
● whether the price of the similar business represents an arm’s
length transaction.
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C18. A comparative analysis of qualitative and quantitative similarities
and differences between similar businesses and the subject
business should be made.
C19. Through analysis of the publicly traded businesses or actual
transactions, valuation ratios, usually price divided by some
measure of income or net assets, are calculated. In calculating and
selecting these ratios, consideration is given to the following
matters:
(a) the ratio should provide meaningful information about the value
of the business,
(b) adjustments may need to be made to render the ratio
appropriate for the subject business. Examples include
adjustments for differences in risk and expectations of the
similar businesses and the subject business,
(c) adjustments may be required for differences in the subject
ownership interest and interests in the similar businesses with
regard to the degree of control, marketability, or the size of the
holding.
C20. Anecdotal valuation benchmarks are frequently used by market
commentators as a short-cut market approach. However, value
indications derived from the use of such rules should not be given
substantial weight, ie importance, unless it can be shown that
buyers and sellers place significant reliance on them. Even where
this is the case, a cross check should be undertaken using at least
one other method.
C21. The market prices of publicly traded stocks or partnership interests,
acquisition prices for business interests or businesses engaged in
the same or similar lines of business are also used as a
reasonableness check on the business valuation conclusion derived
under another approach.
Income Approach
C22. Various methods are used to indicate value under the income
approach. Those methods include the capitalised cash flow or
earnings method and the discounted cash flow method.
C23. Income and cash flow can be measured under a variety of
definitions. The income or cash flow measured can be pre-tax or
post-tax, although the latter is more usual. The capitalisation or
discount rate applied must be consistent with the definition of
income or cash flow used.
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Asset Standards
C24. The income approach requires the estimation of a capitalisation
rate when capitalising income or cash flow and a discount rate
when discounting cash flow. In estimating the appropriate rate,
factors such as the level of interest rates, rates of return expected
by market participants for similar investments and the risk inherent
in the anticipated benefit stream are considered.
C25. In methods that employ discounting, expected growth may be
explicitly considered in the forecasted income or cash flow. In
capitalisation methods that do not employ discounting, expected
growth is normally reflected in the capitalisation rate. When the
forecasted income or cash flow is expressed in nominal terms, ie
current prices, nominal rates which include an inflation component
should be used. When the forecasted income or cash flow is
expressed in real terms, real rates which do not include an inflation
component should be used.
C26. Enterprise value is typically derived through the capitalisation of
profits or cash flows through the application of a capitalisation rate
or discount rate before debt servicing costs. The capitalisation or
discount rate applied is the weighted average cost of capital of an
appropriate mix of debt and equity. The market value of the interest
bearing debt is deducted from the enterprise value to determine the
overall equity value. Alternatively, the equity value may be
determined by measuring the equity cash flow directly. Redundant,
ie non-operating, assets need to be considered when calculating
enterprise or equity value.
C27. Under the income approach, the historical financial statements of a
business entity are often used as guide to estimate the future
income or cash flow of the business. Determining the historical
trends over time through ratio analysis may help provide the
necessary information to assess the risks inherent in the business
operations in the context of the industry and the prospects for future
performance.
C28. Adjustments may be appropriate to reflect differences between the
actual historic cash flows and those that would be experienced by a
buyer of the business interest on the valuation date. Examples
include:
(a) to adjust revenues and expenses to levels that are reasonably
representative of expected continuing operations,
(b) to present financial data of the subject business and
comparison businesses on a consistent basis,
(c) to adjust non-arm’s length transactions to commercial rates,
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(d) to adjust the cost of labour or of items leased or otherwise
contracted from related parties to reflect market prices or rates,
(e) to reflect the impact of non-recurring events from historic
revenue and expense items. Examples of non-recurring events
include losses caused by strikes, new plant start-up and
weather phenomena. However, the forecast cash flows should
reflect any non-recurring revenues or expenses that can be
reasonably anticipated and past occurrences may be indicative
of similar events in the future,
(f) to adjust the reported depreciation and tax basis to an estimate
that compares to depreciation used in similar businesses,
(g) to adjust the inventory accounting to compare to similar
businesses, whose accounts may be kept on a different basis
from the subject business, or to more accurately reflect
economic reality.
Inventory adjustments may be different when considering the
income statement and when considering the balance sheet. For
example, a first-in-first-out method of costing inventory may
most accurately represent the value of the inventory when
constructing a market value balance sheet. When examining the
income statement, a last-in-first-out method of costing inventory
may more accurately represent the income level in times of
inflation or deflation.
C29. When using an income approach it may also be necessary to make
adjustments to the valuation to reflect matters that are not captured
in either the cash flow forecasts or the discount rate adopted.
Examples may include adjustments for the marketability of the
interest being valued or whether the interest being valued is a
controlling or non-controlling interest in the business.
C30. Small and medium-sized businesses are often transferred as an
asset sale rather than by transfer of the equity interest. In such
cases it is common for items such as debtors, creditors and working
capital to be excluded and for the value of the assets to be
determined by applying an appropriate valuation multiple to the
earnings before interest, tax and depreciation. Care should be
taken to ensure that the multiple used is based on analysis of other
similar asset sales.
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IVS 210 Intangible Assets
Asset Standards
Contents Paragraphs
STANDARD 1
Scope of Work 2–4
Implementation 5
Reporting 6
Effective Date
COMMENTARY
7
Principal Types of Intangible Assets C1–C10
Goodwill C11–C13
Characteristics of Intangible Assets C14–C15
Valuation Approaches C16–C17
Market Approach C18–C21
Income Approach C22–C23
Relief-from-Royalty Method C24–C27
Premium Profits Method C28–C30
Excess Earnings Method C31–C34
Tax Amortisation Benefit C35
Cost Approach C36–C38
Multiple Approaches C39
STANDARD
1. The principles contained in the General Standards apply to
valuations of intangible assets. This standard only includes
modifications, additional requirements or specific examples of how
the General Standards apply for valuations to which this standard
applies.
Scope of Work (IVS 101)
2. To comply with the requirement in IVS 101 para 2(d) to identify the
asset or liability to be valued, the intangible asset shall be clearly
defined by reference to its type and the legal right or interest in that
asset. The main types of intangible asset and their typical
characteristics are discussed in paras C1 to C13 of the
Commentary to this standard.
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3. The scope of work should identify any contributory assets and
confirm whether or not these are to be included in the valuation. A
contributory asset is one that is used in conjunction with the subject
asset to generate the cash flows associated with the subject asset.
If contributory assets are to be excluded, it will be necessary to
clarify whether the subject intangible asset is to be valued on the
assumption that the contributory assets are available to a buyer or
on the assumption that they are not, ie the subject asset is valued
on a stand-alone basis.
4. Common examples of assumptions or special assumptions that
arise when valuing intangible assets and that are required to be
referred to by IVS 101 para 2(i) include that a patent has been
granted when none exists at the valuation date or that a competing
product had entered or had left the market.
Implementation (IVS 102)
5. There are no additional requirements for intangible assets.
Reporting (IVS 103)
6. There are no additional requirements for intangible assets other
than inclusion of appropriate references to matters addressed in
the scope of work in accordance with paras 2 to 4 above.
Effective Date
7. The effective date of this standard is 1 January 2012, although
earlier adoption is encouraged.
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COMMENTARY
Principal Types of Intangible Assets
C1. An intangible asset is a non-monetary asset that manifests itself by
its economic properties. It does not have physical substance but
grants rights and economic benefits to its owner.
C2. Valuations of intangible assets are required for many different
purposes including acquisitions, mergers and sales of businesses
or parts of businesses, purchases and sales of intangible assets,
reporting to tax authorities, litigation and insolvency proceedings,
and financial reporting.
C3. An intangible asset can be either identifiable or unidentifiable. An
intangible asset is identifiable if it either:
(a) is separable, ie capable of being separated or divided from the
entity and sold, transferred, licensed, rented or exchanged,
either individually or together with a related contract, identifiable
asset or liability, regardless of whether the entity intends to do
so, or
(b) arises from contractual or other legal rights, regardless of
whether those rights are transferable or separable from the
entity or from other rights and obligations.
C4. Any unidentifiable intangible asset associated with a business or
group of assets is generally termed goodwill.
C5. The principal classes of identifiable intangible assets are as follows:
● marketing related,
● customer or supplier related,
● technology related,
● artistic related.
Asset Standards
C6. Within each class, assets may be either contractual or noncontractual.
C7. Marketing related intangible assets are used primarily in the
marketing or promotion of products or services. Examples include
trademarks, trade names, unique trade design, internet domain
names and non-compete agreements.
C8. Customer or supplier related intangible assets arise from relationships
with or knowledge of customers or suppliers. Examples include
service or supply agreements, licensing or royalty agreements, order
books, employment agreements and customer relationships.
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C9. Technology related intangible assets arise from contractual or noncontractual
rights to use patented technology, unpatented
technology, databases, formulae, designs, software, processes or
recipes.
C10. Artistic related intangible assets arise from the right to benefits such
as royalties from artistic works such as plays, books, films and
music and from non-contractual copyright protection.
Goodwill
C11. Goodwill is any future economic benefit arising from a business, an
interest in a business or from the use of a group of assets which is
not separable. It should be noted that different definitions of
goodwill apply under specific financial reporting or tax regimes;
these may need to be reflected where valuations are being
undertaken for these purposes.
C12. Examples of benefits that are reflected in goodwill include:
● company specific synergies following a business combination,
eg a reduction in operating costs or economies of scale not
reflected in the value of other assets,
● growth opportunities, eg expansion into different markets,
● organisational capital, eg the benefits accruing from an
assembled network.
C13. In general terms, the value of goodwill is the residual amount
remaining after the values of all identifiable tangible, intangible and
monetary assets, adjusted for actual or potential liabilities, have
been deducted from the value of a business.
Characteristics of Intangible Assets
C14. Specific intangible assets are defined and described by
characteristics such as their ownership, function, market position
and image. These characteristics differentiate intangible assets
from one another. The differentiating characteristics are illustrated in
the following examples:
● confectionery brands may be differentiated through differing
taste, source of ingredients and quality,
● computer software products will typically be differentiated by
reference to their functional specifications.
C15. Although similar intangible assets within the same class will share
some characteristics with one another, they will also have
differentiating characteristics that will vary according to the type of
intangible asset.
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Asset Standards
Valuation Approaches
C16. The three principal valuation approaches described in IVS
Framework can all be applied to the valuation of intangible assets.
C17. All methods of valuing intangible assets require an estimate of the
remaining useful life. For some assets, this may be a finite period
limited by either contract or typical life cycles in the sector. Other
assets may effectively have an indefinite life. Estimating the
remaining useful life will include consideration of legal,
technological, functional and economic factors. As an example, an
asset comprising a drug patent may have a remaining legal life of
five years before expiry of the patent, but a competitor drug with
expected improved efficacy may be expected to reach the market in
three years. This might cause the remaining useful life of the first
product to be assessed as only three years.
Market Approach
C18. Under the market approach, the value of an intangible asset is
determined by reference to market activity, eg transaction bids or
offers involving identical or similar assets.
C19. The heterogeneous nature of intangible assets means that it is
rarely possible to find market evidence of transactions involving
identical assets. If there is market evidence at all it is usually in
respect of assets that are similar, but not identical. As an
alternative, or in addition to, comparison with the prices in any
relevant transactions involving identical or similar assets through
analysis of sale transactions may provide evidence of valuation
multiples, eg it may be possible to determine a typical price to
earnings ratio or rate of return for a class of similar intangible
assets.
C20. Where evidence of either prices or valuation multiples is available, it
will often be necessary to make adjustments to these to reflect
differences between the subject asset and those involved in the
transactions.
C21. These adjustments are necessary to reflect the differentiating
characteristics of the subject intangible asset and the assets
involved in the transactions. Such adjustments may only be
determinable at a qualitative, rather than quantitative, level.
Situations giving rise to qualitative adjustments include the following
examples:
● the brand being valued may be considered to command a more
dominant position in the market than those involved in the
transactions,
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● a drug patent being valued may have greater efficacy and fewer
side effects than those involved in the transactions.
Income Approach
C22. Under the income approach, the value of an intangible asset is
determined by reference to the present value of income, cash flows
or cost savings generated by the intangible asset. The principal
valuation methods under the income approach used in the valuation
of intangible assets are:
● relief-from-royalty method, sometimes referred to as royalty
savings method,
● premium profits method, sometimes referred to as incremental
income method,
● excess earnings method.
C23. Each of these methods involve the converting of forecast cash
flows to an indication of value using either discounted cash flow
techniques or, in simple cases, the application of a capitalisation
multiple to a representative single period cash flow.
Relief-from-Royalty Method
C24. Under the relief-from-royalty method, the value of an intangible
asset is determined by reference to the value of the hypothetical
royalty payments that would be saved through owning the asset, as
compared with licensing the intangible asset from a third party. The
hypothetical royalty payments over the life of the intangible asset
are adjusted for tax and discounted to present value at the valuation
date. In some cases, royalty payments may include an initial
payment in addition to periodic amounts based on a percentage of
the revenues or some other financial parameter.
C25. Two methods can be used to derive a hypothetical royalty rate. The
first is based on market royalty rates for comparable or similar
transactions. A prerequisite for this method is the existence of
comparable intangible assets that are licensed at arm’s length on a
regular basis. The second method is based on a split of profits that
would hypothetically be paid in an arm’s length transaction by a
willing licensee to a willing licensor for the rights to use the subject
intangible asset.
C26. Some or all of the following valuation inputs are considered in the
relief-from-royalty method:
● projections for the financial parameter, eg revenues that the
royalty rate would be applied to over the life of the intangible
asset together with an estimate of the life of the intangible
asset,
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Asset Standards
● rate at which tax relief would be obtainable on hypothetical
royalty payments;
● the cost of marketing and any other costs that would be borne
by a licensee in utilising the asset;
● an appropriate discount rate or capitalisation rate to convert the
asset’s hypothetical royalty payments to a present value.
Where it is possible to use both methods it is common to apply both
as a cross-check to each other.
C27. Royalty rates can often vary significantly in the market for
apparently similar assets. It is therefore prudent to benchmark the
assumed royalty input by reference to the operating margin that a
typical operator would require from sales generated from use of the
asset.
Premium Profits Method
C28. The premium profits method involves comparing the forecasted
profits or cash flows that would be earned by a business using the
intangible asset with those that would be earned by a business that
does not use the intangible asset. It is often used when marketbased
royalty rates are not available or are unreliable.
C29. Having established the difference in the profits that will be
generated, an appropriate discount rate is applied to convert
forecasted incremental periodic profits or cash flows to a present
value or a capitalisation multiple to capitalise constant incremental
profits or cash flows.
C30. The premium profits method can be used to value both intangible
assets whose use will save costs and those whose use will
generate additional profits or cash flows.
Excess Earnings Method
C31. The excess earnings method determines the value of an intangible
asset as the present value of the cash flows attributable to the
subject intangible asset after excluding the proportion of the cash
flows that are attributable to contributory assets. The excess
earnings method is typically used in the valuation of customer
contracts, customer relationships and in-process research and
development projects.
C32. The excess earnings method can either be applied using a single
period of forecast cash flows, referred to as the “single period
excess earnings method”, or using several periods of forecast cash
flows, referred to as the “multi period excess earnings method”. The
multi period excess earnings method is more commonly used as
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intangible assets normally bring monetary benefits over an
extended period.
C33. The excess earnings method involves allocating the expected cash
flows to the smallest business or group of assets of the entity that
includes all the income derivable from the subject asset.
C34. From this forecast of cash flows, a deduction is made in respect of
the share of the cash flows attributable to contributory tangible,
intangible and financial assets. This is done by calculating an
appropriate charge or economic rent for the contributory assets and
deducting this from the cash flows. To arrive at a reliable valuation
of the subject asset, it may also be appropriate to make an
additional deduction to reflect any additional value attributable to
the fact that all the assets are utilised together as a going concern.
This typically reflects the benefit of the cash flows attributable to the
asset of an assembled workforce which would not be available to a
buyer of the individual asset.
Tax Amortisation Benefit
C35. In many tax regimes, the amortisation of an intangible asset can be
treated as an expense in calculating taxable income. This “tax
amortisation benefit” can have a positive impact on the value of the
asset. When an income approach is used, it will be necessary to
consider the impact of any available tax benefit to buyers and make
an appropriate adjustment to the cash flows.
Cost Approach
C36. The cost approach is mainly used for internally generated intangible
assets that have no identifiable income streams. Under the cost
approach, the replacement cost of either a similar asset or one
providing similar service potential or utility is estimated.
C37. Examples of intangible assets for which the cost approach may be
used include the following:
● self-developed software, as the price of software with the same
or similar service capacity can sometimes be obtained in the
market,
● websites, as it may be possible to estimate the cost of
constructing the website,
● an assembled workforce through determining the cost of
building up the workforce.
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Asset Standards
C38. The inputs that are considered when applying the cost approach
include the following:
● the cost of developing or purchasing an identical asset,
● the cost of developing or purchasing an asset offering the same
utility or service potential,
● any adjustments required to the cost of developing or
purchasing to reflect the specific characteristics of the subject
asset, such as economic or functional obsolescence,
● any opportunity cost incurred by the developer of the asset.
Multiple Approaches
C39. Because of the heterogeneous nature of many intangible assets
there is often a greater need to consider the use of multiple
methods and approaches to derive value than for other asset
classes.
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Asset Standards – IVS 220 Plant and Equipment
IVS 220 Plant and Equipment
International Valuation Standards
Contents Paragraphs
Standard 1
Scope of Work 2–4
Implementation 5
Reporting 6
Effective Date
Commentary
7
Plant and Equipment C1–C2
Intangible Assets C3
Financing Arrangements C4–C5
Forced Sale C6–C7
Valuation Approaches C8–C12
STANDARD
1. The principles contained in the General Standards apply to valuations
of plant and equipment. This standard only includes modifications,
additional requirements or specific examples of how the General
Standards apply for valuations to which this standard applies.
Scope of Work (IVS 101)
2. To comply with the requirement to identify the asset or liability to be
valued in IVS 101 para 2(d), consideration shall be given to the
degree to which the item of plant and equipment is attached to or
integrated with other assets. For example:
● assets may be permanently attached to the land and could not
be removed without substantial demolition of either the asset or
any surrounding structure or building,
● an individual machine may be part of an integrated production
line where its functionality is dependent upon other assets.
In such cases it will be necessary to clearly define what is to be
included or excluded from the valuation. Any necessary assumptions
or special assumptions relating to the availability of any
complementary assets shall also be stated, see also para 4 below.
3. Plant and equipment connected with the supply or provision of
services to a building are often integrated within the building and
once installed are not separable from it. These items will normally
form part of the real property interest. Examples include plant with
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Asset Standards
the primary function of supplying electricity, gas, heating, cooling or
ventilation to a building and equipment such as elevators. If the
purpose of the valuation requires these items to be valued
separately the scope of work shall include a statement to the effect
that the value of these items would normally be included in the real
property interest and may not be separately realisable. When
different valuation assignments are undertaken to carry out
valuations of the real property interest and plant and equipment
assets at the same location, care is necessary to avoid either
omissions or double counting.
4. Because of the diverse nature and transportability of many items of
plant and equipment, additional assumptions will normally be required
to describe the state and circumstances in which the assets are valued.
In order to comply with IVS 101 para 2(i) these must be considered and
included in the scope of work. Examples of assumptions that may be
appropriate in different circumstances include:
● that the plant and equipment assets are valued as a whole, in
place and as part of the business, considered as a going
concern,
● that the plant and equipment assets are valued as a whole, in
place but on the assumption that the business is closed,
● that the plant and equipment assets are valued as individual
items for removal from their current location.
In some circumstances, it may be appropriate to report on more
than one set of assumptions, eg in order to illustrate the effect of
business closure or cessation of operations on the value of plant
and equipment.
Implementation (IVS 102)
5. There are no additional requirements for plant and equipment.
Reporting (IVS 103)
6. In addition to the minimum requirements in IVS 103 Reporting, a
valuation report on plant and equipment shall include appropriate
references to matters addressed in the scope of work in
accordance with paras 2 to 4 above. The report shall also include
comment on the effect on the reported value of any associated
tangible or intangible assets excluded from the valuation, eg
operating software for a machine or a continued right to occupy the
land on which the item is situated.
Effective Date
7. This standard is effective from 1 January 2012, although earlier
adoption is encouraged.
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COMMENTARY
Plant and Equipment
C1. Items of plant and equipment are tangible assets that are held by
an entity for use in the production or supply of goods or services,
for rental by others or for administrative purposes and that are
expected to be used over a period of time. The following assets are
not classed as plant and equipment
● real property,
● mineral or natural resources,
● raw materials and consumables,
● stock and inventory,
● consumables,
International Valuation Standards
● agricultural assets (eg plants, livestock, etc),
● personal property such as artwork, jewellery and collectibles.
C2. A valuation of plant and equipment will normally require consideration
of a range of factors relating to the asset itself, its environment and
its economic potential. Examples of factors that may need to be
considered under each of these headings include the following:
Asset related:
● the asset’s technical specification,
● the remaining physical life,
● the asset’s condition, including maintenance history,
● if the asset is not valued in its current location, the costs of
decommissioning and removal,
● any potential loss of a complementary asset, eg the operational
life of a machine may be curtailed by the length of lease on the
building in which it is located.
Environment related:
● the location in relation to source of raw material and market for
product. The suitability of a location may also have a limited life,
eg where raw materials are finite or where demand is transitory,
● the impact of any environmental or other legislation that either
restricts utilisation or imposes additional operating or
decommissioning costs.
Economic related:
● the actual or potential profitability of the asset based on
comparison of running costs with earnings or potential
earnings,
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● the demand for the product from the plant and equipment with
regard to both macro and micro economic factors that could
impact on demand,
● the potential for the asset to be put to a more valuable use than
the current use.
Intangible Assets
C3. Intangible assets fall outside the classification of plant and
equipment assets. However, an intangible asset may have an
impact on the value of plant and equipment assets. For example,
the value of patterns and dies is often inextricably linked to
associated intellectual property rights. Operating software, technical
data, production records and patents are further examples of
intangible assets that can have an impact on the value of plant and
equipment assets, depending on whether or not they are included in
the valuation. In such cases, the valuation process will involve
consideration of the inclusion of intangible assets and their impact
on the valuation of the plant and equipment assets.
Financing Arrangements
C4. An item of plant and equipment may be subject to a financing
arrangement. Accordingly, the asset cannot be sold without the
lender or lessor being paid any balance outstanding under the
financing arrangement. This payment may or may not exceed the
unencumbered value of the item. Depending upon the purpose of the
valuation it may be appropriate to identify any encumbered assets
and to report their values separately from the unencumbered assets.
C5. Items of plant and equipment that are subject to operating leases
are the property of third parties and therefore not included in a
valuation of the assets of the lessee. However, such assets may
need to be recorded as their presence may impact on the value of
owned assets used in association.
Forced Sale
C6. Plant and equipment assets can be particularly susceptible to
forced sale conditions, see the IVS Framework paras 53 to 55. A
common example is where the assets have to be removed from a
property in a timeframe that precludes proper marketing because a
lease of the property is being terminated.
C7. The impact of such circumstances on value needs careful
consideration. In order to advise on the value likely to be realised it
will be necessary to consider any alternatives to a sale from the
current location, such as the practicality and cost of removing the
items to another location for disposal within the available time limit.
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Valuation Approaches
C8. The three principal valuation approaches described in the IVS
Framework can all be applied to the valuation of plant and
equipment assets.
C9. For classes of plant and equipment that are homogenous, eg motor
vehicles and certain types of office equipment or industrial
machinery, the market approach is commonly used as there is
sufficient data of recent sales of similar assets. However, many
types of plant and equipment are specialised and direct sales
evidence for such items will not be available, necessitating the use
of either the income approach or the cost approach.
C10. The income approach to the valuation of plant and equipment can be
used where specific cash flows can be identified for the asset or a
group of complementary assets, eg where a group of assets forming
a process plant is operating to produce a marketable product. 2
However some of the cash flows may be attributable to intangible
assets and difficult to separate from the cash flow contribution of the
plant and equipment. Use of the income approach is not normally
practical for many individual items of plant or equipment.
C11. The cost approach is commonly adopted for plant and equipment
particularly in the case of individual assets that are specialised. This
is done by calculating the depreciated replacement cost 3 of the asset.
The cost to a market participant of replacing the subject asset is
estimated. The replacement cost is the cost of obtaining an
alternative asset of equivalent utility; this can either be a modern
equivalent providing the same functionality or the cost of reproducing
an exact replica of the subject asset. The latter is only appropriate
where the cost of a replica would be less than the cost of a modern
equivalent or where the utility offered by the subject asset could only
be provided by a replica rather than a modern equivalent.
C12. Having established the replacement cost, deductions are then
made to reflect the physical, functional and economic obsolescence
of the subject asset when compared to the alternative asset that
could be acquired at the replacement cost.
2 More detailed guidance is contained in the Exposure Draft TIP 1 Discounted Cash Flow
(DCF) Method – Real Property and Business Valuations published January 2011.
3 More detailed guidance is contained in the Exposure Draft TIP 2 Depreciated Replacement
Cost published February 2011.
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IVS 230 Real Property Interests
Contents Paragraphs
STANDARD 1
Scope of Work 2–4
Implementation 5
Reporting 6
Effective Date
COMMENTARY
7
Types of Real Property Interest C1–C3
The Hierarchy of Interests C4–C7
Rent C8–C11
Valuation Approaches C12
Market Approach C13–C15
Income Approach C16–C21
Cost Approach
ANNEXE
C22–C24
Historic Property A1–A17
STANDARD
1. The principles contained in the General Standards apply to
valuations of real property interests. This standard only includes
modifications, additional requirements or specific examples of how
the General Standards apply for valuations to which this standard
applies.
Scope of Work (IVS 101)
2. To comply with the requirement to identify the asset to be valued in
IVS 101 para 2(d) the following matters shall be included:
● a description of the real property interest to be valued,
● identification of any superior or subordinate interests that affect
the interest to be valued.
3. To comply with the requirements to state the extent of the
investigation and the nature and source of the information to be
relied upon in IVS 101 para 2(g) and (h) respectively the following
matters shall be considered:
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● the evidence required to verify the real property interest and any
relevant related interests,
● the extent of any inspection,
● responsibility for information on the site area and any building
floor areas,
● responsibility for confirming the specification and condition of
any building,
● the extent of investigation into the nature, specification and
adequacy of services,
● the existence of any information on ground and foundation
conditions,
● responsibility for the identification of actual or potential
environmental risks.
4. Typical examples of special assumptions that may need to be
agreed and confirmed in order to comply with IVS 101 para 2(i)
include:
● that a defined physical change had occurred, eg a proposed
building is valued as if complete at the valuation date,
● that there had been a change in the status of the property, eg a
vacant building had been leased or a leased building had
become vacant at the valuation date.
Implementation (IVS 102)
5. There are no additional requirements for real property interests.
Reporting (IVS 103)
6. There are no additional requirements for real property interests
other than inclusion of appropriate references to matters addressed
in the scope of work in accordance with paras 2 to 4 above.
Effective Date
7. The effective date of this standard is 1 January 2012, although
earlier adoption is encouraged.
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COMMENTARY
Types of Real Property Interest
C1. A real property interest is a right of ownership, control, use or
occupation of land and buildings. There are three basic types of
interest:
(a) the superior interest in any defined area of land. The owner of
this interest has an absolute right of possession and control of
the land and any buildings upon it in perpetuity subject only to
any subordinate interests and any statutory constraints;
(b) a subordinate interest that gives the holder rights of exclusive
possession and control of a defined area of land or buildings for
a defined period, eg under the terms of a lease contract;
(c) a right to use land or buildings but without a right of exclusive
possession or control, eg a right to pass over land or to use it
only for a specified activity.
C2. Interests in real property may be held jointly, where a number of
parties have the right to the share the whole interest, or severally,
where each party has a defined proportion of the whole interest.
C3. Although different words and terms are used to describe these
types of real property interest in different states, the concepts of an
unlimited absolute right of ownership, an exclusive interest for a
limited period or a non-exclusive right for a specified purpose are
common to most jurisdictions. The immovability of land and
buildings means that it is the right that a party holds that is
transferred in an exchange, not the physical land and buildings. The
value, therefore, attaches to the property interest rather than to the
physical land and buildings.
The Hierarchy of Interests
C4. The different types of real property interest are not mutually
exclusive. A superior interest may be subject to one or more
subordinate interests. The owner of the absolute interest may grant
a lease interest in respect of part or all of his interest. Lease
interests granted directly by the owner of the absolute interest are
“head lease” interests. Unless prohibited by the terms of the lease
contract, the holder of a head lease interest can grant a lease of
part or all of that interest to a third party, which is known as a sublease
interest. A sub-lease interest will always be shorter than the
head lease out of which it is created, even if only by one day.
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C5. These property interests will have their own characteristics, as
illustrated in the following examples:
● Although an absolute interest provides outright ownership in
perpetuity, it may be subject to the effect of subordinate
interests. These subordinate interests could include leases,
restrictions imposed by a previous owner or restriction imposed
by statute.
● A lease interest will be for a defined period, at the end of which
the property reverts to the holder of the superior interest out of
which it was created. The lease contract will normally impose
obligations on the lessee, eg the payment of rent and other
expenses. It may also impose conditions or restrictions, such as
in the way the property may be used or on any transfer of the
interest to a third party.
● A right of use may be held in perpetuity or may be for a defined
period. The right may be dependent on the holder making
payments or complying with certain other conditions.
C6. When valuing a real property interest it is therefore necessary to
identify the nature of the rights accruing to the holder of that
interest and reflect any constraints or encumbrances imposed by
the existence of other interests in the same property. The sum of
the individual values of various different interests in the same
property will frequently differ from the value of the unencumbered
superior interest.
C7. Property interests are normally defined by state law and often
regulated by national or local legislation. Before undertaking a
valuation of a real property interest, an understanding of the
relevant legal framework that affects the interest being valued is
essential.
Rent
C8. When valuing either a superior interest that is subject to a lease or
an interest created by a lease, it is necessary to consider the
contract rent and, in cases where it is different, the market rent.
C9. Market rent is the estimated amount for which a property would be
leased on the valuation date between a willing lessor and a willing
lessee on appropriate lease terms in an arm’s length transaction,
after proper marketing and where the parties had each acted
knowledgeably, prudently and without compulsion.
C10. The commentary given for the similar definition of market value in
the IVS Framework can be applied to assist in the interpretation of
market rent. In particular, the estimated amount excludes a rent
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inflated or deflated by special terms, considerations or concessions.
The “appropriate lease terms” are terms that would typically be
agreed in the market for the type of property on the valuation date
between market participants. A valuation of market rent should only
be provided in conjunction with an indication of the principal lease
terms that have been assumed.
C11. The contract rent is the rent payable under the terms of an actual
lease. It may be fixed for the duration of the lease or variable. The
frequency and basis of calculating variations in the rent will be set
out in the lease and must be identified and understood in order to
establish the total benefits accruing to the lessor and the liability of
the lessee.
Valuation Approaches
C12. The three principal valuation approaches described in the IVS
Framework can all be applicable for the valuation of a real property
interest.
Market Approach
C13. Property interests are not homogeneous. Even if the land and
buildings to which the interest being valued relates have identical
physical characteristics to others being exchanged in the market,
the location will be different. Notwithstanding these dissimilarities,
the market approach is commonly applied for the valuation of real
property interests.
C14. In order to compare the subject of the valuation with the price of
other real property interests that have been recently exchanged or
that may be currently available in the market, it is usual to adopt a
suitable unit of comparison. Units of comparison that are commonly
used include analysing sale prices by calculating the price per
square metre of a building or per hectare for land. Other units used
for price comparison where there is sufficient homogeneity between
the physical characteristics include a price per room or a price per
unit of output, eg crop yields. A unit of comparison is only useful
when it is consistently selected and applied to the subject property
and the comparable properties in each analysis. To the extent
possible any unit of comparison used should be one commonly
used by participants in the relevant market.
C15. The reliance that can be applied to any comparable price data in
the valuation process is determined by comparing various
characteristics of the property and transaction from which the data
was derived with the property being valued. Differences between
the following should be considered:
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● the interest providing the price evidence and the interest being
valued,
● the respective locations,
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● the respective quality of the land or the age and specification of
the buildings,
● the permitted use or zoning at each property,
● the circumstances under which the price was determined and
the basis of value required,
● the effective date of the price evidence and the required
valuation date.
Income Approach
C16. Various methods are used to indicate value under the general heading
of the income approach, all of which share the common characteristic
that the value is based upon an actual or estimated income that either
is or could be generated by an owner of the interest. In the case of an
investment property, that income could be in the form of rent; in an
owner-occupied building, it could be an assumed rent (or rent saved)
based on what it would cost the owner to lease equivalent space.
Where a building is suitable for only a particular type of trading activity,
the income is often related to the actual or potential cash flows that
would accrue to the owner of that building from the trading activity.
The use of a property’s trading potential to indicate its value is often
referred to as the “profits method”.
C17. The income stream identified is then used to indicate the value by a
process of capitalisation. An income stream that is likely to remain
constant can be capitalised using a single multiplier, often known as
the capitalisation rate. This figure represents the return, or “yield”,
that an investor, or the notional return in the case of an owneroccupier,
would expect to reflect the time cost of money and the
risks and rewards of ownership. This method, often known as the
all risks yield method, is quick and simple but cannot be reliably
used where the income is expected to change in future periods to
an extent greater than that generally expected in the market or
where a more sophisticated analysis of risk is required.
C18. In such cases, various forms of discounted cash flow models can
be used. These vary significantly in detail but share the basic
characteristic that the net income for a defined future period is
adjusted to a present day value using a discount rate. The sum of
the present day values for the individual periods represents the
capital value. As in the case of the all risks yield method, the
discount rate in a discounted cash flow model will be based on the
time cost of money and the risks and rewards attaching to the
income stream in question.
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C19. The yield or discount rate discussed above will be determined by
the objective of the valuation. If this is to establish the value to a
particular owner or potential owner based on their own investment
criteria, the rate used may reflect their required rate of return or the
weighted average cost of capital. If it is to establish the market
value, the rate will be derived from observation of the returns
implicit in the price paid for real property interests traded in the
market between market participants.
C20. The appropriate discount rate should be determined from analysis
of the rates implicit in transactions in the market. Where this is not
possible, an appropriate discount rate may be built up from a typical
“risk free“ return adjusted for the additional risks and opportunities
specific to the particular real property interest.
C21. The appropriate yield or discount rate will also depend on whether
the income inputs or cash flows used are based on current levels or
whether projections have been made to reflect anticipated future
inflation or deflation. 4
Cost Approach
C22. This approach is generally applied to the valuation of real property
interests through the depreciated replacement cost method. 5 It is
normally used when there is either no evidence of transaction
prices for similar property or no identifiable actual or notional
income stream that would accrue to the owner of the relevant
interest. It is principally used for the valuation of specialised
property, which is property that is rarely if ever sold in the market,
except by way of sale of the business or entity of which it is part.
C23. The first step requires a replacement cost to be calculated. This is
normally the cost of replacing the property with a modern
equivalent at the relevant valuation date. An exception is where an
equivalent property would need to be a replica of the subject
property in order to provide a market participant with the same
utility, in which case the replacement cost would be that of
reproducing or replicating the subject building rather than replacing
it with a modern equivalent. The replacement cost needs to reflect
all incidental costs such as the value of the land, infrastructure,
design fees and finance costs that would be incurred by a market
participant in creating an equivalent asset.
4 More detailed guidance is contained in the Exposure Draft TIP1 The Discounted Cash Flow
(DCF) Method – Real Property and Business Valuations published in January 2011.
5 More detailed guidance is contained in the Exposure Draft TIP 2 Depreciated Replacement
Cost published in February 2011.
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C24. The cost of the modern equivalent is then subject to adjustment for
obsolescence. The objective of the adjustment for obsolescence is
to estimate how much less valuable the subject property would be
to a potential buyer than the modern equivalent. Obsolescence
considers the physical condition, functionality and economic utility
of the subject property compared to the modern equivalent.
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ANNEXE – HISTORIC PROPERTY
A1. This Annexe gives additional guidance on matters that require
consideration when valuations are undertaken of interests in
historic real property.
A2. A historic property is real property that is publicly recognised or
officially designated by a government body as having cultural or
historic importance because of its association with a historic event
or period, with an architectural style or with a nation’s heritage. The
characteristics common to historic property include the following:
● its historic, architectural and/or cultural importance,
● the statutory or legal protection to which it may be subject,
● restraints and limitations placed upon its use, alteration and
disposal,
● a frequent obligation in some jurisdictions that it be accessible
to the public.
A3. Historic property is a broad term, encompassing many property
types. Some historic property is restored to its original condition,
some is partially restored, eg the building facade, and others are
not restored. Historic property also includes properties partially
adapted to current standards, eg the interior space, and properties
that have been extensively modernised.
Protection of Historic Property
A4. Historic property may have legal or statutory protection because of
its cultural and economic importance. Many governments have
enacted measures to safeguard specific historic property or to
protect whole areas of special architectural or historic interest.
A5. The UNESCO6 Glossary of World Heritage Terms defines cultural
heritage and cultural property as follows:
“Cultural Heritage. Three groups of assets are recognized:
(a) Monuments: architectural works, works of monumental
sculpture and painting, elements or structures of an
archaeological nature, inscriptions, cave dwellings and
combinations of features, which are of outstanding universal
value from the point of view of history, art or science;
(b) Groups of buildings: groups of separate or connected buildings
which, because of their architecture, their homogeneity or their
6 UNESCO is the United Nations Educational, Scientific and Cultural Organization.
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place in the landscape, are of outstanding universal value from
the point of view of history, art or science; and
(c) Sites: works of man or the combined works of nature and man,
and areas including archaeological sites, which are of
outstanding universal value from the historical, aesthetic,
ethnological or anthropological point of view.” 7
“Cultural Property is property inscribed in the World Heritage List
after having met at least one of the cultural heritage criteria and the
test of authenticity.” 8
A6. Not all historic property is necessarily recorded in registers of
officially designated historic properties. Many properties having
cultural and historic importance also qualify as historic property.
Features of Historic Property Affecting Valuations
A7. The valuation of historic property requires consideration of a variety
of factors that are associated with the importance of these
properties, including the legal and statutory protections to which
they are subject, the various restraints upon their use, alteration and
disposal, and possible financial grants, tax rate or tax exemptions to
the owners of such properties in some jurisdictions.
A8. When undertaking a valuation of a historic property, the following
matters should be considered depending upon the nature of the
historic property and the purpose of the valuation:
(a) The costs of restoration and maintenance may be considerable
for historic property and these costs, in turn, affect the value of
the property.
(b) Legal measures to safeguard historic property may limit or
restrict the use, intensity of use or alteration of a historic
property. Examples include the following:
● restrictive covenants that apply to the land regardless of the
owner,
● preservation easements that prohibit certain physical
changes, usually based on the condition of the property at
the time the easement was acquired or immediately after
proposed restoration of the property,
● conservation easements that limit the future use of a
property so as to protect open space, natural features or
wildlife habitat.
7 World Heritage Convention, Article I, UNESCO, 1972.
8 World Heritage Convention, Article II, UNESCO, 1972.
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A9. The valuation of historic property involves special considerations
dealing with the nature of older construction methods and
materials, the current efficiency and performance of such
properties in terms of modern equivalent assets, the
appropriateness of methods used to repair, restore, refurbish or
rehabilitate the properties, and the character and extent of legal
and statutory protections affecting the properties.
A10. The land or site upon which a historic property stands may be
subject to constraints upon its use. In turn, any such constraints will
affect the overall value of the historic property.
A11. In some cases historic property may be incapable of reliable
valuation because there is no relevant market evidence, no
potential for generating income and no demand to warrant
replacement. An example would be a partially ruined building with
no income generating potential; although it may well have historic
significance, this could not be replicated or replaced.
Valuation Approaches
A12. The three principal valuation approaches described in the IVS
Framework can all be applied to the valuation of a historic property.
Market Approach
A13. In applying the market approach, the historic nature of the property
may change the order of priority normally given to attributes of
comparable properties. It is especially important to find comparable
properties with historic features similar to those of the subject
historic property. Criteria for the selection of comparable properties
include architectural style, property size, specific cultural or historic
associations of the subject property and similarity in location as
regards zoning, permissible use, legal protection and concentration
of historic properties. A variety of adjustments may have to be
made to the comparable sales. These involve differences in
location, costs of restoration or rehabilitation, or specific
encumbrances. Adjustments are normally made in the following
situations:
● when costs must be incurred to restore or rehabilitate the
subject property, but not the comparable sales,
● where the specific encumbrances upon the subject property, eg
restrictive covenants or preservation easements, differ from
those upon the comparable properties.
Income Approach
A14. Historic property fully utilised for commercial purposes may be
valued by means of the income approach. Where the distinctive
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physical features of a historic property contribute to its drawing
power under an income producing use, it is particularly important to
reflect the cost of any work necessary to restore, adapt or maintain
the features of the property. Where work is required, allowances
should be made for the time and cost involved in obtaining any
necessary statutory consent.
Cost Approach
A15. When applying the cost approach to the valuation of a historic
property, consideration is given to whether the historic features of a
building would be of intrinsic value in the market for that property.
Some historic buildings will be of value simply because of their
symbolic status. For example, a historic building used for a famous
art gallery could be just as or more important than the function it
fulfils. In this situation, the service potential of such a building is
inseparable from its historic features. The modern equivalent of
such properties would need to reflect either the cost of reproducing
a replica, or if this is not possible because the original materials or
techniques are no longer available, the cost of a new building with a
similarly distinctive and high specification.
A16. In many cases, the historic features will either add no value or be
viewed as an encumbrance by a purchaser, eg a hospital operating
in a historic building. In such cases, the modern equivalent would
reflect the cost of a new building constructed to a conventional
modern specification.
A17. In all cases, the adjustments for physical deterioration and
functional obsolescence will need to reflect factors such as the
higher cost of maintenance associated with the historic property
and the loss of flexibility for adapting the building to the changing
needs of an occupier.
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IVS 233 Investment Property under Construction
Contents Paragraphs
STANDARD 1
Scope of Work 2–3
Implementation 4
Reporting 5
Effective Date
COMMENTARY
6
Investment Property C1–C3
Valuation Approaches C4–C10
Valuation Inputs C11
Special Considerations for Financial Reporting C12
Special Considerations for Secured Lending Valuations C13
STANDARD
1. The principles contained in the General Standards and in IVS 230
Real Property Interests apply to valuations of investment property
under construction. This standard only includes modifications,
additional requirements or specific examples of how the General
Standards apply for valuations to which this standard applies.
Scope of Work (IVS 101)
2. To comply with the requirements to state the extent of investigations
and nature and source of the information to be relied upon in IVS
101 para 2(g) and (h) respectively the following matters shall be
commented upon:
● the source of information on the proposed building, eg
identifying the plans and specification which will be used to
indicate the value of the completed project,
● the source of information on the construction and other costs
required to complete the project.
3. Typical examples of assumptions or special assumptions that may
need to be agreed and confirmed in order to comply with IVS 101
para 2(i) include:
● that the building will be completed in accordance with the
identified plans and specification,
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● that any preconditions required for agreed leases of the
completed building would be met or complied with.
Implementation (IVS 102)
4. There are no additional requirements for investment property under
construction.
Reporting (IVS 103)
5. In addition to the requirements of IVS 103 Reporting and IVS 230
Real Property Interests a valuation report on investment property
under construction shall include appropriate references to matters
addressed in the scope of work in accordance with paras 2 and 3
above. The report shall also include comment on such of the
following matters as is relevant to the purpose of the valuation:
● a statement that the project is under construction,
● a description of the project,
● a description of the stage of development reached, the
estimated cost to complete and the source of that estimate,
● identification of and, where possible, quantification of the
remaining risks associated with the project, distinguishing
between the risks in respect of generating rental income and
construction risks,
● a description of how the risks have been reflected in the
valuation,
● the key inputs to the valuation and the assumptions made in
determining those inputs,
● a summary of the status of any outstanding major contracts, if
relevant.
Effective Date
6. The effective date of this standard is 1 January 2012, although
earlier adoption is encouraged.
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COMMENTARY
Investment Property
C1. Investment property is property that is land or a building, or part of
a building, or both, held by the owner to earn rentals or for capital
appreciation, or both, rather than for:
(a) use in the production or supply of goods or services or for
administrative purposes, or
(b) sale in the ordinary course of business.
C2. The owner may hold a superior or subordinate interest in
investment property. For the descriptions of the types of property
interest and the principles to be applied in valuing them, see IVS
230 Real Property Interests. This standard is concerned with the
situation where an investment property is in the course of
construction on the valuation date.
C3. Valuations of partially completed investment property may be
required for different purposes including:
● acquisitions, mergers and sales of businesses or parts of
businesses,
● loan security,
● litigation,
● financial reporting.
Asset Standards
Valuation Approaches
C4. This standard provides principles that should be observed in
estimating the market value of investment property under
construction. Market value is discussed in detail in the IVS
Framework but in summary the objective is to estimate the price
that would be paid and received in a hypothetical exchange of the
partially completed property in the market as of the valuation date.
C5. In practice, few investment properties are transferred between
market participants in a partially completed state, except as either
part of a transfer of the owning entity or where the seller is either
insolvent or facing insolvency and therefore unable to complete the
project. Even in the unlikely event of there being evidence of a
transfer of another partially completed investment property close to
the valuation date, the degree to which work has been completed
would almost certainly differ, even if the properties were otherwise
similar.
C6. In the absence of directly comparable sales evidence, the value has
to be estimated using one or more market-based valuation
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approaches. Such approaches may use information from a variety
of sources, including:
● sales evidence of comparable properties in different locations
or in a different condition with adjustments made to account for
such differences,
● sales evidence of comparable properties transacted in different
economic conditions with adjustments made to account for such
differences,
● discounted cash flow projections or income capitalisation
supported by comparable market data on construction costs,
lease terms, operating costs, growth assumptions, discount and
capitalisation rates and other key inputs.
C7. The market value of a partially completed investment property will
reflect the expectations of market participants of the value of the
property when complete, less deductions for the costs required to
complete the project and appropriate adjustments for profit and risk.
The valuation and all key assumptions used in the valuation should
reflect market conditions at the valuation date.
C8. It is inappropriate to estimate the market value of a partially
completed investment property solely by reference to the project
plan or feasibility study produced at the commencement of the
project. Once the project has commenced, this is not a reliable tool
for measuring value as the inputs will be historic. An approach
based on estimating the percentage of the project that has been
completed prior to the valuation date is therefore unlikely to be
relevant in determining the current market value.
C9. If the time required from the valuation date to complete construction
of a new investment property is such that the anticipated cash flows
will occur over a period of time, and if the time cost of money is
likely to be a significant factor, it would be appropriate to use a
discounted cash flow method that reflects the probable timing of
those cash flows.
C10. A valuation of investment property under construction may be
undertaken using either a growth-implicit model, which uses current
cost and value inputs, or a growth-explicit model which uses
estimated future cost and value inputs. In either model, the objective
is to estimate the value on the special assumption that the property
is complete, from which appropriate deductions are then made in
order to estimate the value of the property in its present condition.
The more appropriate of these alternatives will be the one prevailing
in the market for the class of property on the valuation date. Inputs
from one model should not be used in the other, and the report
should make clear which approach is being adopted.
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Valuation Inputs
C11. The exact valuation inputs used will vary with the valuation model
being used but will normally include those listed in this section. The
inputs will also vary depending on whether a growth-implicit or
growth-explicit model is being used, see para C10 above. Typical
inputs include:
(a) Completed property
If a growth-implicit model is used, this will reflect the value of
the investment property as if complete, ie its value on the
assumption that on the valuation date it had already been
completed in accordance with the current specification. If a
growth-explicit model is used, this will reflect the projected value
of the property upon completion, ie the expected value of the
property on the date when it is anticipated to be complete.
(b) Leasing
If lessees for the property after completion have still to be
identified, allowance will need to be taken of the time and costs
that it would be realistic to allow for stabilised occupancy to be
reached, ie the period required to reach realistic long-term
occupancy levels. The costs during this period could include
fees, marketing, incentives, maintenance and unrecoverable
service charges. The income from anticipated future leases may
be based on current market rents if a growth-implicit model is
used or anticipated future rents if a growth-explicit model is
used. If there are leasing agreements in place that are
conditional on the project, or a relevant part, being completed,
these should be reflected in the valuation.
(c) Construction costs
The benefit of any work carried out prior to the valuation date
will be reflected in the current value, but will not determine that
value. Similarly, previous payments under the actual building
contract prior to the valuation date are not relevant to current
value. In contrast, the sums remaining to be paid under any
binding construction contract in existence at the valuation date
are often the best evidence of the construction costs required to
complete. However, if there is a material risk that the contract
may not be fulfilled, eg due to a dispute or insolvency of one of
the parties, it may be more appropriate to reflect the cost of
engaging a new contractor to complete the outstanding work. If
there is no fixed price contract in place and a growth-explicit
model is being used, then it may be appropriate to use
prospective cost, ie reflecting the reasonable expectation of
market participants on the valuation date of costs on the dates
when they are likely to be incurred.
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(d) Finance costs
These represent the cost of finance for the project from
acquisition through to the anticipated repayment of the loan. As
the lender may perceive the risks during construction to differ
substantially from the risks following completion of construction,
the finance cost during each period should be considered
separately. Even if the entity is self-funding the project,
appropriate market rates of interest should be allowed to reflect
those which would be obtainable by a typical buyer of the
property in the market at the date of valuation.
(e) Other costs
These will include legal and professional costs that would be
reasonably incurred by a buyer in completing the construction
and in letting the investment property. Except where there are
leasing agreements in place, allowance will also need to be
made for the reasonable costs of marketing. However, any costs
that would be incurred in an actual transfer of the property on
the valuation date should be ignored.
(f) Buyers profit and risk
Allowance should be made for the return that would be required
by a buyer of the partially completed investment property in the
marketplace. This should reflect the risks associated with the
completion of the construction programme and in achieving the
anticipated income or capital value on the valuation date. The
buyer’s return can be expressed as a target profit, either a lump
sum or a percentage return on cost or value.
All significant risks should be identified and evaluated. Typical
risks associated with any partially completed construction project
will include variations in construction cost, finance costs and the
construction programme. Additional risks associated with
investment property under construction include fluctuations in the
value of the completed project between inception and
completion, and the time that will be required to secure lessees
and a stabilised income. The risks associated with generating
income from the property after completion should be identified
and evaluated separately from the risks associated with
completing construction. If a growth-implicit model is used, the
valuation inputs will reflect current values and costs so the risk of
these changing between the valuation date and the anticipated
completion date should be evaluated. If a growth-explicit model
has been used based on prospective values and costs, the risk of
those projections proving to be inaccurate should be evaluated.
Alternatively, if a discounted cash flow method is used to produce
the valuation, the discount rate may be the minimum rate of
return that would be required by a typical buyer in the market.
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The profit anticipated by the entity at the commencement of the
development project is irrelevant to the valuation of its interest
in the project once construction has commenced. The valuation
should reflect those risks remaining at the valuation date and
the discount or return that a buyer of the partially completed
project would require for bringing it to a successful conclusion.
(g) Other considerations
In situations where there has been a change in the market since
a project was originally conceived, the project under
construction may no longer represent the highest and best use
of the land. In such cases, the costs to complete the project
originally proposed may be irrelevant as a buyer in the market
would either demolish any partially completed structures or
adapt them for an alternative project. The value of the
investment property under construction would need to reflect
the current value of the alternative project and the costs and
risks associated with completing that project.
Special Considerations for Financial Reporting
C12. Financial statements are normally produced on the assumption that
the entity is a going concern, see IVS 300 Valuations for Financial
Reporting para 4. It is therefore normally appropriate to assume
that any contracts, eg for the construction or letting of the property
on completion, would pass to the buyer in the hypothetical
exchange, even if those contracts may not be assignable in an
actual exchange. An exception would be if there was evidence of
an abnormal risk of default by a contracted party on the valuation
date.
Special Considerations for Secured Lending Valuations
C13. As indicated in IVS 310 Valuations of Property Interests for
Secured Lending, the appropriate basis of valuation for secured
lending is market value. However, in considering the value of any
property that is under construction as security, regard should be
had to the fact that many contracts either become void or voidable
in the event of one of the parties becoming subject to formal
insolvency proceedings. Therefore, it may not be appropriate to
make an assumption that a buyer of the partially completed project
would have the benefit of existing building contracts and any
associated warrantees and guarantees. Similarly with an agreement
to lease, care should be taken in assuming that the benefit of any
agreement entered into by the borrower acting as lessor would be
transferable to a buyer.
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Asset Standards – IVS 250 Financial Instruments
International Valuation Standards
IVS 250 Financial Instruments
Contents Paragraphs
STANDARD 1
Scope of Work 2–3
Implementation 4
Reporting 5–6
Effective Date
COMMENTARY
7
Introduction C1–C4
Markets for Financial Instruments C5–C8
Credit Risk C9–C10
Own Credit Risk C11–C12
Liquidity and Market Activity C13–C15
Valuation Inputs C16–C19
Valuation Approaches C20–C22
Market Approach C23–C25
Income Approach C26–C29
Cost Approach C30
Control Environment C31–C35
STANDARD
1. The principles contained in the General Standards apply to
valuations of financial instruments. This standard only includes
modifications, additional requirements or specific examples of how
the General Standards apply for valuations to which this standard
applies.
Scope of Work (IVS 101)
2. When valuations are being undertaken by the holding entity that are
intended for use by external investors, regulatory authorities or
other entities, to comply with the requirement to confirm the identity
and status of the valuer in IVS 101 para 2(a), reference shall be
made to the control environment in place, see Commentary paras
C31 to C35 below.
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3. To comply with the requirement to identify the asset or liability to be
valued as in IVS 101 para 2(d) the following matters shall be
addressed:
● the class or classes of instrument to be valued,
● whether the valuation is to be of individual instruments, a
portfolio of identical instruments or a whole portfolio of assets.
Implementation (IVS 102)
4. There are no additional requirements for financial instruments.
Reporting (IVS 103)
5. To comply with the requirement to disclose the valuation approach
and reasoning in IVS 103 para 5(l), consideration shall be given to
the appropriate degree of reporting detail. This will differ for
different categories of financial instrument. Sufficient information
should be provided to allow users to understand the nature of each
class of instrument valued and the primary factors influencing the
values. Information that adds little to a users’ understanding as to
the nature of the asset or that obscures the primary factors
influencing value shall be avoided. In determining the level of
disclosure that is appropriate, regard shall be had to the following:
● Materiality
The value of an instrument or class of instruments in relation to
the total value of the holding entity’s assets and liabilities or the
portfolio that is valued.
● Uncertainty
The value of the instrument may be subject to material
uncertainty on the valuation date due to the nature of the
instrument, the model or inputs used or to market abnormalities.
Disclosure of the cause and nature of any material uncertainty
should be made.
● Complexity
For complex instruments a more detailed description of the
nature of the instrument and the factors influencing value is
normally appropriate.
● Comparability
The instruments that are of particular interest to users may
differ with the passage of time. The usefulness of the valuation
report, or any other reference to the valuation, is enhanced if it
reflects the information demands of users as market conditions
change, although to be meaningful the information presented
should allow comparison with previous periods.
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● Underlying assets
If the cash flows of an instrument are generated from or
secured by specific underlying assets, information about
matters affecting the current value of those assets will help
users to understand the reported value of the instrument.
6. When financial instruments are valued for inclusion in a financial
report prepared under IFRS, IFRS 7 requires specific disclosures
depending upon where the instrument is classified within the
hierarchy of valuation inputs, see IVS 300 Valuations for Financial
Reporting.
Effective Date
7. This effective date of this standard is 1 January 2012, although
earlier adoption is encouraged.
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COMMENTARY
Introduction
C1. A financial instrument is a contract that creates rights or obligations
between specified parties to receive or pay cash or other financial
consideration, or an equity instrument. The contract may require the
receipt or payment to be made on or before a specific date or be
triggered by a specified event. An equity instrument is any contract
that creates a residual interest in the assets of an entity after
deducting all of its liabilities.
C2. Valuations of financial instruments are required for many different
purposes including, but not limited to:
● acquisitions, mergers and sales of businesses or parts of
businesses,
● financial reporting,
Asset Standards
● regulatory requirements, in particular banking solvency
requirements,
● internal risk and compliance procedures,
● establishing the net asset value of insurance company funds,
● pricing and performance measurement of investment funds.
C3. Financial instruments can be broadly divided into either “cash
instruments”, which include loans, deposits, securities and bonds,
or “derivative instruments”, which derive a return from one or more
underlying assets.
C4. A thorough understanding of the instrument being valued is
required to identify and evaluate the relevant market information
available for identical or similar instruments. Such information
includes prices from recent transactions in the same or a similar
instrument, quotes from dealer brokers or pricing services, indices
or any other inputs to the valuation process, such as the
appropriate interest rate curve, or pricing volatility.
Markets for Financial Instruments
C5. Liquid instruments, such as stock in a major company, a
government bond or a futures contract for a recognised commodity,
are traded on major exchanges and real time prices are readily
available, both to active market participants and through various
media outlets. Some liquid derivative instruments, eg forward stock
options or commodity futures, are also traded on exchanges.
C6. Many types of instruments, including many types of derivatives or
non-liquid cash instruments, are not traded on public exchanges
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and have varying degrees of illiquidity. Trades of these instruments
are negotiated in what is termed the over the counter (OTC) market.
C7. Although the overall size of the market for OTC traded instruments is
many times greater than that for instruments traded on public
exchanges, the volume of trades varies significantly. Some common
or “vanilla” swaps are traded daily in large volumes whereas for some
bespoke swaps, there is often no trade at all after the initial deal is
struck, either because the terms of the contract prohibit assignment
or because there is no market for that class of instrument.
C8. Valuation techniques are most likely to be required for instruments
that are traded in the OTC markets or that are normally traded on a
public exchange but where that market has become inactive. It is
these situations that are the main focus of this standard.
Credit Risk
C9. Understanding the credit risk is an important aspect of valuing any
debt instrument. Some of the common factors that need to be
considered in establishing and measuring credit risk include the
following:
● Counterparty risk
The financial strength of the issuer or any credit support
providers will involve consideration of not only the trading
history and profitability of the relevant entity but also
consideration of performance and prospects for the industry
sector generally.
● Subordination
Establishing the priority of an instrument is critical in assessing
the default risk. Other instruments may have priority over an
issuer’s assets or the cash flows that support the instrument.
● Leverage
The amount of debt used to fund the assets from which an
instrument’s return is derived affects the volatility of returns to
the issuer and can affect credit risk.
● Collateral asset quality
The assets to which the holder of an instrument has recourse in
the event of default must be considered. In particular, it needs
to be understood whether recourse is to all the assets of the
issuer or only to specified assets. The greater the value and
quality of the assets to which an entity has recourse in the
event of default, the lower the credit risk of the instrument.
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● Netting agreements
Where derivative instruments are held between counterparties,
credit risk may be reduced by a netting or offset agreement that
limits the obligations to the net value of the transactions, ie if
one party becomes insolvent, the other party has the right to
offset sums owed to the insolvent party against sums due under
other instruments.
● Default protection
Many instruments contain some form of protection to reduce
the risk of non-payment to the holder. Protection might take the
form of a guarantee by a third party, an insurance contract, a
credit default swap or more assets to support the instrument
than are needed to make the payments. The default risk is also
reduced if subordinated instruments take the first losses on the
underlying assets and therefore reduce the risk to more senior
instruments. When protection is in the form of a guarantee, an
insurance contract or a credit default swap, it is necessary to
identify the party providing the protection and assess that
party’s creditworthiness. Considering the credit worthiness of a
third party involves not only the current position but also the
possible effect of other guarantees or insurance contracts that it
might have written. If the provider of a guarantee has also
guaranteed many correlated debt securities, the risk of its nonperformance
might increase significantly.
C10. For parties for which limited information is available, it might be
necessary to look to information available for entities with similar
risk characteristics. Credit indices are published that may assist this
process. If secondary trading in structured debt exists, there might
be sufficient market data to provide evidence of the appropriate risk
adjustment. The varying sensitivities of different liabilities to credit
risk should be taken into account in evaluating which source of
credit data provides the most relevant information. The risk
adjustment or credit spread applied is based on the amount a
market participant would require for the particular instrument.
Own Credit Risk
C11. Because the credit risk associated with a liability is important to its
value, it might appear to follow that when valuing the interest of the
issuer of a liability, the credit risk of the issuer is relevant to its value
in any transfer of that liability. Where it is necessary to assume a
transfer of the liability regardless of any actual constraints on the
ability of the counterparties to do so, eg in order to comply with
financial reporting requirements, there are various potential sources
for reflecting own credit risk in the valuation of liabilities. These
include the yield curve for the entity’s own bonds or other debt
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issued and credit default swap spreads or by reference to the value
of the corresponding asset. However, in many cases the issuer of a
liability will not have the ability to transfer it but can only settle the
liability with the counterparty.
C12. When adjusting for own credit risk, it is also important to consider
the nature of the collateral available for the liabilities being valued.
Collateral that is legally separated from the issuer normally reduces
the credit risk. If liabilities are subject to a daily collateralisation
process, there might not be a material own credit risk adjustment
because the counterparty is protected from loss in the event of
default. However, collateral provided to one counterparty is not
available to other counterparties. Thus, although some collateralised
liabilities might not be subject to significant credit risk, the existence
of that collateral might affect the credit risk of other liabilities.
Liquidity and Market Activity
C13. Financial instruments range from those that are normally regularly
traded on public exchanges in high volumes to bespoke instruments
agreed between two parties that are incapable of assignment to a
third party. This range of instrument types means that consideration
of the liquidity of an instrument or the current level of market
activity is important in determining the most appropriate valuation
approach.
C14. Liquidity and market activity can be distinguished. The liquidity of
an asset is a measure of how easily and quickly it can be
transferred in return for cash or a cash equivalent. Market activity is
a measure of the volume of trading at any given time, and is a
relative rather than an absolute measure; see the IVS Framework.
C15. Although separate concepts, illiquidity or low levels of market
activity pose valuation challenges through a lack of relevant market
data, ie data that is either current at the valuation date or that
relates to a sufficiently similar asset to be reliable. The lower the
liquidity or market activity, the greater the reliance that will be
needed on valuation approaches that use techniques to adjust or
weight the inputs based on the evidence of other transactions to
reflect either market changes or differing characteristics of the
asset.
Valuation Inputs
C16. Except for liquid instruments that are traded on public exchanges,
where current prices are both observable and accessible to all
market participants, valuation inputs or sources of data may come
from different sources. Commonly used input sources are broker
dealer quotations and consensus pricing services.
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C17. Although not as reliable as the evidence of a contemporary and
relevant trade, where such information is not available, broker
dealer quotations can provide the next best evidence of how market
participants would price the asset. However, problems associated
with broker dealer quotations that can affect their reliability as a
valuation input include the following:
● Broker dealers will normally only be willing to make markets and
provide bids in respect of more popular instruments and may
not extend coverage to less liquid issues. Because liquidity
often reduces with time, quotations may be harder to find for
older instruments.
● A dealer’s prime interest is in dealing, not supporting valuation,
and they have little incentive to research a quotation provided
for a valuation as thoroughly as they would for an actual buy or
sell enquiry. This can impact on the quality of the information.
● There is an inherent conflict of interest where the broker dealers
are the counterparty to an instrument.
● Broker dealers have an incentive to weight advice to buyer
clients in a way that favourably reflects the holding.
C18. Consensus pricing services operate by collecting price information
about an instrument from several participating subscribers. They
reflect a pool of quotations from different sources, with or without
statistical adjustment to reflect standard deviations or the
distribution of the quotations.
C19. Consensus pricing services overcome the conflict of interest
problems associated with single broker dealers. However, the
coverage of such services is at least as limited as that for single
broker dealer quotations. As with any data set used as a valuation
input, understanding the sources and how these are statistically
adjusted by the provider is essential to understanding the reliance
that should be given to it in the valuation process.
Valuation Approaches
C20. Many types of instruments, particularly those that are traded on
exchanges, are routinely valued using computer-based automated
valuation models that use algorithms to analyse market transactions
and produce valuations on the required asset. These models are
often linked to proprietary trading platforms. It is beyond the scope
of these standards to examine such models in detail, although as
with other semi- or non-automated valuation models or approaches,
these standards set a context for their use and the reporting of the
results.
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C21. Whether automated or manual, the various valuation methods used
in financial markets are mostly based on variations of either the
market approach, the income approach or the cost approach
described in the IVS Framework. This standard describes the
commonly used methods and matters that need to be considered or
the inputs needed when applying these methods.
C22. It is important when using a particular valuation method or model to
ensure that it is calibrated with observable market information on a
regular basis. This ensures that the model reflects current market
conditions and identifies any potential deficiencies. As market
conditions change, it might become necessary either to change the
model(s) used or to make additional adjustments to the valuations.
Those adjustments should be made to ensure that the outcome
most closely results in the required valuation objective.
Market Approach
C23. A price obtained from trading on a recognised exchange platform
on or very close to the time or date of valuation is normally the best
indication of the market value of a holding of the identical
instrument. In cases where there have not been recent relevant
trades, the evidence of quoted or offered prices may also be
relevant.
C24. Although there will be no need for adjustment of the price information
if the instrument is identical, the information recent enough to be
relevant and the holding similar, some adjustments may be necessary
where this is not the case. Examples of where adjustment or
weighting of the evidence of traded prices may be required are:
● where the instrument being valued has different characteristics
to the ones for which prices are available,
● where there are differences in the size or volume of the
reported trade to the holding being valued,
● where the trade was not between willing parties acting
independently,
● the timing of the trade, which may be accentuated by the
closure of exchanges.
C25. A further factor that can create a difference between an exchange
traded price and the instruments to be valued can arise where
transfer of the holding results in either the creation of a controlling
interest or prospect of a change of control.
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Income Approach
C26. The value of a financial instrument may be determined using a
discounted cash flow method. The cash flows may be fixed for the
life of the instrument or variable. The terms of an instrument
determine, or allow estimation of, the undiscounted cash flows. The
terms of a financial instrument typically set out:
● the timing of the cash flows, ie when the entity expects to
realise the cash flows related to the instrument,
● the calculation of the cash flows, eg for a debt instrument, the
interest rate that applies, ie the coupon, or for a derivative
instrument, how the cash flows are calculated in relation to the
underlying instrument or index (or indices),
● the timing and conditions for any options in the contract, eg put
or call, prepayment, extension or conversion options,
● protection of the rights of the parties to the instrument, eg
terms relating to credit risk in debt instruments or the priority
over or subordination to other instruments held.
C27. In establishing the appropriate discount rate, it is necessary to
assess the return that would be required on the instrument to
compensate for the time cost of money and risks related to:
● the terms and conditions of the instrument, eg subordination,
● the credit risk, ie uncertainty about the ability of the
counterparty to make payments when due,
● the liquidity and marketability of the instrument,
● the risk of changes to the regulatory or legal environment,
● the tax status of the instrument.
C28. Where future cash flows are not based on fixed contracted
amounts, estimates of the probable income will need to be made in
order to provide the necessary inputs. The determination of the
discount rate will also require assumptions about the risks. The
discount rate also needs to consistent with the cash flows, eg if the
tax flows are gross of tax then the discount rate should be derived
from other gross of tax instruments.
C29. Depending upon the purpose of the valuation, the inputs and
assumptions made into the cash flow model will need to reflect
either those that would be made by market participants, or those
that would be based on the holder’s current expectations or targets.
For example, if the purpose of the valuation is to determine market
value, or fair value as defined in IFRS, the assumptions should
reflect those of market participants. If the purpose is to measure
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performance of an asset against management determined
benchmarks, eg a target internal rate of return, then alternative
assumptions may be appropriate.
Cost Approach
C30. The substitution principle inherent in the cost approach is applied to
the valuation of financial instruments through the use of the
replication method. This method provides an indication of the
current value of an instrument or portfolio by reproducing or
“replicating” its risks and cash flows in a hypothetical, or synthetic,
alternative. This alternative is based on a combination of securities
and/or simple derivatives in order to estimate the cost of offsetting,
or hedging, the position at the valuation date. Portfolio replication is
often used to simplify the procedures applied to value a portfolio of
complex financial instruments (eg expected insurance claims or
structured products) by substituting a replicating portfolio of assets
that are easier to value and therefore more efficiently risk managed
on a daily basis.
Control Environment
C31. Compared with other asset classes, the volume of financial
instruments in circulation is vast but the number of active market
participants relatively few. The nature and volume of instruments
and their frequency of valuation means that valuation is often
undertaken using computer-based models linked to trading
platforms. As a consequence of these factors, many instruments
are routinely valued by the holding entity, even where the valuation
is to be relied upon by external parties, eg investors or regulatory
authorities. The incidence of valuation by independent third party
experts is less common than for other asset classes.
C32. Valuation by the holding entity creates a significant risk to the
perceived objectivity of valuations. Where valuations are for
external consumption, steps should be taken to ensure that an
adequate control environment exists to minimise threats to the
independence of the valuation.
C33. The control environment consists of the internal governance and
control procedures that are in place with the objective of increasing
the confidence of those who may rely on the valuation in the
valuation process and conclusion.
C34. As a general principle, valuations produced by an entity’s “front
office” brokerage and market making activities that are to be
included in financial statements or otherwise relied on by third
parties should be subject to “back office” scrutiny and approval.
Ultimate authority for such valuations should be separate from,
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and fully independent of, the risk taking functions. The practical
means of achieving a separation of the function will vary according
to the nature of the entity, the type of instrument being valued and
the materiality of the value of the particular class of instrument to
the overall objective. The appropriate protocols and controls should
be determined by careful consideration of the threats to objectivity
that would be perceived by a third party relying on the valuation.
C35. Examples of typical components of the control environment
include:
● establishing a governance group responsible for valuation
policies and procedures and for oversight of the entity’s
valuation process, including some members external to the
entity,
● a protocol for the frequency and methods for calibration and
testing of valuation models,
● criteria for verification of certain valuations by different internal
or external experts,
● identifying thresholds or events that trigger more thorough
investigation or secondary approval requirements,
● identifying procedures for establishing significant inputs that are
not directly observable in the market, eg by establishing pricing
or audit committees.
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Valuation Applications
IVS 300 Valuations for Financial Reporting
Contents
Introduction
Definitions
Paragraphs
STANDARD 1
Scope of Work 2–7
Implementation 8
Reporting 9–12
Effective Date
APPLICATION GUIDANCE
13
Fair Value G1–G2
Aggregation G3
Valuation Inputs and Fair Value Hierarchy G4–G5
Liabilities G6–G7
Depreciation G8–G11
Depreciation: Land and Buildings G12–G14
Depreciation: Plant and Equipment G15
Depreciation: Componentisation G16–G17
Leases G18–G19
Lease Classification G20–G23
Classification of Property Leases G24–G28
Leased Investment Property G29–G32
Valuing Lease Asset or Liability G33–G37
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Purchase Price Allocation G38–G40
Impairment Testing G41–G42
Impairment Testing – Recoverable Amount G43
Impairment Testing – Value in Use G44–G49
Impairment Testing – Fair Value less Costs to Sell
ANNEXE
G50–G51
Property, Plant and Equipment in the Public Sector A1–A11
INTRODUCTION
Valuations are required for different accounting purposes in the preparation
of the financial reports or statements of companies and other entities.
Examples of different accounting purposes include measurement of the
value of an asset or liability for inclusion on the statement of financial
position, allocation of the purchase price of an acquired business,
impairment testing, lease classification and valuation inputs to the
calculation of depreciation charges in the profit and loss account.
The Guidance section of this Application makes references to various
requirements under the International Financial Reporting Standards (IFRSs).
Although the IFRSs are the most widely adopted Financial Reporting
Standards globally, national standards are also extensively used. Although
it is impractical to make reference to national accounting standards in an
international guidance document, many are similar to or converging with
IFRSs. The guidance given may therefore be relevant for valuations for use
in Financial Reporting Standards other than IFRSs.
DEFINITIONS
In this Application the following definitions apply:
Financial Reporting Standards: any recognised or adopted standards for
the preparation of periodic statements of an entity’s financial position.
These may also be referred to as accounting standards.
International Financial Reporting Standards (IFRS): standards and
interpretations adopted by the International Accounting Standards Board
(IASB). They comprise:
(a) International Financial Reporting Standards,
(b) International Accounting Standards, and
(c) Interpretations developed by the International Financial Reporting
Interpretations Committee (IFRIC) or the former Standing
Interpretations Committee (SIC).
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Unit of Account: the level at which an asset to be valued is aggregated or
disaggregated with other assets.
STANDARD
1. Valuations undertaken for inclusion in a financial statement shall be
provided to meet the requirements of the Financial Reporting
Standards that are applicable. The principles contained in the
General Standards (IVS 101, 102 and 103) also apply except as
specifically modified by a requirement of the relevant accounting
standard or by this standard.
Scope of Work (IVS 101)
2. To comply with the requirement to confirm the purpose of the
valuation in IVS 101 para 2(c) the scope of work shall include
identification of the applicable Financial Reporting Standards
including the specific accounting purpose for which the valuation is
required. The accounting purpose is the use for which the valuation
is required in the financial statements, eg measuring the carrying
amount, undertaking an allocation of the purchase price following a
business combination, impairment testing, lease classification or for
calculating the depreciation charge for an asset.
3. In addition to the requirement to identify the asset to be valued in
IVS 101 para 2(d) the scope of work shall include confirmation of
how that asset is used or classified by the reporting entity. The
required accounting treatment for identical or similar assets or
liabilities can differ according to how they are used by an entity. For
example:
● the treatment of real property owned by an entity may differ
depending on whether it is occupied for the purpose of the
entity’s business, is held as an investment, is surplus to
requirements or, in the case of a development company, is
treated as stock in trade,
● financial instruments that are held to collect contractual cash
flows that consist solely of payments of the principal and
interest may be treated differently to other forms of instruments,
● intangible assets acquired by a business merger or acquisition
may be treated differently from similar assets already owned by
an entity.
Where an asset is utilised in conjunction with other separately
identifiable assets the unit of account shall be identified. The
relevant Financial Reporting Standard may stipulate how the unit of
account, or degree of aggregation, is to be determined for different
asset types or for different accounting purposes.
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To comply with IVS 101 para 2(e) the specific basis of value shall
be clearly identified. Examples of bases required in accounting
standards include fair value, net realisable value and recoverable
amount. The definition will be provided in the relevant accounting
standard.
4. To comply with IVS 101 para 2(i) any assumptions to be made shall
be stated. The appropriate assumptions will vary depending on how
an asset is held or classified. Most Financial Reporting Standards
provide that financial statements are produced on the assumption
that the entity is a going concern unless management either intends
to liquidate the entity or cease trading or has no realistic alternative
but to do so. Except in the case of financial instruments it is
therefore normally appropriate to include an assumption that the
asset or assets will continue to be used as part of the business of
which they form part. This assumption does not apply in cases
where it is clear that there is either an intention to liquidate the
entity, to dispose of a particular asset or that there is a requirement
to consider the sum that could be recovered from disposal or
retirement of the asset.
5. It will also be necessary to state the assumptions that will be made
to define the unit of account, eg whether the asset is to be valued
on a stand-alone basis or in combination with other assets. The
relevant accounting standard may have stipulations as to the
assumptions, or valuation premise that can be made.
6. It would not normally be appropriate for a valuation prepared for
inclusion in a financial statement to be made on the basis of a
special assumption.
7. In considering any restrictions referred to under IVS 101 para 2(j)
consideration shall be given to:
(a) the extent and form of any references to the valuation that may
appear in the published financial statements,
(b) the extent of the valuers’ duty to respond to any questions on
the valuation raised by the entity’s auditor.
Appropriate references to these matters shall be included in the
scope of work.
Implementation (IVS 102)
8. There are no additional requirements when undertaking valuations
for financial reporting.
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Reporting (IVS 103)
9. In addition to the minimum requirements in IVS 103 Reporting, a
valuation report for use in a financial statement shall include
appropriate references to matters addressed in the scope of work
in accordance with paras 2 to 7 above.
10. The report shall also contain any information that the reporting
entity is required to disclose by the relevant Financial Reporting
Standards. Examples of disclosures required about fair value
measurements include methods and significant assumptions used
in the measurement and, or whether, the measurement was
determined by reference to observable prices or recent market
transactions. Some standards also require information about the
sensitivity of the measurement to changes in significant inputs.
11. Where the effect on value of any assumption made is material, the
effect of that assumption shall be disclosed in the report.
12. To comply with the requirement to state restrictions on use,
distribution or publication in IVS 103 para 5(j) the report shall
include reference to any conditions on how it may be reproduced or
referred to in the published financial statements of the entity.
Effective Date
13. This standard is effective from 1 January 2012, although earlier
adoption is encouraged.
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APPLICATION GUIDANCE
This section provides background information on common valuation
requirements under IFRSs. IFRSs are published by the International
Accounting Standards Board (IASB). The IFRS collectively comprise
individually numbered standards and interpretations. Those standards
originally published before 2001 are denoted IAS (International Accounting
Standards). Those published subsequently are denoted IFRS. The various
extracts from and references to IFRSs in this guidance are reproduced with
the permission of the IFRS Foundation.
The references to IFRS and other IASB publications are to those in issue at
the date on which this Valuation Application is published. IFRSs and their
interpretation change over time. Accordingly references in this document
are liable to become out of date. This document should not be used as
substitute for referring to current IFRSs and interpretations published by
IASB and IFRS Foundation. More information on IFRSs and other related
publications can be obtained from www.ifrs.org.
This guidance is produced to assist valuation professionals and users
understand certain valuation requirements under IFRSs. Although the
guidance is intended to reflect generally accepted valuation practice at the
date of publication it does not impose any mandatory requirements.
References to accounting requirements are subject to the provisions of the
relevant IFRS and in the event of a conflict between this guidance and the
IFRS, the IFRS prevails. Although similar requirements may exist in other
Financial Reporting Standards, IVSC makes no assertion as to the
relevance of this guidance to such standards.
Fair Value
G1. Fair value is either the required measurement basis or a permitted
option for many types of asset or liability under IFRSs. IFRS 13 Fair
Value Measurement contains the following definition:
“Fair Value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market
participants at the measurement date.” 9
This definition replaces earlier definitions appearing in various
IFRSs. It should also be noted that this definition differs from that
appearing in the IVS Framework and that is commonly used for
purposes other than financial reporting.
G2. This definition and the associated commentary in IFRS 13 clearly
indicate that fair value under IFRS is a different concept to fair value
as defined and discussed in the IVS Framework. The commentary
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in IFRS 13 and, in particular, the references to market participants,
an orderly transaction, the transaction taking place in the principal
or the most advantageous market and to the highest and best use
of an asset, make it clear that fair value under IFRSs is generally
consistent with the concept of market value as defined and
discussed in the IVS Framework. For most practical purposes,
therefore, market value under IVS will meet the fair value
measurement requirement under IFRS 13 subject to some specific
assumptions required by the accounting standard such as
stipulations as to the unit of account or ignoring restrictions on sale.
Aggregation
G3. Fair value under IFRSs applies to the “unit of account” for an asset
or liability as specified in the relevant standard. This is usually the
individual asset or liability, but in some circumstances can apply to a
group of related assets. IFRS 13 requires that, in the case of
assets, it is necessary to determine whether the maximum value to
market participants would be to use the asset in combination with
other assets and liabilities as a group or to use the asset on a
stand-alone basis. This requirement to state how individual assets
are assumed to be aggregated with other potentially
complementary assets is consistent with the requirements of IVS
101 Scope of Work and IVS 103 Reporting.
Valuation Inputs and Fair Value Hierarchy
G4. IFRS 13 includes a “Fair Value Hierarchy” that classifies valuations
according to the nature of the available inputs. In summary, the
three levels of the hierarchy are as follows:
● Level 1 inputs are “quoted prices (unadjusted) in active markets
for identical assets or liabilities that the entity can access on the
measurement date”.
● Level 2 inputs are “inputs other than quoted prices included
within Level 1 that are observable for the asset or liability, either
directly or indirectly”.
● Level 3 inputs are “unobservable inputs for the asset or
liability”. 10
This hierarchy also appears in IFRS 7 Financial Instruments:
Disclosures
G5. IFRS 13 requires the level in the hierarchy of any asset or liability
measured at fair value to be disclosed in the financial statements.
There are additional accounting requirements in relation to
valuations produced using Level 3 inputs. It is therefore appropriate
10 © IFRS Foundation.
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for a valuation report provided for use in financial statements
prepared under IFRSs to include sufficient information on the
valuation inputs used to enable the reporting entity to correctly
categorise assets within this hierarchy.
Liabilities
G6. IFRS 13 provides that the measurement of a liability assumes that it
is transferred to a market participant on the measurement date; it is
not assumed to be settled with the counterparty or otherwise
extinguished. Where there is not an observable market price for the
liability, it is stated that its value should be measured using the
same method as the counterparty would use to measure the value
of the corresponding asset. The fair value of a liability reflects the
non-performance risk associated with a liability, but deems this to
be the same before and after the assumed transfer. Nonperformance
risk includes the effect of the entity’s own credit risk.
G7. There are special provisions in IFRS 13 relating to situations where
there is no corresponding asset for a liability, as is the case with
many non-financial liabilities. There is also a requirement to ignore
any contractual or other restrictions on an entity’s ability to transfer
a liability in assessing its fair value.
Depreciation
G8. IAS 16 includes a requirement for an entity to account for the
depreciation of property, plant and equipment. Depreciation in the
context of financial reporting is a charge made against income in
the financial statements to reflect the consumption of an asset over
its useful life to the entity. There is a requirement to depreciate
separately components of an asset that have a cost that is
significant in relation to the whole. Components that have a similar
useful life and that are depreciated in a similar manner may be
grouped. In the case of property, land is not normally depreciated.
Valuations are often required to support the calculation of the
depreciable amount.
G9. The term depreciation is used in different contexts in valuation and
in financial reporting. In the context of valuation, depreciation is
often used to refer to the adjustments made when using the cost
approach to the cost of reproducing or replacing the asset to reflect
obsolescence in order to indicate the value of the asset when there
is no direct sales evidence available. In the context of financial
reporting, depreciation refers to the charge made against income to
reflect the systematic allocation of the depreciable amount of an
asset over its useful life to the entity.
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G10. In order to assess the depreciation charge to be made, the
“depreciable amount” has to be determined. This is the difference, if
any, between the “carrying amount” of the asset and its “residual
value”. In order to determine the “residual value”, the “useful life” of
the asset has also to be determined. These terms are defined in
IAS 16 as follows:
● Depreciable amount is the cost of an asset or other amount
substituted for cost in the financial statements, less its residual
value.
● Carrying amount is the amount at which an asset is recognised
after deducting any accumulated depreciation or amortisation
and accumulated impairment losses thereon.
● Residual value is the estimated amount that an entity would
currently obtain from disposal of an asset, after deducting the
estimated costs of disposal, if the asset were already of the
age and in the condition expected at the end of its useful life.
● Useful life is (a) the period over which an asset is expected to
be available for use by an entity, or (b) the number of production
or similar units expected to be obtained from the asset by an
entity.
G11. It should be noted that the carrying amount may be based on either
historic cost or fair value, less accumulated depreciation
(amortisation) and accumulated impairment losses. The residual
value and the useful life have to be reviewed at least at every
financial year end.
Depreciation: Land and Buildings
G12. IAS 16 recognises that land normally has an unlimited useful life,
which means that it should be accounted for separately and not
depreciated. The first step in establishing the depreciable amount
attributable to a property, or a part of a property, is therefore to
establish the value of the land component. This is normally done by
establishing the value of the land at the date of the relevant financial
statement and then deducting this from the carrying amount for the
property interest, ie the land and buildings combined, in order to
establish the element that can be attributed to the buildings. This is a
notional value as it would not be capable of being realised as
buildings usually cannot be sold without the land on which they sit.
G13. Having established the notional value for the building component,
the residual value of the building needs to be estimated. In order to
do this, the useful life needs to be established. It is important to
note that this may not be the same as the remaining economic life
as would be recognised by a typical market participant. Under IAS
16 the useful life is specific to the entity. If the property would not be
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available to the entity for the whole of its life or if the entity
determines that the building will be surplus to its requirements in a
shorter period, this will be the useful life.
G14. The residual value is a value current as of the date of the financial
statement but on the assumption that the asset was already at the
end of its useful life and in a condition commensurate with that
assumption. Buildings may have an economic life that extends
beyond the period for which they will be available to or required by
the entity and therefore may have a significant residual value.
Depreciation: Plant and Equipment
G15. The useful life of an item of plant or equipment is more likely to
coincide with the economic life of the item as rates of obsolescence
are generally higher than for buildings, with the result that economic
lives are shorter. However, the distinction between the useful life to
the entity and remaining economic life should still be considered.
Depreciation: Componentisation
G16. Where the carrying amount is based on historic cost, the cost of
those components that both have a significant cost in relation to the
total and that have a materially different useful life should be readily
identifiable.
G17. Where the carrying amount is based on the fair value of the item,
an allocation will need to be made of the fair value of the item
between the components. Although it may be possible to determine
the value attributable to a component of an item of plant or
equipment if there is an active market for those components, in
other cases the components will not be actively traded. The latter is
normally the case with components of a building, eg buildings are
rarely sold without the mechanical and electrical services needed
for heating, lighting and ventilation, and the installed plant could not
be sold without the building. Where the value of the individual
components cannot be reliably determined, the value attributable to
the whole is apportioned to the components. The ratio of the cost
of the item to the cost of the whole may be an appropriate basis for
such an apportionment.
Leases
G18. Under IAS 17, leases are classified for inclusion in financial
statements as either operating leases or finance leases. 11
Valuations may be required to determine how a lease is classified,
and if classified as a finance lease, to determine the carrying
11 The IASB is currently reviewing the accounting treatment of leases and the initial proposals
involve major changes, including removal of the current distinction between operating and
finance leases.
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amount of the asset and liability. These lease types are defined in
IAS 17 as follows:
● A finance lease is a lease that transfers substantially all the
risks and rewards incidental to ownership of an asset. Title may
or may not be eventually transferred.
● An operating lease is a lease other than a finance lease.
G19. For leases of property (real estate) special rules apply. Other than
for investment property, the land and buildings elements of a
property interest have to be considered separately for classification
as either a finance lease or an operating lease. The provisions in
respect of investment property are described in paras G29 to G32.
IAS 17 does not apply to biological assets as defined in IAS 41.
Lease Classification
G20. The classification test depends on the substance rather than the
form of the contract. For example, a contract between two parties
for the use of an asset in return for a payment may not be termed a
lease but if the conditions set out in IAS 17 are met, then it will be
necessary to account for the contract as a lease.
G21. The following examples are listed in IAS 17 as situations that could
be indicative of a finance lease, either individually or in
combination. These are not absolute tests but illustrations:
(a) the lease transfers ownership of the asset to the lessee by the
end of the lease term,
(b) the lessee has the option to purchase the asset at a price that is
expected to be sufficiently lower than the fair value12 at the date
the option becomes exercisable for it to be reasonably certain,
at the inception of the lease, that the option will be exercised,
(c) the lease term is for the major part of the economic life of the
asset even if title is not transferred,
(d) at the inception of the lease, the present value of the minimum
lease payments amounts to at least substantially all of the fair
value of the leased asset,
(e) the leased assets are of such a specialised nature that only the
lessee can use them without major modifications,
(f) if the lessee can cancel the lease, the lessor’s losses
associated with the cancellation are borne by the lessee,
(g) gains or losses from the fluctuation in the fair value of the
residual accrue to the lessee,
12 See para G33.
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(h) the lessee has the ability to continue the lease for a secondary
period at a rent that is substantially lower than market rent. 13
G22. IAS 17 emphasises that the criteria listed are examples and
indicators and may not be conclusive. If it is clear from other
features that the lease does not transfer substantially all risks and
rewards incidental to ownership, the lease is classified as an
operating lease. For example, this may be the case if ownership of
the asset transfers at the end of the lease for a variable payment
equal to its then value, or if there are regular reviews of the rent, to
the then market level or by reference to an inflation index.
G23. Lease classification is made at the inception of the lease.
Classification involves an assessment of the degree to which
economic benefits are transferred by a lease. In many cases a
qualitative assessment of the lease terms will quickly indicate the
correct classification without the need for a valuation of the different
lease interests. However, valuations may be required to help
establish benefits accruing to the lessor and lessee respectively, eg
in estimating the residual value at the end of the lease to establish
if the lease is for a major part of the asset’s economic life.
Classification of Property Leases
G24. Where a lease is of land and a building or buildings together, IAS 17
requires that the two elements be considered separately for the
purposes of classification. If it appears that the element of the
lease attributable to the building could be a finance lease, it will be
necessary to make an allocation of the initial rent based on the
relative fair values of the interests in each element at the inception
of the lease.
G25. For most property leases the interest in the leased land and
buildings reverts to the lessor at the end of the lease. There are
also often provisions for the rent to be reviewed periodically to
reflect changes in the value of the property, and frequently an
obligation on the lessee to return the buildings back to the lessor in
good repair. These are normally indicators that the lessor did not
transfer substantially all the risks and rewards of ownership of
either the buildings or the land to the lessee when the lease was
granted. Consequently, many leases of land and buildings are
readily identifiable as operating leases.
G26. Finance leases of land and buildings will generally arise where the
lease is clearly created as a way of funding the eventual purchase
of the property by the lessee, eg by means of an option to acquire
the lessor’s interest for a nominal sum after the specified rental
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payments have been made. Occasionally, leases that are not clearly
structured as finance agreements may meet some of the criteria of
a finance lease, eg where the rental payments do not reflect the
underlying value of the property. In such cases, a more detailed
analysis of the value of the risks and benefits transferred from
lessor to lessee may be required in order to determine the correct
classification.
G27. Where a lease is of a plot of land and a building is constructed
upon it, allocating the rent to each element is a task that can be
undertaken reliably where there is an active market for land for
similar development in the locality. In other situations, eg where the
lease is of part of a multi-let building with no identifiable land
attributable to any particular lease, reliable allocation may be
impossible. IAS 17 makes the proviso that where a reliable
allocation cannot be made, the whole lease should be treated as a
finance lease, unless it is clear that both elements are operating
leases. If it were clear that both elements were operating leases
from the outset, the allocation exercise would not be necessary.
G28. In practice, leases of part of a multi-let building will normally be
operating leases and the whole property will be classified as
investment property by the lessor. In such cases, allocation will be
unnecessary. In cases where the building element is clearly a
finance lease, the land element is likely to be identifiable. It will be
comparatively rare for the building element to meet the criteria for
classification as a finance lease and for the land element not to be
clearly identifiable. However, if such a case is identified, an
allocation between the land and the building element should not be
attempted based on unreliable criteria. In such circumstances, the
whole of the leased property should be accounted for as a finance
lease.
Leased Investment Property
G29. Under IAS 17, it is not necessary to make an allocation between the
land and buildings elements of an investment property held under a
lease and accounted for using the fair value model.
G30. Investment property is frequently held by an investor under a lease,
eg a long lease of land on which it has developed buildings, which
are then leased as an investment. Because land does not normally
depreciate, a lease of land would appear to be correctly classified
as an operating lease and therefore not included on the statement
of financial position. However, in recognition of the fact that many
substantial investment properties are held on this basis, IAS 40
provides that at initial recognition an investment property held under
a lease shall be accounted for as though it were a finance lease
under IAS 17.
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G31. Although the foregoing provisions mean that questions of
classification and allocation do not generally arise in relation to
investment property, a potential anomaly remains. The value of the
investor’s interest in an investment property held under a lease
reflects the difference between the payments under the superior
lease and the receipts or potential receipts under the sub lease or
leases, see IVS 230 Real Property Interests. However, IAS 17
provides that it is not appropriate for the liabilities for leased assets
to be presented in the financial statements as a deduction from the
leased assets.
G32. In order to comply with this requirement, IAS 40 provides that where
a valuation of an investment property held under a lease is net of
all payments expected to be made, it is necessary to add back any
recognised lease liability to arrive at the carrying amount. It should
be noted that this is an accounting adjustment only and should
neither be reflected nor anticipated in the valuation of the investor’s
(lessor’s) interest.
Valuing the Lease Asset or Liability
G33. Where a lease is identified as a finance lease, lessees are required
to account for the asset and liability based on either the fair value of
the leased asset or the present value of the minimum lease
payments, whichever is lower, each determined as at the inception
of the lease. IFRS 13 Fair Value Measurement does not apply to
leases.
G34. In the context of IAS 17 the value of the asset is considered
separately from any liability created by the lease. When accounting
for a lessee’s interest in a finance lease it is therefore necessary to
measure the asset by assessing the value of the benefit that a
market participant would accrue from the right to use the asset for
the duration of the lease. When dealing with leases of property,
other than investment property, it is important to note that this is not
the same as the value of the lessee’s interest created by the lease
(see IVS 230 Real Property Interests), as the latter reflects the
lease liability as well as the value of the asset.
G35. The minimum lease payments are defined in IAS 17. In summary,
they are the payments over the lease term that the lessee is
required to make, excluding any contingent rent, taxes and amounts
paid to the lessor for services. The minimum lease payments
include any residual value guaranteed by the lessee to the lessor.
Since contingent rents are excluded from the calculation of the
minimum lease payments and the payments should be clear from
the face of the lease, valuations will not normally be required.
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G36. IAS 17 provides that the present value of the minimum lease
payments should be calculated using a discount rate equivalent to
the “interest rate implicit in the lease” or, if this is not practicably
determinable, the lessee’s “incremental borrowing rate”. The
calculation of the interest rate implicit in the lease requires the fair
value of the unencumbered leased asset at the date of the lease
inception and its residual value at the end of the lease.
G37. The depreciation requirements in IAS 16 also apply to leased
assets and, therefore, paras G8 to G17 may also be relevant.
Purchase Price Allocation
G38. Following a business combination, ie the acquisition of a controlling
interest in one or more other businesses, IFRS 3 requires the
acquirer to account for the transaction by recognising the acquiree’s
separately identifiable assets acquired and liabilities assumed at
fair value. Under IFRS 3 goodwill is the difference between the
acquisition price paid in the transfer of the business and the fair
value of the acquiree’s net identifiable assets acquired.
G39. A business’s tangible assets are generally readily identifiable and
can be separately valued. The identification and valuation of the
separately identifiable intangible assets can be more challenging
but the Commentary to IVS 210 Intangible Assets, includes relevant
guidance.
G40. IFRS 3 contains exceptions to the above for the recognition and/or
measurement of some identifiable assets and liabilities. Particular
requirements apply to contingent liabilities, income taxes, employee
benefits, indemnification assets, reacquired rights, share-based
payment awards and assets held for sale.
Impairment Testing
G41. Impairment arises where the carrying amount of an asset exceeds
the amount that can be recovered from either its continued use
and/or the sale of the asset. Under IAS 36 Impairment of Assets,
an entity is required to review certain categories of asset at the
date of each statement of financial position to determine whether
there is any indication that an asset may be impaired. Impairment
might be indicated by a reduction in the value of the asset because
of market or technological changes, obsolescence of the asset,
asset underperformance in comparison to the expected return, or
an intention to discontinue or restructure operations. Certain assets
(goodwill and intangibles with an indefinite life or not yet available
for use) would be tested for impairment on an annual basis.
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G42. If impairment is considered to have arisen, the carrying amount of
the asset, whether derived from either historic cost or a previous
valuation, should be written down to the “recoverable amount”. This
is the higher of the asset’s “value in use” or its “fair value less costs
to sell”.
Impairment Testing – Recoverable Amount
G43. The recoverable amount is the higher of the value in use and fair
value less costs to sell. It is not always necessary to determine both
these amounts; if either exceeds the asset’s carrying amount, the
asset is not impaired and it is not necessary to estimate the other
amount.
Impairment Testing – Value in Use
G44. Value in use is defined in IAS 36 as the present value of the future
cash flows expected to be derived from the asset or cashgenerating
unit. The cash-generating unit is the smallest identifiable
group of assets that generates cash inflows that are largely
independent of the cash inflows from other assets or groups of
assets.
G45. Value in use is specific to the entity as it reflects the cash flows that
the entity expects to obtain from continuing use of an asset over its
anticipated useful life, including any proceeds from its ultimate
disposal.
G46. IAS 36 provides that the following shall be reflected in the
calculation of an asset’s value in use:
(a) an estimate of the future cash flows the entity expects to derive
from the asset,
(b) expectations about possible variations in the amount or timing
of those future cash flows,
(c) the time value of money, represented by the current market risk
free rate of interest,
(d) the price for bearing the uncertainty inherent in the asset,
(e) other factors, such as illiquidity, that market participants would
reflect in pricing the future cash flows the entity expects to
derive from the asset. 14
G47. The expected cash flows have to be tested for reasonableness by
ensuring that the assumptions on which the entity’s projections are
based are consistent with past actual outcomes, provided the
effects of subsequent events or circumstances that did not exist
14 © IFRS Foundation.
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when those actual cash flows were generated make this
appropriate. Cash flows are estimated for the asset in its current
condition and therefore the expected cash flows should not reflect
any increase due to any restructuring or reconditioning of the asset
to which the entity is not currently committed.
G48. The appropriate discount rate will reflect the return that market
participants would require for an investment that would generate
cash flows of amounts, timing and risk profile equivalent to those
that the entity expects to derive from the asset.
G49. IAS 36 sets out detailed considerations for assessing value in use.
Impairment Testing – Fair Value less Costs to Sell
G50. The fair value less costs to sell of an asset or cash-generating unit
is the amount obtainable from its sale in an arm’s length transaction
between knowledgeable, willing parties, less the costs of disposal.
Except where the owning entity is compelled to sell on the valuation
date without adequate time for exposure to the market, it is not a
forced sale.
G51. The costs to sell are the costs directly attributable to the
transaction, eg legal fees, marketing costs, removal costs,
unrecoverable transaction taxes and any costs directly incurred in
preparing the asset or cash-generating unit for sale. They exclude
consequential costs, eg those involved in reorganising the business
following the disposal.
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International Valuation Standards
Annexe – Property, Plant and Equipment in
the Public Sector
International Public Sector Accounting Standards
A1. The International Federation of Accountants’ International Public
Sector Accounting Standards Board (IPSASB) develops accounting
standards for public sector entities, referred to as International
Public Sector Accounting Standards (IPSAS). The extracts from
IPSAS 17 and IPSAS 21 in paras A6, A8 and A10 are from the
2010 IFAC Handbook of International Public Sector Accounting
Pronouncements of the IPSAS Board, published by the
International Federation of Accountants (IFAC) in May 2010 and are
used with permission of IFAC.
A2. IPSAS and their interpretation change over time. Accordingly,
references in this document are liable to become out of date. This
document should not be used as a substitute for referring to current
IPSAS as published by IFAC. The current versions of IPSAS can be
obtained from www.ifac.org/PublicSector.
A3. IPSAS contain similar principles to IFRS but related to the public
sector environment. This includes a requirement for certain assets
and liabilities to be measured at fair value. As in the case of IFRS,
the IVSB considers that fair value in this context is met by applying
market value as defined in the IVS Framework. Many types of
property, plant and equipment held by public sector bodies are
specialised for the delivery of a particular service rather than as a
means of generating cash flows and are rarely, if ever, exchanged
in a market transaction. This annexe identifies specific provisions
within IPSAS that affect the application of fair value to such assets.
Types of Public Sector Property Plant and Equipment Assets
A4. Property in the public sector comprises conventional cashgenerating
and non-cash-generating property assets as well as
specialised property assets, including heritage and conservation
assets, infrastructure assets, public buildings, public utility plants
and recreational assets. As with private sector assets, public sector
assets fall into operational and non-operational categories. Nonoperational
assets include investment and surplus assets. These
categories are accounted for in different ways.
A5. Many “heritage assets” are held in the public sector. A heritage
asset is an asset having some cultural, environmental or historical
significance. Heritage assets may include historical buildings and
monuments, archaeological sites, conservation areas and nature
reserves, and works of art. Heritage assets often display the
following characteristics, although these characteristics are not
necessarily limited to heritage assets:
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● their economic benefit in cultural, environmental, educational
and historic terms is unlikely to be fully reflected in a financial
value based purely on market price,
● legal and/or statutory obligations may impose prohibitions or
severe restrictions on disposal by sale,
● they are often irreplaceable and their economic benefit may
increase over time even if their physical condition deteriorates,
● it may be difficult to estimate their useful lives, which in some
cases could be hundreds of years.
Operational Property, Plant and Equipment
A6. Like its IFRS counterpart, IAS 16, IPSAS 17 Property, Plant and
Equipment permits two models for the recognition of operational
assets in the statement of financial position: a cost model and a fair
value model. Where the fair value model is applied, a current
revaluation of the asset is required. Where an entity adopts the fair
value revaluation option, the assets are included in the statement of
financial position at their fair value. IPSAS 17 paras 45 to 47
stipulate the following:
“The fair value of items of property is usually determined from
market based evidence by appraisal. The fair value of items of
plant and equipment is usually their market value determined by
appraisal.”
“If no market evidence is available to determine the market
value in an active and liquid market of an item of property, the
fair value of the item may be established by reference to other
items with similar characteristics, in similar circumstances and
location.”
“If there is no market-based evidence of fair value because of
the specialised nature of the item of plant and equipment, an
entity may need to estimate fair value using … depreciated
replacement cost, or the restoration cost or service unit
approaches …”
A7. Although there is no IPSAS equivalent of IFRS 13 Fair Value
Measurement, in line with the established policy of convergence
between IPSAS and IFRS, fair value should be estimated in a
manner that is consistent with IFRS.
Absence of Market Evidence
A8. For some public sector assets, it may be difficult to establish their
value because of the absence of market transactions for these
assets. Some public sector entities may have significant holdings of
these assets. IPSAS 17 para 47, gives the following guidance:
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“… the fair value of vacant government land that has been held for
a long period during which time there have been few transactions
may be estimated by reference to the market value of land with
similar features and topography in a similar location for which
market evidence is available. In the case of specialised buildings
and other man-made structures, fair value may be estimated by
using depreciated replacement cost, or the restoration cost or the
service units approach (see IPSAS 21). In many cases, the
depreciated replacement cost of an asset can be established by
reference to the buying price of a similar asset with similar
remaining service potential in an active and liquid market. In some
cases, an asset’s reproduction cost will be the best indicator of its
replacement cost. For example, in the event of loss, a parliament
building may be reproduced rather than replaced with alternative
accommodation because of its significance to the community.”
A9. Because of the lack of evidence of comparable market transactions
for many public sector assets, the market approach often cannot be
used. The above paragraph sanctions the use of alternative
valuation methods to measure the fair value of an asset, all of
which fall within the cost approach described in the IVS Framework.
IPSAS 21, referred to below, contains some guidance on these
methods.
Impairment
A10. IPSAS 21 Impairment of Non-Cash-Generating Assets contains
similar provisions to IAS 36, see IVS 300. The test for a non-cashgenerating
asset for impairment, which will include most property,
plant and equipment held for the provision of a public service,
requires the carrying amount to be adjusted to the higher of its fair
value less costs to sell or its value in use. IPSAS 21 para 14,
provides that the value in use of a non-cash-generating asset is the
present value of the asset’s remaining “service potential”. The
standard then gives further guidance on methods for assessing the
remaining service potential as follows:
(a) Depreciated Replacement Cost Approach – IPSAS 21 paras 41
to 43:
“Under this approach, the present value of the remaining
service potential of an asset is determined as the
depreciated replacement cost of the asset. The
replacement cost of an asset is the cost to replace the
asset’s gross service potential. This cost is depreciated to
reflect the asset in its used condition. An asset may be
replaced either through reproduction (replication) of the
existing asset or through replacement of its gross service
potential. The depreciated replacement cost is measured as
the reproduction or replacement cost of the asset,
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whichever is lower, less accumulated depreciation
calculated on the basis of such cost, to reflect the already
consumed or expired service potential of the asset.
The replacement cost and reproduction cost of an asset are
determined on an ‘optimized’ basis. The rationale is that the
entity would not replace or reproduce the asset with a like
asset if the asset to be replaced or reproduced is an
overdesigned or overcapacity asset. Overdesigned assets
contain features which are unnecessary for the goods or
services the asset provides. Overcapacity assets are assets
that have a greater capacity than is necessary to meet the
demand for goods or services the asset provides. The
determination of the replacement cost or reproduction cost
of an asset on an optimized basis thus reflects the service
potential required of the asset.
In certain cases, standby or surplus capacity is held for safety
or other reasons. This arises from the need to ensure that
adequate service capacity is available in the particular
circumstances of the entity. For example, the fire department
needs to have fire engines on standby to deliver services in
emergencies. Such surplus or standby capacity is part of the
required service potential of the asset.”
(b) Restoration Cost Approach – IPSAS 21 para 44:
“Restoration cost is the cost of restoring the service
potential of an asset to its pre-impaired level. Under this
approach, the present value of the remaining service
potential of the asset is determined by subtracting the
estimated restoration cost of the asset from the current cost
of replacing the remaining service potential of the asset
before impairment. The latter cost is usually determined as
the depreciated reproduction or replacement cost of the
asset whichever is lower. Paragraphs 41 and 43 include
additional guidance on determining the replacement cost or
reproduction cost of an asset.”
(c) Service Units Approach – IPSAS 21 para 45:
“Under this approach, the present value of the remaining
service potential of the asset is determined by reducing the
current cost of the remaining service potential of the asset
before impairment to conform with the reduced number of
service units expected from the asset in its impaired state.
As in the restoration cost approach, the current cost of
replacing the remaining service potential of the asset before
impairment is usually determined as the depreciated
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reproduction or replacement cost of the asset before
impairment, whichever is lower.”
A11. IPSAS 17 recognises that some heritage assets have service
potential other than their heritage value, eg a historic building being
used for office accommodation. In these cases, they may be
recognised and measured on the same basis as other items of
property, plant and equipment. For other heritage assets, their
service potential is limited to their heritage characteristics, eg
monuments and ruins. The existence of alternative service potential
can affect the valuation approach adopted.
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IVS 310 Valuations of Real Property Interests for Secured
Lending
Contents
Introduction
STANDARD
Paragraphs
Scope of Work 2–5
Implementation 6
Reporting 7–8
Effective Date
APPLICATION GUIDANCE
9
The Property Interest G1–G2
Incentives G3
Valuation Approaches G4
Property Types G5
Investment Property G6–G9
Owner-Occupied Property G10
Specialised Property G11–G12
Trade Related Property G13
Development Property G14–G17
Wasting Assets G18
INTRODUCTION
Loans from banks and other financial institutions are often secured by the
collateral of the borrower’s real property interests. The lending may be by
way of a mortgage or other forms of fixed or floating charge. The common
factor is that the lender has the power to recover the loan by taking control
of the collateral in the event of default by the borrower. Different types of
property may be offered as collateral.
STANDARD
1. The principles contained in the General Standards and in IVS 230
Real Property Interests apply to valuations for secured lending
unless these are modified by this standard. This standard includes
only any modifications, additional requirements or specific examples
of how the General Standards apply.
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Scope of Work (IVS 101)
2. To comply with the requirement to confirm the identity and status of
the valuer in IVS 101 para 2(a), the scope of work shall additionally
include a disclosure of any material involvement that the valuer has
with either the property to be valued, the borrower or a prospective
borrower. The materiality of existing or past involvement is a matter
of professional judgement for the valuer but the principal criteria is
whether the involvement would be likely to give rise to doubt in the
mind of a reasonable person as to the ability of the valuer to
provide an impartial valuation if it were discovered after the
valuation had been carried out.
3. To comply with the requirement to identify the assets to be valued in
IVS 101 para 2(d), the real property interest to be used as the
collateral for securing the loans or other financing arrangements
shall be clearly identified, together with the party in whom the
interest is currently vested.
4. The basis of value to be specified in accordance with IVS 101 para
2(e) will normally be market value. Some lenders request valuations
on the assumption of a forced sale or impose a time limit for the
hypothetical disposal of the property. Because the impact on price
of any constraint on the marketing period will depend upon the
circumstances at the time that sale takes place, it is not realistic to
speculate on the price that could be obtained without knowledge of
those circumstances. A valuation may be provided on the basis of
defined special assumptions recorded in the scope of work. In such
cases, a statement should be made that the value will be valid only
at the valuation date and may not be achievable in the event of a
future default, when both market conditions and the sale
circumstances may be different.
5. Valuations for secured lending are often required on the special
assumption that there has been a change in the state or condition
of the property. To comply with the requirement to state any
assumption in IVS 101 para 2(i) any special assumptions that are
necessary shall be included in the scope of work. Examples of
special assumptions that are commonly made in secured lending
valuation include:
(a) that a proposed building had been completed at the valuation date,
(b) that a proposed lease of the property had been completed at
the valuation date,
(c) that a specified occupancy level had been reached by the
valuation date,
(d) that the seller had imposed a time limit for disposal that was
inadequate for proper marketing.
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Implementation (IVS 102)
6. There are no additional requirements when undertaking valuations
for secured lending.
Reporting (IVS 103)
7. In addition to those matters required by IVS 103 Reporting, a
valuation report for secured lending shall include appropriate
references to matters addressed in the scope of work in
accordance with paras 2 to 5 above. The report shall also include
comment on factors that are relevant to a lenders assessment of
the performance of security over the life of the proposed loan.
Examples of these factors include:
(a) current activity and trends in the relevant market,
(b) historic, current and anticipated future demand for the type of
property and location,
(c) any potential, and likely demand for, alternative uses that exist
or can be anticipated at the valuation date,
(d) the impact of any events foreseeable at the valuation date on
the probable future value of the security during the loan period.
An example would be a tenant exercising an option to break a
lease,
(e) where the market value is provided subject to a special
assumption, the report shall include:
(i) an explanation of the special assumption,
(ii) a comment on any material difference between market
value and the market value subject to the special
assumption,
(iii) a comment that such value may not be realisable at a future
date unless the factual position is as described in the
special assumption.
8. Where the proposed loan is to support a purchase of a property
interest, there will normally be a sale price agreed or confirmed.
Enquiries should be made to establish this price and the result of
those enquiries referred to in the report. Where there is a difference
between a recent or pending transaction price and the valuation,
the report shall comment on the reasons for this difference.
Effective Date
9. This standard is effective from 1 January 2012, although earlier
adoption is encouraged.
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APPLICATION GUIDANCE
The Property Interest
G1. The existence or creation of other interests will impact on the value
of the real property interest offered as security. It is therefore
important that all interests in the subject property are identified,
together with the parties in whom those interests are vested. Where
detailed information on title has not been provided or is unavailable,
the assumptions that have been made concerning the real property
interest should be clearly stated. It is also good practice to
recommend that these matters be verified before any loan is
finalised.
G2. Caution is required where property offered as security is subject to
a lease to a party related or connected with the borrower. If this
lease has a more favourable income stream than would be
obtainable in the market, it may be appropriate to disregard the
existence of the lease in a valuation of the property as security.
Incentives
G3. It is not uncommon for a seller of property, especially a property
developer or trader, to offer incentives to buyers. Examples of such
incentives include rental income guarantees, contributions to the
buyer’s removal or fitting out costs, or the supply of furnishings or
equipment. Market value ignores any price inflated by special
considerations or concessions. Where such exist, it is appropriate
to comment on the effect that any incentives being offered have on
the actual selling prices achieved as the incentives may not be
available to the lender in the event that it had to rely on the security.
Valuation Approaches
G4. All valuation approaches used for developing and supporting an
indication of market value are based on market observations.
Although the three approaches identified in the IVS Framework can
be used to provide an indication of market value for secured
lending, if the property is so specialised that there is insufficient
evidence to use either the market approach or income approach, it
is unlikely that the property would be regarded as suitable security.
Therefore, the cost approach is seldom used in valuations for this
purpose except as a check on the reasonableness of the value
determined using another approach.
Property Types
G5. Different types of property have different characteristics as security.
It is important that the valuation of the relevant interest addresses
these in order to properly provide the lender with adequate
information on the suitability of the property as security and to help
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the lender identify any risk factors associated with the property over
the duration of the loan.
Investment Property
G6. Investment property is usually valued for lending purposes on an
asset-by-asset basis, although some lenders may lend against the
value of a defined portfolio. In such instances, the distinction needs
to be made between the value of the individual investment property,
assuming it is sold individually, and its value as part of the portfolio.
G7. Consideration should be given to the expected demand for and
marketability of the property over the life of the loan and
appropriate advice on current market conditions provided in the
report. This advice should not involve predicting future events or
values but should reflect current market expectations of the future
performance of the investment based on current trends. However, if
such information suggests a significant risk to future rent payments,
the impact of this risk on the valuation should be considered and
commented upon in the report.
G8. It is normally outside the scope of the valuation assignment to
advise on the ability of a tenant to meet future rent payments and
other lease obligations beyond reflecting the information available
on the tenant that is in the public domain and available to all market
participants.
G9. If the income from a property is critically dependent on a tenant or
tenants from a single sector or industry or some other factor which
could cause future income instability, the impact should be
considered in the valuation process. In certain cases, an
assessment of the value of the property based on an alternative
use, assuming vacant possession, may be appropriate.
Owner-Occupied Property
G10. An owner-occupied property valued for lending purposes will
normally be valued on the assumption that the property is
transferred unencumbered by the owner’s occupancy, ie the buyer
is entitled to full legal control and possession. This does not
preclude consideration of the existing owner as part of the market,
but it does require that any special advantage attributable to the
owner’s occupancy, which may be reflected in a valuation of the
business, be excluded from the valuation.
Specialised Property
G11. A specialised property may have significant value only as part of
the business of which it is part. In valuations for secured lending,
unless otherwise instructed, such properties are valued on the
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special assumption that the business has ceased and therefore the
underlying security will reflect the value for an alternative use. The
valuation will involve consideration of the costs and risks that would
be involved in achieving that use.
G12. A valuation may be required of a specialised property where the
property is part of a going concern business. In such
circumstances, the value is dependent on the continuing profitability
of the business. In such circumstances, the distinction between the
value of the property as part of the business and the value of the
property if the business had vacated or closed should be made.
Trade Related Property
G13. The value of trade related property normally reflects its income
generating potential due to the buildings or other structures only
being suitable for a specific type of trade. The specialised nature of
such property means that there may be a significant difference in its
value as part of an operating concern and its value if there was no
business in occupation. If the business had ceased, any buyer
intending to trade would need time to re-establish a new business in
the property and would incur start-up and other costs in equipping
the property, obtaining any necessary permits and licences, etc.
Where a lender is relying on the underlying value of the property
interest as security, a valuation for loan security should comment on
the impact on the value of the property interest of the cessation of
any existing business in occupation. In some cases, the value for a
potential alternative use may represent the market value.
Development Property
G14. Properties held for development or sites intended for development
of buildings are valued taking into account existing and potential
development entitlements and permissions. Any assumptions as to
zoning issues and other material factors need to be reasonable and
reflect those that would be made by market participants.
G15. The approach to the valuation of development properties will
depend on the state of development of the property at the valuation
date and may take into account the degree to which the
development is pre-sold or pre-leased. Additional considerations
may include, but are not limited to, the following:
(a) estimating the development period from the date of valuation,
and the need to reflect any intended phasing of the
development project,
(b) determining the effect of additional development requirements
on costs and revenues, using present value discounting where
appropriate,
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(c) identifying, anticipated market trends over the period of the
development,
(d) identifying the risks associated with the development,
(e) considering the impact of any special relationships between the
parties involved in the development.
G16. If the completed development will consist of multiple individual units
the valuation method adopted should reflect the anticipated timing
of both the completion of the construction of each unit and a
realistic estimate of the rate at which individual sales will take place.
When reporting, a clear distinction should be made between the
value of the completed development to a single buyer who would
assume the cost and risk of onward sales of the individual units in
return for a profit margin, and the sum of the individual anticipated
prices for each individual unit.
G17. For further guidance on the value of a development property where
construction has yet to commence or where construction is in
progress see the Commentary to IVS 233 Investment Property
under Construction.
Wasting Assets
G18. Specific considerations arise in relation to the valuation of a wasting
asset for secured lending, ie one which will generally depreciate in
value over time. Examples include mines or quarries. The estimated
life and the rate of value erosion over that life should be identified
and clearly stated in the report.
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Index
A
Aggregation 18–19, 99
Assets and liabilities 3, 100, 106
Asset Standards 3
application 3
assets and liabilities 3
Businesses and Business Interests (IVS 200) 39–46
effective dates 4, 40, 48, 57, 62, 74, 82
Financial Instruments (IVS 260) 80–91
Intangible Assets (IVS 210) 47–55
Investment Property under Construction (IVS 233) 73–79
Plant and Equipment (IVS 220) 56–60
Real Property Interests (IVS 230) 61–72
Assumptions 24–25, 31, 37
B
Basis of value 11, 19–20, 31, 36
Businesses and Business Interests (IVS 200) 39–46
Business information 42–43
C
Code of Ethics
elimination 6
Competence 14–15
Components
depreciation 102
Control environment
financial instruments 90–91
Cost 15
Cost approach 11, 27
financial instruments 90
historic property 72
intangible assets 54–55
plant and equipment 60
real property interests 67–68
Credit risk 84–86
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D
Depreciation 100–101
componentisation 102
land and buildings 101–102
plant and equipment 102
Development property
valuation for secured lending 120–121
E
Enterprise value 41
Entity specific factors 18
Equity value 41
Ethical behaviour 6
F
Fair value 11, 23–24, 98–99
fair value less costs to sell: impairment testing 109
hierarchy: valuation inputs 99–100
Financial Instruments (IVS 250) 80–91
Financial reporting
Financial Reporting Standards 94
International Financial Reporting Standards (IFRS) 94
investment property under construction 79
unit of account 95
Valuations for Financial Reporting (IVS 300) 93–114
Financing arrangements
plant and equipment 59
Forced sales 25–26
plant and equipment 59
G
General Standards 3
application 3
assets and liabilities 3
effective dates 4, 32, 34, 37
Implementation (IVS 102) see Implementation (IVS 102)
Reporting (IVS 103) see Reporting (IVS 103)
Scope of Work (IVS 101) see Scope of Work (IVS 101)
Goodwill 11, 50
H
Heritage assets
public sector 110–111
Historic property
real property interests 69–72
I
Impairment testing 107–108
fair value less costs to sell 109
public sector assets 112–114
recoverable amount 108
value in use 108–109
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Index
Implementation (IVS 102) 33–34
businesses and business interests 40
financial instruments 81
intangible assets 48
investment property under construction 74
plant and equipment 57
real property interests 62
valuations for secured lending 117
valuations for financial reporting 96
Income approach 11, 26–27
businesses and business interests 44–46
financial instruments 89–90
historic property 71–72
intangible asset 52
excess earnings method 53–54
premium profits method 53
relief-from-royalty method 52–53
plant and equipment 60
real property interests 66–67
Independence and objectivity 14
Intangible assets 11
Intangible Assets (IVS 210) 47–55
plant and equipment exception 59
International Financial Reporting Standards (IFRS) 94
International Valuation Standards Board (IVSB) 2
International Valuation Standards Committee
Critical Review Group 5
International Valuation Standards Council (IVSC) 1–2, 5
Professional Board
Code of Ethics 6
development of comprehensive glossary 6
Technical Information Papers (TIPS) 5
Investigations 33
extent 36
Investment property 11
Investment Property under Construction (IVS 233) 73–79
leased 105–106
valuation for secured lending 119
Investment value 12, 23
IVS Definitions 2, 11–12
IVS Framework 2, 13–28
IVS 2007 4, 5
glossary 6
section-by-section changes 6–9
J
Judgement 14
L
Land and buildings see also Investment property; Real estate; Real property
depreciation 101–102
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Leases 102–103
classification 103–104
property 104–105
investment property 105–106
valuing asset or liability 106–107
Liabilities see Assets and liabilities
M
Market 15–16
Market activity 17
Market approach 12, 26
absence of market evidence: public sector assets 111–112
businesses and business interests 43–44
financial instruments 88
historic property 71
intangible assets 51–52
investment property under construction 75, 76
plant and equipment 60
real property interests 65–66
Market participants 17
Market rent 12, 64–65
Market value 12, 20–22
Methodology
elimination 5
Methods of application 27
Multiple approaches
intangible assets 55
O
Owner-occupier property
valuation for secured lending 119
Ownership rights 41–42
P
Plant and equipment
depreciation 102
Plant and Equipment (IVS 220) 56–60
public sector 110–114
Price 15
Public sector
property, plant and equipment 110–114
Property see also Investment property; Land and buildings;
Real estate; Real property
public sector 110–114
Purchase price allocation 107
R
Real estate 12
classification of leases 104–105
Real property 12
Real Property Interests (IVS 230) 61–72
Valuations for Secured Lending (IVS 310) 115–121
126

Index
Rent see Market rent
Reporting (IVS 103) 35–37
businesses and business interests 40
financial instruments 81–82
intangible assets 48
investment property under construction 74
plant and equipment 57
real property interests 62
valuations for secured lending 117
valuations for financial reporting 97
Revised standards 6–9
S
Scope of work (IVS 101) 29–32
businesses and business interests 39–40
financial instruments 80–81
intangible assets 47–48
investment property under construction 73–74
plant and equipment 56–57
real property interests 61–62
valuations for secured lending 116
valuations for financial reporting 95–96
Secured lending valuations
investment property under construction 79
Valuations of Real Property Interests for Secured Lending
(IVS 310) 115–121
Special assumptions 12, 31, 37
Specialised property
valuation for secured lending 119–120
Special purchaser 12, 24
Special value 12, 24
Synergistic value 12, 24
T
Tax amortisation benefit
intangible assets 54
Trade related property 12
valuation for secured lending 120
Transaction costs 23
V
Valuation Applications 3
application 3
assets and liabilities 3
effective dates 4, 97, 117
Valuations for Financial Reporting (IVS 300) 93–114
Valuations of Real Property Interests for Secured Lending
(IVS 310) 115–121
Valuation approaches 26, 33–34
businesses and business interests 43
financial instruments 87–88
historic property 71
127
Index

Index
International Valuation Standards
intangible assets 51
investment property under construction 75–76
plant and equipment 60
real property interests 65
valuations for secured lending 118
Valuation date 12, 31, 36
Valuation inputs 27–28
fair value hierarchy 99–100
financial instruments 86–87
investment property under construction 77–79
Valuation record 34
Valuation report see Reporting (IVS 103)
Value 15
W
Wasting assets
valuation for secured lending 121
128