By David Parker
International Valuation criteria: a consultant to the valuation of genuine estate assets is a necessary highway map to utilizing the recent foreign Valuation criteria in daily perform for actual property resources, explains their content material, software and operation. It exhibits how you can worth resources together with estate, plant and gear and is written in an explanatory sort utilizing as a rule understood company English with as little jargon as attainable. It takes a thematic layout, concentrating on the applying of IVSs to funding estate and owner-occupied estate with the writer addressing valuation guideline, operation and reporting lower than IVSs.
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While the principal benefit of converging valuation regulation internationally with accounting regulation may be contended to be the efficient and effective functioning and stability of global capital and debt markets, several further benefits of global regulatory convergence may be identified: ●● improving the comparability of financial information, with consistent valuation practices supporting the transparency and credibility of ●● ●● ●● ●● ●● ●● 9 aluations in financial reporting globally, so increasing the potential v mobility of capital across national borders and providing all decision makers with consistent, high quality, reliable information with which to make informed investment, resource and policy decisions; improving the auditability of financial statements, with adoption and application of globally consistent valuation standards providing auditors with clear benchmarks to assess whether valuations included in financial statements are reasonably founded; reducing the effects of systemic risk, with a reduction in the threats to the global financial systems of such behaviours as over confidence in rising markets and extreme risk aversion in falling markets which may heighten systemic risk in globally connected markets such as banking, insurance and securities; reducing information costs, with multinational companies and global property investors being able to measure assets consistently in different countries which reduces the cost of preparing financial statements and the need to reconcile differing valuation approaches; decreasing the opportunities for regulatory arbitrage by removing opportunities for pricing differentials that do not have a basis in economic fundamentals but instead arise from different valuation practices; providing an underpinning for a global regulatory system, through which global bodies such as the G20 can develop global solutions to address global issues with regulatory convergence facilitating intergovernmental co‐operation, greater institutional linkages and international policy integration; and providing additional benefits for developing and emerging economies, through the adoption and implementation of existing high‐quality, internationally accepted standards recognised by international bodies, governments, investors, corporations, lenders and so forth (IVSC, 2014).
As a conceptual framework, the elements are proposed as a series of overarching principles or scaffolding for the valuation process, capable of interpretation and application to different types of property interests in different countries at different times, thus being an effective example of principles based standard setting for international application. 1 Market Value an arm’s length transaction, after proper marketing and where the parties had each acted knowledgably, prudently and without compulsion.
Significantly, the assessment of highest and best use is through the eyes of a market participant, usually being the assumed rational hypothetical buyer, who reflects all aspects of the assessment of highest and best use in the price it would attribute to the property. However, such assumed rational hypothetical buyer is not necessarily a single party (which would potentially invoke aspects of investment value or special value) but is indicative or representative of a small group of assumed rational hypothetical buyers as will be considered in further detail in Chapter 2.