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Shapoval, T. V. "Legal nature of the ivsc international standards." Uzhhorod National University Herald. Series: Law, no. 63 (August 9, 2021): 171–77. http://dx.doi.org/10.24144/2307-3322.2021.63.30.
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The article is focused on legal nature of International Valuation Standards Committee (renamed to International Valuation Standards Council in 2008) and implementation of its valuation standards by states and international organizations. The paper concentrates on legal gaps regarding the application aspects of property value calculations in international law. Treaties do not provide substantial determinacy, include no instruction or the appropriate methodology on numerous calculation issues and typically set forth only basic standard of valuation such as standard of fair market value of property for the calculation of compensation. It shows that lack of standards for determining awards of compensation creates a source of uncertainty for protection in international public law. The issue discusses a framework where international valuation standards of international non-governmental organizations are given legal weight and serve as guidelines for the calculation of awards. After establishing the legal basis for an award, tribunals use their impression of valuation best practices as well as discretion to conduct the analysis. The result depends on the assumptions and philosophy of the adjudicating tribunal. It is emphasized that international arbitration practice in measures of compensation should be based on principles of fairness and reasonableness.
Part of the issue is based on Directive of European Union with provisions that valuation standards of states should take into account internationally recognised valuation standards, in particular those developed by the International Valuation Standards Committee, the European Group of Valuers’ Associations or the Royal Institution of Chartered Surveyors. Member states of European Union admitted valuation standards of international non-governmental organizations as reliable standards for the credit purposes after the financial crisis, which has shown that irresponsible behaviour by market participants can undermine the foundations of the financial system leading to potentially severe social and economic consequences.
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Komar, Irina. "Features of determining the market value of retail real estate and individual trade related properties during pre-trial evaluation and forensic examination." Real estate: economics, management, no. 1 (May 17, 2021): 20–24. http://dx.doi.org/10.22337/2073-8412-2021-1-20-24.
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The present article deals with the specifics of valuation of retail property and individual trade related properties on the basis of the international experience and as recommended by International Valuation Standards and RICS (The Royal Institution of Chartered Surveyors (Great Britain)) valuation standards (Red Book). The present article is justified as currently Russia lacks a standard, uniform for the valuers or legal experts, to be used for the purposes of valuation of similar subjects. At the same time, methodical literature is insufficient while there are numerous property disputes that call for pre-court valuations and expert evidence of valuation of such subjects, including numerous litigations arising out of bankruptcy or establishing cadaster value to the amount of market value. The author reviews the existing approaches to valuation of real estate in accordance with both the international and national standards and awards professional recommendations pertaining to the use of the income approach to value retail real properties and individual trade related properties. The definitions and metrics of the above real properties’ groups are described separately. Also, the author provides guidelines for inquiry of the documents and information necessary for the acquisition of the data to be used in the course of valuation and expert evidence. All pricing factors are described in detail in the present article against the examples of retail real properties and individual trade related properties (say, hotel) and explanation of their effect on the market value in case the income approach is applied is provided.
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French, Nick, and Laura Gabrielli. "Pricing to market." Journal of Property Investment & Finance 36, no. 4 (July 2, 2018): 391–96. http://dx.doi.org/10.1108/jpif-05-2018-0033.
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Purpose Since the global financial economic crisis hit the world markets in 2007/2008, the role of property valuation has been under greater and greater scrutiny. The process of valuation and its quality assurance has been addressed by the higher prominence of the International Valuation Standards Council (IVSC). This is a significant initiative worldwide. However, there has been little written on the appropriate use of valuation approaches and methods in market valuations. There is now a hierarchy of valuation definitions. In order, there are valuation approaches, valuation methods and, as a subset of the methods, techniques or models. The purpose of this paper is to look at the importance of identifying the appropriate approach to be adopted in market valuations and the methods, techniques and models that should be applied to determine market value. Design/methodology/approach This practice briefing is an overview of the valuation approaches, methods and models available to the valuer and comments on the appropriateness of valuation each in assessing market value. Findings This paper reviews the IVSC-recognised approaches and prompts the valuer to be careful with the semantics involved so that they are better placed to provide an unambiguous service to their clients. Practical implications The role of the valuer in practice is to identify the appropriate approach for the valuation of the subject property, choose the right method and then apply the correct mathematical model for the valuation task in hand. Originality/value This provides guidance on how valuations can be presented to the client in accordance with the International Valuation Standards.
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Svoboda, P. "Valuation of tangible fixed assets pursuant to the Czech accounting law and international accounting standards." Agricultural Economics (Zemědělská ekonomika) 53, No. 10 (January 7, 2008): 466–74. http://dx.doi.org/10.17221/927-agricecon.
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The valuation of assets is a relatively challenging activity as well as a scientific discipline having an impact on the amount of the reported assets and economic result process. The report deals with the issue of valuation of the tangible fixed assets in the accounting entities compiling the financial statements pursuant to the Czech national legislation and in conformity with the requirements of the International Accounting Standards IAS/IFRS and US GAAP. The substantial differences in the definitions and valuation of the tangible fixed assets in these systems have been determined, indicating the impact on the economy of the accounting entity, both at the primary acquisition and as at the day of the closing of books. Attention has also been paid to the possibilities of recording the value decreases and to subsequent expenses. The analysis of legal regulations was completed with the analysis of the financial statements from selected economic entities. As per the international standards, the main difference consists in the possibility of component depreciation of tangible assets or, on the other hand, the possibility of group depreciation, in the differences in valuation in the event of acquisition paid for and of acquisition by one’s own production and in the possibility to consider the costs of disposal of assets. The subsequent expenses are also construed in a different manner: as per the Czech regulation, they are construed as repairs and maintenance. The substantial difference in comparison with the Czech regulation consists in the possibility of re-valuation of assets upwards as well as the method of actual value determination.
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Sedláček, J. "The methods of valuation in agricultural accounting." Agricultural Economics (Zemědělská ekonomika) 56, No. 2 (February 25, 2010): 59–66. http://dx.doi.org/10.17221/1487-agricecon.
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This paper deals with the valuation of the biological assets and agricultural production. There are analyzed two approaches: Czech and international. The International Accounting Standards are emulative of more authentic presentment of economic processes in agricultural activities than Czech accounting legislation. From the comparison the both approaches accrued some differences, which can influent the financial statements of enterprises. The causation of main difference appears an application of fair value, which is prescribed for biological assets and agricultural production in international accounting standards. In international accounting standards is preferred principle of fair and true view, while in Czech accounting is preferred prudence principle.
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Speidell, Lawrence S., and Vinod B. Bavishi. "GAAP Arbitrage: Valuation Opportunities in International Accounting Standards." Financial Analysts Journal 48, no. 6 (November 1, 1992): 58–66. http://dx.doi.org/10.2469/faj.v48.n6.58.
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Ryska, J., and A. Valder. "Fair value in financial accounting." Agricultural Economics (Zemědělská ekonomika) 49, No. 11 (March 2, 2012): 526–32. http://dx.doi.org/10.17221/5442-agricecon.
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By progression of the expanding use of the International Accounting Standards, fair value is being pushed ahead instead of standard historical costs. The extension of the International Accounting Standards for financial instruments and long-term assets leads to the publishing of real net income of the enterprise. The necessity to express the fair values of assets for accountancy places specialists of this profession in a new position of professionals having a common language with investors. This trend started deepening when the International Valuation Standards Committee began to co-operate with the International Accounting Standards Committee more closely. This caused the harmonization of basic terms used for valuation of property.
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Yakubovsky, V. "EUROPEAN VALUATION STANDARDS EVS–2016 AND THEIR INTERRELATION WITH EU LEGISLATION." ACTUAL PROBLEMS OF INTERNATIONAL RELATIONS, no. 134 (2018): 77–89. http://dx.doi.org/10.17721/apmv.2018.134.0.77-89.
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The article is devoted to analysis of new edition of European Valuation Standards EVS–2016 and the interrelation with European Legislative and Normative basis. Reviewed are structure and content of so called “Blue Book” of EVS–2016 standards issued by The European Group of Valuer’s Associations (TEGoVA) which are enforced from 01 June 2016. Underlined is the fact that these standards are highly structured and include not only five basic valuation standards but also some sets of supporting documents such as Guidance Notes and Technical Documents. Close interrelation of TEGoVA’s standards with European legislation is demonstrated and analyzed as one of the important and specific their peculiarity in comparison with other international valuation standards. This is specially marked by the fact that standards itself are already included into several European Directives and Regulation of mandatory character. This remarkably increase role and significance of EVS–2016 standards both for international and domestic valuation practice and should be closely considered during process of actualization of national property valuation standards.
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Beryoza, A. O. "Valuation of Biological Assets at Fair Value." World of new economy 13, no. 3 (December 3, 2019): 59–70. http://dx.doi.org/10.26794/2220-6469-2019-13-3-59-70.
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Today the globalisation of the world market leads to the necessity of constructive interaction in the international market and forming common standards of accounting. Transnational corporations as a phenomenon of worldwide integration are businesses with units in different countries of the world. Special issues of information support of management in agricultural organisations have become very important in the conditions of the market economy. Clear and transparent accounting in such enterprises requires the existence of common international standards. Such standards could become International Financial Reporting Standards (IFRS). They are designed to provide an understanding of financial processes in different countries for the interaction between investors and potential investment projects located in different national accounting systems. The standard “Agriculture” has great importance for the Russian Federation. Agriculture is one of the leading sectors of our country, supplying products for both domestic and foreign market. Accordingly, the adoption of this standard and the implementation of its provisions is an important and urgent issue of today’s economic reality. Introduction of this standard leads to the formation of fundamentally new methodological bases of the accounting of agricultural activities based on the market value of assets because paragraphs 12–13 of this Standard states that during the initial and subsequent valuation of biological assets will be measured at their fair value fewer costs to selling. Thus, the need to allocate biological assets in the separate account-economic category, their reflection in the accounting at fair value by the provisions of IAS 41 has determined the relevance of the topic, goal, objectives and logic of the article.
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Augustyniak, Hanna, Jacek Laszek, Krzysztof Olszewski, and Joanna Waszczuk. "Property valuation for mortgage purposes in Poland." Property Management 36, no. 2 (April 16, 2018): 234–47. http://dx.doi.org/10.1108/pm-09-2016-0049.
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Purpose The purpose of this paper is to describe the property valuation methods that are applied in Poland. It shows that they base on international standards and are a reliable source of information for international investors and banks. Design/methodology/approach The valuation methods are described and critically assessed, potential problems are pointed out. The analysis of lending risk is analysed on data about non-performing loans (NPL). Findings Polish valuation methods are in line with international methods, but there are some risks, like small number of transactions, subjective behaviour of valuers. The low NPL ratios indicate that the valuation works correctly. Practical implications The Polish valuation methods are trustworthy, non-performing mortgage ratios are low, however, banks and investors should ask whether there is a local zoning plan. Moreover, they should look critically at the comparables that were used during the valuation process, if in their opinion the valuation is overly low or high. Originality/value This paper focusses on valuation from a financial stability perspective. It uses Polish literature and data on NPLs to give an insight on valuation of property and mortgage risk in Poland. Besides the review of the methods it points out the problems related to valuation uncertainty, such as the risk of subjective behaviour of valuers and the low number of transactions in some regions, which are used for valuations.
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YASYSHENA, Valentyna. "STRUCTURE AND VALUATION OF INTANGIBLE ASSETS AT DIFFERENT LEVELS OF STANDARDIZATION." WORLD OF FINANCE, no. 1(58) (2019): 145–56. http://dx.doi.org/10.35774/sf2019.01.145.
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Introduction. Today, due to the large number of types of intangible assets that are presented in the valuation and accounting standards of different levels, it is difficult to determine their objective assessments. Purpose. The article is devoted to the research and systematization of IA objects, presented in the international, European and national standards of expert assessment and accounting, with the aim to find the ways of domestic standards improvement, as well as management of IA at the enterprise. Results. The structure of the IA objects, which are described in the International Standard for Assessments 210 “Intangible Assets”, the European Standards for Evaluation of the TEGoVA, the Professional Standards for the Evaluation of RICS, the National Standard No. 4 “Appraisal of Intellectual Property Rights”, the International Accounting Standard 38, Intangible Assets, and the Standards of Accounting 8 “Intangible Assets”, is analyzed. It is established that the objects of IA are shown in the international and national accounting standards, which are reflected in the accounting and financial statements of the entity, but they do not fully cover the market value of the enterprise. The list of objects of IA, which is not given in P (C) BO 8, is marked out and described, and accordingly they are not reflected in the financial statements of the enterprise. The article proposes a list of IA, which was formed on the basis of study of the nternational, European and national standards of expert assessment and can be taken into account by the enterprise for the estimation of business value and needs of IAmanagement. Conclusions. It is noted that the assessment of IA is not a sufficiently developed direction of professional property valuation; therefore, there is a need to mprove the National Standard 4 “Appraisal of Intellectual Property Rights” from its approximation to international practice. It has been determined that a standard for the assessment of IA, which will regulate not only the evaluation of intellectual property objects, but also other IA objects, which will be used in international practice, taking into account contemporary economic development, will be developed. The results of this article outlined the directions of further research in the area of improving the methodology of IA assessment.
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Ogilvy, Sue, and Michael Vail. "Standards-compliant accounting valuations of ecosystems." Sustainability Accounting, Management and Policy Journal 9, no. 2 (May 8, 2018): 98–117. http://dx.doi.org/10.1108/sampj-07-2017-0073.
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Purpose There is a great deal of interest in ecosystem or natural capital accounting and in methods to estimate monetary valuations of ecosystems. This paper aims to explore methods that may assist agricultural (livestock grazing) enterprises to estimate the monetary value of the productive capacity of the ecosystems they use. Such estimations are expected to provide a more complete set of information about the performance of pastoral operations and may assist them to assure ecological and economic sustainability. Design/methodology/approach This paper applies five different methods for valuation of the productive ecosystems used in extensive agricultural (grazing) systems. The methods apply different approaches to valuation described in the United Nations System of Environmental-Economic Accounting (SEEA) and Australian Accounting Standards (AASs). To do this, the paper uses financial information drawn from the long-term performance of an economically and environmentally sustainable pastoral enterprise. Findings SEEA- and AAS-compliant methods to measure the value in use of provisioning ecosystems are practical and useful. The estimations contribute to a reasonable range of fair values required by AASs and improve the availability of information that would be useful in improving the performance of the operation and compare it to reasonable alternate management strategies. Research limitations/implications The SEEA is an international standard and AASs are closely aligned to the International Accounting Standards, so the methods described in this paper are likely to be generalisable to enterprises grazing low-rainfall rangelands in other countries. However, their ability to appropriately accommodate the extensive modifications to ecosystems caused by cultivation and fertilisation needs to be tested before they are applied to grazing operations in high-rainfall areas or other forms of agriculture such as cropping or horticulture. Practical implications The availability of standards-compliant methods for ecosystem valuation means that companies who wish to include ecosystems on a voluntary and informal basis as sub-classes of land in their general purpose financial reports may be able to do so. If these methods are SEEA-compliant, they could be combined with information about the ecosystem type, extent and condition to produce a set of national ecosystem accounts so that the contribution of ecosystems to the economy can be estimated. Social implications Many of the enterprises that rely on extensive agricultural ecosystems are unable to generate sufficient financial returns to cover their obligations to owners and creditors. The ability to determine the monetary value of the annual inputs provided by the ecosystems may assist landowners and citizens to detect and avoid depletion of their economic and ecological resources. Originality/value This paper applies an explicit interpretation of AAS and draws from valuation methods recommended in the SEEA to demonstrate that current accounting standards (national and corporate) provide a strong foundation for the valuation of the ecosystems used as economically significant factors of production.
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Arbidane, Iluta, and Anita Puzule. "PROBLEMS AND SOLUTIONS FOR LEASE VALUATION AND ACCOUNTING IN LATVIA." Scientific Journal of Polonia University 33, no. 2 (April 3, 2019): 11–18. http://dx.doi.org/10.23856/3301.
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In the legislation of the Republic of Latvia, leasing transaction accounting complies with the provisions no. 17 of the International Accounting Standard "Leasing", which expired on January 1, 2019. The problem for the lessee in the accounting of leasing transactions is also the introduction of a new standard for companies that prepare annual financial reports in accordance with the requirements of international accounting standards. The aim of the study is to examine accounting problems and assess leasing transactions in Latvia and offer solutions. The study examined the justification for the assessment and accounting of leasing transactions in line with international accounting standards and identified issues of assessment and reporting in Latvia, possible solutions to improve the quality of leasing transactions have been worked out, offering necessary changes in legislation and revision of methodological documents.
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Ashbaugh, Hollis, and Per Olsson. "An Exploratory Study of the Valuation Properties of Cross-Listed Firms' IAS and U.S. GAAP Earnings and Book Values." Accounting Review 77, no. 1 (January 1, 2002): 107–26. http://dx.doi.org/10.2308/accr.2002.77.1.107.
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Despite the increasing integration of global capital markets, there is little evidence on the valuation properties of cross-listed, non-U.S. firms' accounting variables. We use the relative performance of the earnings capitalization, the book value, and the residual income valuation models to explore the valuation properties of International Accounting Standards and U.S. Generally Accepted Accounting Principles earnings and book values reported by non-U.S., cross-listed firms trading in a common equity market. Using non-U.S./non-U.K. firms whose shares trade on the International Stock Exchange Automated Quotation system in London, we find that the earnings capitalization model is the dominant accounting-based valuation model when crosslisted firms report under International Accounting Standards. In contrast, we find that when cross-listed firms report under U.S. Generally Accepted Accounting Principles, the residual income model is the dominant accountingbased valuation model. Our exploratory study provides insights into the valuation implications of allowing a dual reporting system for foreign registrants trading in a common equity market.
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Cugova, Aneta, and Juraj Cug. "International Financial Reporting Standards as a tool for Earnings management." SHS Web of Conferences 92 (2021): 02012. http://dx.doi.org/10.1051/shsconf/20219202012.
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Research background: The idea of harmonizing accounting at the international level gradually began to spread from the second half of the 20th century as a result of globalization and the growth of international trade. Due to the expansion of this business, users of financial statements have a need for comparability and transparency. National accounting legislation was so different that a reliable assessment of companies from different national backgrounds was not possible. The intention was to create uniform, globally applicable accounting standards. Purpose of the article: This paper clarifies the theoretical background of selected accounting standards that can significantly expand the scope for earnings management. Methods: Basic scientific methods of analysis, synthesis, induction, deduction and abstraction were used to meet the stated goal. Findings & Value added: The correct application of IFRS can increases the scope for discretionary accounting practices. The change in reporting and valuation according to domestic legislation to reporting and valuation according to international standards may, to varying degrees, affect the picture of the financial position as well as the achieved profit of the company.
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Effiong, James Bassey. "A Comparative Study of Valuation Variance and Accuracy between Nigeria and UK." International Letters of Social and Humanistic Sciences 57 (August 2015): 94–105. http://dx.doi.org/10.18052/www.scipress.com/ilshs.57.94.
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The study compared the level of valuation variance and inaccuracy between Nigeria and UK. In order to achieve the aim for the study, a survey method was employed using questionnaire administered on respondent estate surveyors and valuers in Calabar and Uyo metropolises. The study surveyed valuers opinions on the existence of valuation variance and inaccuracy, the possible causes and the margin of valuation error and data collected through questionnaire was analyzed using descriptive statistics to find the mean score, standard deviation and percentages. The findings from the study show that valuation variance and inaccuracy is high in Nigeria as compared to UK. The possible causes include lack of standards, lack of market data/comparables, lack of regulatory framework, methods/bases of valuation adopted, client’s influence, inadequate training of valuers, imperfect knowledge of the property market, wrong assumptions on cost per square metre, lack of professional experience as well as failure to discipline valuers on cases of negligence with lack of standards ranked first with the highest frequency and mean score. The study concluded by recommending the creation of a central property database, adopting/enforcement of international valuation standards, enforcement of disciplinary measures for erring members on negligence and a defined acceptable margin of valuation error.
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Crook, J. R. "Mark Kantor, Valuation for Arbitration: Compensation Standards, Valuation Methods and Expert Evidence (Kluwer Law International 2008)." ICSID Review 23, no. 2 (September 1, 2008): 427–33. http://dx.doi.org/10.1093/icsidreview/23.2.427.
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Çağdaş, V., A. Kara, P. van Oosterom, C. Lemmen, Ü. Işıkdağ, R. Kathmann, and E. Stubkjær. "AN INITIAL DESIGN OF ISO 19152:2012 LADM BASED VALUATION AND TAXATION DATA MODEL." ISPRS Annals of Photogrammetry, Remote Sensing and Spatial Information Sciences IV-2/W1 (October 5, 2016): 145–54. http://dx.doi.org/10.5194/isprs-annals-iv-2-w1-145-2016.
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A fiscal registry or database is supposed to record geometric, legal, physical, economic, and environmental characteristics in relation to property units, which are subject to immovable property valuation and taxation. Apart from procedural standards, there is no internationally accepted data standard that defines the semantics of fiscal databases. The ISO 19152:2012 Land Administration Domain Model (LADM), as an international land administration standard focuses on legal requirements, but considers out of scope specifications of external information systems including valuation and taxation databases. However, it provides a formalism which allows for an extension that responds to the fiscal requirements. This paper introduces an initial version of a LADM – Fiscal Extension Module for the specification of databases used in immovable property valuation and taxation. The extension module is designed to facilitate all stages of immovable property taxation, namely the identification of properties and taxpayers, assessment of properties through single or mass appraisal procedures, automatic generation of sales statistics, and the management of tax collection, dealing with arrears and appeals. It is expected that the initial version will be refined through further activities held by a possible joint working group under FIG Commission 7 (Cadastre and Land Management) and FIG Commission 9 (Valuation and the Management of Real Estate) in collaboration with other relevant international bodies.
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Grzesik, Chris, and Sabina Źróbek. "SHIFTING POSITIONS ON HOPE VALUE." Real Estate Management and Valuation 25, no. 3 (September 26, 2017): 23–29. http://dx.doi.org/10.1515/remav-2017-0019.
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Abstract The aim of this article is to shed some light on the difficulty, and at the same time, the unavoidable change towards the embracing by valuers in Poland, of one of the most fundamental principles of property valuation, being “highest and best use” and “hope value”. Both are inherently linked to the interpretation of “market value”. The article offers a detailed analysis of international practice and the most important developments concerning professional standards for property valuers in Poland. The considerations presented herein focus mostly on issues arising out of the interpretation of “market value”. While the legal wording of its Polish definition could be considered similar to the one presented in internationally recognised valuation standards, Polish practice concerning assumptions about the use of a property at the date of valuation is very different.
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Kulil, Vladimír. "Intangible Assets and Goodwill Valuation in the European Union." INTERNATIONAL JOURNAL OF INNOVATION AND ECONOMIC DEVELOPMENT 5, no. 3 (2019): 25–30. http://dx.doi.org/10.18775/ijied.1849-7551-7020.2015.53.2003.
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European valuation standards TEGoVA have conception for valuation of intangible assets and they formed to conform to International valuation standards (IVS) also to reach worldwide consensus in best practices in valuation process. The process of valuation of intangible influences was also surveyed in China, Hong Kong, USA, Canada, Japan, Germany, UK, Poland, Russia and overall in the Europe. Situation in mentioned locations is similar, valuation of intangible influences has not been determined by a concrete list of items and there has not been established concrete clear process. The subject matter of this paper is a proposal for a method of valuation of intangible effects that will impact assets prices. It deals with proposed procedures for valuation of intangible assets. Special effects are in particular name, historical value, design, quality of layout, security aspects, accessibility, and conflict groups of inhabitants in or near the property, location, provenience and other.
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Bellman, Lina, and Hans Lind. "Valuation standards and methods: are Sweden’s (still) different?" Journal of European Real Estate Research 12, no. 1 (May 7, 2019): 79–96. http://dx.doi.org/10.1108/jerer-04-2018-0020.
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Purpose The purpose of this study is to describe and analyse the methods and standards of valuation used by Swedish professional property valuers when appraising commercial properties and factors affecting those standards. The study builds on a 2002 comparative study of valuers in four European countries by McParland et al. (2002), but focuses specifically on property valuers in Sweden. Design/methodology/approach In 2010-2011, a questionnaire was used in face-to-face interviews with about half of the authorised property valuers in Sweden. Another questionnaire was emailed to all authorised property valuers in Sweden 2015 and again about half participated. Findings Analysis of the results shows some new trends in used and preferred standards and methods. Although Swedish valuers still rely mainly on local guidelines, they now increasingly use international standards and company guidelines, which may indicate a growing, if indirect, form of internationalisation. Swedish valuers still use discounted cash flow as their primary method, but their use of comparative methods has increased. Originality/value The data in this comparative study of valuation standards and methods over time used were collected from a specific group of property valuers authorised through the professional Swedish organisation Samhällsbyggarna (Swedish Professionals for the Built Environment), which contributes to an insight in the presiding of the harmonisation of valuation methods and standards.
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Kucharska-Stasiak, Ewa. "15 Myths about Market Value." Real Estate Management and Valuation 26, no. 3 (September 1, 2018): 113–21. http://dx.doi.org/10.2478/remav-2018-0030.
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Abstract Market value is one of the most difficult notions in economics. It is also one of the most puzzling in the valuation industry, although its definitions can be found in the International Valuation Standards, European Valuation Standards, RICS standards and national standards. This value tends to be given different interpretations and misconceptions surrounding it are shared by many members of the property valuer community. The many ways in which property market value is understood leads to misvaluations and significant variations between valuation results, which are damaging to the prestige of the property valuation profession. This article explores areas giving rise to the misinterpretations of property market value to provide a critical review of the existing views, and to put forward arguments explaining why they should be revised. To this end, a critical literature review and observations made by the author during discussions with valuation professionals taking skill-improvement courses, scientific conferences on valuation methodology and practice, and entry exams for the profession of property valuers are used. Three main areas conducive to the emergence of myths have been identified: the interpretation of property market value (four myths), the process of arriving at property market value (ten myths) and the interpretation of valuation results (one myth). The myths are challenged on the grounds of the market value concept and its interpretation as used in economics.
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Izzo, Teresa, Francesco Paolone, and Matteo Pozzoli. "The future for the replacement cost in the International Public Sector Accounting Standards." Risk Governance and Control: Financial Markets and Institutions 11, no. 3 (2021): 8–15. http://dx.doi.org/10.22495/rgcv11i3p1.
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The purpose of this paper is to review academic literature and professional practice guidance in relation to the replacement cost (RC) method of valuation in public sector financial accounting. The replacement cost is regarded as being the most appropriate basis for the determination of fair value when the fair value of the asset could not be reliably determined using market-based evidence (Wyatt, 2009). However, several problems persist in RC definition and application, underlining the lack of a uniform approach in the current valuation standards. The paper explores the current adoption of RC by performing a content analysis of the latest financial statements published by International Public Sector Accounting Standards (IPSAS) adopter jurisdictions across the globe. The analysis highlights interesting patterns in the use of RC and provides an empirical base for further investigations. Additionally, the research offers useful insights to stimulate professional and academic debate on the replacement cost method, particularly in view of amendments proposed by the recently published Exposure Draft.
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Źróbek, Sabina, Jerzy Adamiczka, and Richard Grover. "VALUATION FOR LOAN SECURITY PURPOSES IN THE CONTEXT OF A PROPERTY MARKET CRISIS - THE CASE OF THE UNITED KINGDOM AND POLAND." Real Estate Management and Valuation 21, no. 4 (December 1, 2013): 36–46. http://dx.doi.org/10.2478/remav-2013-0035.
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Abstract Valuation for loan security purposes has been a key issue related to property valuation, financial markets and the economy in general. This paper attempts to demonstrate the main reasons for interest in this field by referring to the situation in Poland and the United Kingdom. Moreover, the conditions of valuation for loan security purposes in Europe have been outlined, as well as the new challenges that property valuers have to face. Questions regarding unified and harmonious valuation standards have been presented in relation to international, European and domestic professional standards and legal regulations. The conclusion addresses further challenges of property valuation that must be tackled urgently, because valuation results are strictly connected with the profitability and safety of investments in the property market. Furthermore, the paper emphasizes that uncertainty in the valuation process also needs to be taken into account, as the appraised properties secure loans given by institutions funding their development.
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Pavliková, Ľudmila, and Andrea Kralik. "Valuation of Business Assets." Applied Mechanics and Materials 708 (December 2014): 228–32. http://dx.doi.org/10.4028/www.scientific.net/amm.708.228.
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Valuation of business assets is a complex process that requires professional and the most objective approach. This article will describe the legislative amendment of tangible fixed assets valuation in Slovakia, also different methods of calculating the values of individual types of assets, as well as demonstration of the practical use of valuation on the example of selected company. It is important to point out that expert activities have been gradually transferred into international standards of valuation, which eliminate subjective approach of assessing and also eliminate inaccuracies and misunderstandings. It is a necessity in terms of linking the global economy.
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Rodionov, Dmitrii, Olesya Perepechko, and Olga Nadezhina. "Determining Economic Security of a Business Based on Valuation of Intangible Assets according to the International Valuation Standards (IVS)." Risks 8, no. 4 (October 20, 2020): 110. http://dx.doi.org/10.3390/risks8040110.
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This work considered the economic security of an enterprise with regard to the valuation of intangible assets according to the International Valuation Standards (IVS). This study is essential due to a growing number of companies with intangible assets (trademarks, patents, know-how, etc.) as their main value. This study included analysis of the impact created by the value of intangible assets and intellectual property on company capitalization and economic security plus a regression model. An algorithm was developed to determine the economic security of a business based on the valuation of intangible assets according to the IVS. The suggested algorithm can allow a company to manage its intangible assets effectively using the IVS, which, in turn, will provide the required level of economic security for further development and achievement of strategic goals by the business entity.
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Michaletz, Vladimir, and Andrey I. Artemenkov. "The transactional asset pricing approach." Journal of Property Investment & Finance 37, no. 3 (April 10, 2019): 255–88. http://dx.doi.org/10.1108/jpif-10-2018-0078.
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Purpose The purpose of this paper is to present a methodology based on the transactional asset pricing approach (TAPA) and to illustrate the application of TAPA within the context of professional property valuation. Design/methodology/approach The TAPA is a novel analytical valuation methodology recasting the traditional derivations of the income approach techniques, including DCF, from a transactional perspective based on the principle of inter-temporal transactional equity, instead of the conventional investor-specific view originating from I. Fisher (1907, 1930). Findings The authors present DCF analysis as a specific case of a more general TAPA approach to valuation under the income method. This also leads to novel analytical derivations of the Direct income capitalization, Gordon, Inwood, Hoskold and Ring models. Based on the TAPA framework, the authors also research the value-enhancing effects of benchmark market volatility on the subject property value and conclude that such effects can be statistically significant depending on the DCF analysis period. Research limitations/implications The research has a direct bearing on time-variable discount rate forecasting capabilities, as it uses a time-variant structure for the discount rates. Practical implications Using the US Case-Shiller and BLS rental indices as a valuation benchmark, the paper contains an example of applying the general TAPA framework to value a notional property under a TAPA’s DCF version. Such property valuations can be easily replicated in practice – especially in the context of equitable/fair value determination under the International Valuation Standards Council valuation standards. Social implications TAPA is a deductive principles-based theory of asset valuation especially fit for the transactional and illiquid asset valuation contexts – thus enabling a more efficient pricing for such assets in a sense of reflecting the transactional interests of the parties more closely than achievable under the conventional valuation methods. Originality/value TAPA is an original filiation of research with roots going as far back as Aristotelian Catallactics. It contains analytical formalizations of certain transactional equity principles.
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Hairs, C. J., D. J. Belsham, N. M. Bryson, C. M. George, D. J. P. Hare, D. A. Smith, and S. Thompson. "Fair Valuation of Liabilities." British Actuarial Journal 8, no. 2 (June 1, 2002): 203–99. http://dx.doi.org/10.1017/s135732170000372x.
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ABSTRACTA project to develop an Accounting Standard for Insurance, with the aim of enhancing understandability, relevance, reliability and comparability of general purpose financial reporting for insurance worldwide, is being progressed by the International Accounting Standards Board. The basis of the proposals is that assets and liabilities be shown at fair values (market values for quoted instruments). This paper, prepared by a Working Party established by the Life Board of the United Kingdom actuarial profession, summarises and comments upon a number of the principal features of the proposals, as they have emerged up to September 2001. The paper goes on to consider how a system of reporting for prudential regulatory purposes might be built upon a fair value general reporting base, summarising the thinking of a number of other bodies, proposing certain principles and suggesting lines of development. The appendices to the paper discuss a number of issues in further depth and present some illustrative results of some investigations into applying fair value methods in practice. The emphasis of the paper is on reporting for life assurance business, although many of the principles apply equally to general insurance.
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Currin, Brent, Nompilo Msibi, Tsebang Chuene, and Andre Kruger. "An investigation into the ethical standards and values of registered property valuers in South Africa." Journal of Economic and Financial Sciences 7, no. 3 (October 31, 2014): 853–70. http://dx.doi.org/10.4102/jef.v7i3.241.
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Ethical issues and standards of property professions are being scrutinised. To date, no research has been carried out on the ethical standards in the property valuation profession in South Africa. This research compared the content of codes of ethics and professional conduct of the South African property valuation profession to international standards, and investigated the ethical standards and moral values held by registered valuers in South Africa. A self-administered survey, administered to 611 professional and professional associate valuers, was used. It measured five constructs of unethical behaviour layered into a survey adapted from Hoyt, Wright and Croft (2002). No statistically significant differences were found between different demographic factors in the ethical beliefs of South African valuers. A literature review comparing South Africa’s codes of conduct with those in the United States of America, Australia and New Zealand showed that the standards of ethics and professional practice in South Africa are not in line with international standards. South African valuers appear to be ethical and resist external pressures which could lead to unethical behaviour.
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Druzhilovskaya, T. Yu. "Problems of applying valuation reserves in the systems of Russian and international standards." International Accounting 20, no. 20 (October 27, 2017): 1164–82. http://dx.doi.org/10.24891/ia.20.20.1164.
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Rubio, Gracia, Conrado M. Manuel, and Francisco Pérez-Hernández. "Valuing brands under royalty relief methodology according to international accounting and valuation standards." European Journal of Management and Business Economics 25, no. 2 (May 2016): 76–87. http://dx.doi.org/10.1016/j.redeen.2016.03.001.
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Svoboda, Patrik. "Reporting of tangible fixed assets pursuant to the Czech accounting law and International Accounting Standards IAS/IFRS and US GAAP." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 55, no. 6 (2007): 255–64. http://dx.doi.org/10.11118/actaun200755060255.
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The valuation of assets is a relatively challenging activity as well as a scientific discipline having an impact on the amount of the reported assets and economic result process. The report deals with the issue of valuation of the tangible fixed assets in the accounting entities compiling the financial statements pursuant to the Czech national legislation and in conformity with the requirements of the International Accounting Standards IAS/IFRS and US GAAP. The substantial differences in the definitions and valuation of the tangible fixed assets in these systems have been determined, indicating the impact on the economy of the accounting entity, both at the primary acquisition and as at the day of the closing of books. Attention has also been paid to the possibilities of recording the value decreases and to subsequent expenses. The analysis of legal regulations was completed with the analysis of the financial statements from selected economic entities. As per the international standards, the main difference consists in the possibility of component depreciation of tangible assets or, on the other hand, the possibility of group depreciation, in the differences in valuation in the event of acquisition paid for and of acquisition by one’s own production, and in the possibility to consider the costs of disposal of assets. The subsequent expenses are also construed in a different manner: as per the Czech regulation, they are construed as repairs and maintenance. The substantial difference in comparison with the Czech regulation consists in the possibility of re-valuation of assets upwards as well as the method of actual value determination.
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Ashraf, Junaid, Zeeshan Ahmad, and Imran Chaudhry. "Livestock Valuation in a Dairy Business." Issues in Accounting Education 28, no. 4 (June 1, 2013): 873–83. http://dx.doi.org/10.2308/iace-50549.
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ABSTRACT This case study deals with assessing the value of livestock in the financial statements of a dairy farming business. With a global market predicted to reach US$494 billion by 2015 (GIA 2012), dairy farming is the largest sector of world agriculture production. It is an important industry in many countries. For example, in the USA, dairy farming contributes more than $160 billion in economic output and provides more than 90,000 jobs (DFT 2012). The subject matter of the case study is a small dairy farming business in Pakistan, a country that is the fifth largest producer of milk in the world (FAO 2009). The case study describes a disagreement between the management and the auditors about the initial recognition and subsequent measurement of crossbred cattle in the financial statements of the business. The aim of this case study is to help students understand the issues involved in assessing the value of livestock in the light of the guidance provided by the International Accounting Standard on Agriculture (IAS 41). The case study can also be used to help students understand the differences between the requirements of U.S. GAAP and international accounting standards, as well as the possible reasons for these differences.
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Shkulipa, L. V. "Analysis of the Methodology of Fixed Assets in Accordance with IAS 16 “Fixed Assets” AND P(S)BU 7 “Fixed Assets”: Theory and Practice." Scientific Bulletin of the National Academy of Statistics, Accounting and Audit, no. 4 (October 17, 2018): 102–12. http://dx.doi.org/10.31767/nasoa.4.2018.10.
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The importance of transparent, complete, authentic and timely information comprehensible for all the users of financial reporting has grown in the context of Ukraine’s integration in the international economy. The issue of harmonizing the national accounting system with the international standards is, therefore, on the agenda of the national statistics system. Apart from this, introduction of the international accounting standards in the Ukrainian statistics practice is expected to make Ukraine more attractive for foreign investors and lenders. As theoretical and practical problems related with harmonizing the national accounting standards with international ones are not fully elaborated, the article’s purpose is to analyze the methodology of fixed assets recording by international and national standards, with providing, in table form, comparative characteristics of the underlying sections of International Accounting Standards (IAS) 16 and Rules (Standards) of Accounting (R(S)A) enforced in Ukraine, and to illustrate their practical use. The comparison covers recognition, valuation, recording and reporting of fixed assets, elements of the original cost (estimates at the date of recognition), formation of the original value of fixed assets as a result of various events, revaluation of fixed assets, frequency of revaluation of the liquidation value of fixed assets etc. Practical issues related with fixed assets overvaluation (undervaluation), depreciating, disposal and exchange are highlighted.
The comparative analysis shows quite significant differences between the two documents in valuation, revaluation, liquidation, disposal of fixed assets. They can be explained by national specifics of record keeping in Ukraine, fully considered in the national standards, and, consequently, by adaptation of accounting in Ukraine to the national economy needs.
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Dunckley, John. "Financial reporting standards: is market value for the existing use now obsolete? International valuation standards put into practice." Journal of Property Investment & Finance 18, no. 2 (April 2000): 212–24. http://dx.doi.org/10.1108/14635780010324358.
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d'Amato, Maurizio, Nikolaj Siniak, and Giulia Mastrodonato. "“Cyclical assets” and cyclical capitalization." Journal of European Real Estate Research 12, no. 2 (August 8, 2019): 267–88. http://dx.doi.org/10.1108/jerer-05-2018-0022.
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Purpose The purpose of this study is providing a possible methodological solution to the valuation of cyclical.assets. International Valuation Standards introduce a brand new definition of property: the cyclical asset (International Valuation Standards Council 2017, IVS 105, p. 39 and p. 41). Among different property valuation methods, normally this kind of properties is appraised using income approach. In this group of methodology, the opinion of value is based on a proportional relationship between property value and rent. In the past years, a group of methods called cyclical capitalization has been proposed (d’Amato, 2003; d’Amato, 2013;d’Amato, 2015; d’Amato, 2017a; d’Amato 2017 b; d’Amato, 2017c). This method proposes an integration between property valuation and property market cycle. Design/methodology/approach Cyclical capitalization method is applied using a time series of property market rent of offices in prime location in the South Bank area in London. It consists of the determination of more than one all-risk yield to reproduce the property market cycle. Findings A comparison between the cyclical capitalization and two traditional capitalization rate shows how the proposed model is able to provide a stable opinion of value. Research limitations/implications The method may represent a contribution for the determination of the value of cyclical assets or for the mortgage lending value. Practical implications This paper provides the possibility to have a property valuation method less sensitive to upturn and downturn of the property market. Social implications The valuation based on cyclical capitalization are less sensitive to the upturn and the downturn of the market. Originality/value It is one of the first scientific paper addressing the problem of the determination of the value of cyclical assets.
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Kouki, Ahmed. "Accounting valuation models under international financial reporting standards: evidence from some European listed companies." International Journal of Managerial and Financial Accounting 7, no. 1 (2015): 82. http://dx.doi.org/10.1504/ijmfa.2015.067504.
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Mügge, Daniel, and Bart Stellinga. "The unstable core of global finance: Contingent valuation and governance of international accounting standards." Regulation & Governance 9, no. 1 (March 5, 2014): 47–62. http://dx.doi.org/10.1111/rego.12052.
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Renigier-Biłozor, Małgorzata, and Maurizio d’Amato. "The Valuation of Hope Value for Real Estate Development." Real Estate Management and Valuation 25, no. 2 (June 27, 2017): 91–101. http://dx.doi.org/10.1515/remav-2017-0016.
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Abstract In the valuation of a property subject to development, the valuer may consider the potential aspect of the value of both land to be improved and a building to be refurbished. These kinds of valuations are complex, especially when a prudent assessment of value is required. In general terms, all properties may have potential development which, in some cases, can be termed “hope”. In particular, uncertainty regarding the change in the legal framework may create expectations as to the uncertain variation of property value in the future. In these cases, it may be necessary to deal with hope value or future value, trying to reach the value of a property subjected to uncertain changes. Hope value is the difference between the existing use value and the price that the market might pay for future transformation. The main aim of the paper is the elaboration of a methodology to determine the hope value. In this work, a real option model for the valuation of hope value in the real estate market will be applied to a small sample of residential properties located in Olsztyn that are subject to possible transformation. The possibility of a transformation may create expectations and may influence the value of the property. Although the applications of these methods to real estate valuation are fairly recent, the International Valuation Standards have included real option theory in the income approach as a valuation method since 2011.
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Fomina, Olena, Olena Moshkovska, Svitlana Luchyk, Yulia Manachynska, and Mikhaylo Kuzub. "Managing the agricultural enterprises’ valuation: actuarial approach." Problems and Perspectives in Management 18, no. 1 (March 24, 2020): 289–301. http://dx.doi.org/10.21511/ppm.18(1).2020.25.
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This article aims at finding ways to improve the efficiency of Ukrainian agricultural enterprises’ valuation management based on a multidimensional actuarial model. The article confirmed the hypothesis of the relationship between accounting information, published in the financial statements of agricultural enterprises, compiled according to international financial reporting standards (IFRS), and actuarial management reporting. It is the latter, in the context of financial reporting conceptual basis, which promotes foreign investor’s managerial decisions on the expediency of investing temporarily free financial resources in the development of the agro-sector. The methodology of the research is based on optimization of the algorithm for estimating the agricultural enterprise market value within the framework of a cost-effective approach based on information filling of the actuarial management reporting using the method of adjusted net assets. The results of the study showed the dependence of investment attractiveness of Ukrainian agricultural enterprises on qualitative content of the reporting information provided within the framework of international accounting. The practical value of the results confirmed the optimal algorithm for estimating the value of agribusiness based on the accounting and information of actuarial management reporting according to its spatial interpretation from 3D to 5D format. The proposed 5D model for managing the value of agribusiness will facilitate an objective assessment of the agricultural enterprise value in just one step. AcknowledgmentThe article has been prepared within the research project “Business Value Management” (state registration No. 0118U000131) implemented in the Kyiv National University of Trade and Economics.
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Sedláček, Jaroslav. "Comparison of Valuation of Financial Instruments according to the International and Czech Accounting Standards in the Context of Performance Reporting." Financial Assets and Investing 7, no. 1 (March 31, 2016): 34–49. http://dx.doi.org/10.5817/fai2016-1-2.
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The paper is devoted to a comparison of the valuation of financial instruments according to the international and Czech accounting standards in the context of performance reporting of trade corporations. Differences in valuation and reporting of financial instruments are examined in connection with the upcoming amendments to the international accounting standards, which are currently the subject of scientific and expert discussions. The research focused on the comparison of classification methods of financial instruments according to the international and Czech standards and the resultant methods of recognition, valuation and reporting with the aim of identifying possible differences. The research arrived at the discovery of what causes the differences and the assessment of their impact on the financial statements of trade corporations. A different concept of accruals on long-term receivables and variant calculations of present value affected the amount of the reported balance sheet as well as performance. Calculations of specific values of differences in financial instruments are made in two model examples in the categories Held-to-maturity investments (HTMI) and Loans and receivables (L&R), both from the viewpoint of owners, as well as from the perspective of debtors. The development of these differences in time is described graphically. The differences in the reported values manifested themselves in overvaluation or undervaluation during the life of the financial instrument, but the values were identical at the time of their maturity. It has been proved that differences between the reported financial situation and the performance of trade corporations persist even after the amendment to the Czech accounting legislation, and it is necessary to take them into account in financial analysis.
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Stückelberger, Christoph. "Sozialklauseln im internationalen Handel. Wirtschaftsethische Kriterien." Zeitschrift für Evangelische Ethik 40, no. 1 (February 1, 1996): 211–25. http://dx.doi.org/10.14315/zee-1996-0127.
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Abstract»Social Clauses« in international trade policy and law are appointments for a set of minimal standards, which are to be respected in international trade; they are social rules which have to be established in the lntemational-Economy-Order. The author presents this concept and discusses criteria in the horizon of economy-ethics about the valuation of Social Clauses.
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Volchek, R. "DISCUSSION ASPECTS OF PROPERTY VALUATION FOR TAX PURPOSES." Аграрний вісник Причорномор'я, no. 94 (December 25, 2019): 64–75. http://dx.doi.org/10.37000/abbsl.2019.94.11.
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The author's vision on the process of estimating the value of real estate objects for the purposes of taxation is given. It is established, that the current norms of valuation of property for taxation purposes, established by the main regulator of valuation activity in Ukraine − the State Property Fund of Ukraine, deprive transparency the process of valuation of property in our state, and offset personal accounting judgments when assessing real estate. Opacity and distortion of the current norms of normative legal acts regulating the process of valuation of property and property rights in Ukraine, as well as the norms of the International Financial Reporting Standards (further − IFRS) 13 «Fair Value Measurement» during the valuation of real estate objects, consists, according our opinion, representatives of the State Property Fund of Ukraine during the approval of property valuation reports for tax purposes are based on the estimated value of the objects, which should be determined solely on the basis of the prices of real estate offers and solely by means of a comparative approach. But, IFRS 13 «Fair Value Measurement» and National Standard 1 «General Principles of Valuation of Property and Property Rights» demand to determine the value of objects of evaluation in three methods: costly, cost-effective and comparative. Recommendations are introduced, implementation of which will allow to observe the transparency and correctness of determining the value of property for tax purposes.
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Серебрякова and Tatyana Serebryakova. "Standardization of Records Estimated Liabilities in the Russian and International Standards and Implementation of the Audit of the Accounting (Financial) Statements." Auditor 3, no. 5 (May 31, 2017): 24–32. http://dx.doi.org/10.12737/article_5922ae178e8df3.91020821.
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Th e article is devoted to the creation of valuation allowances in connection with paid vacations. Th e rules of Russian accounting and international are slightly diff erent from each other. Domestic standard on the estimated obligations in some States is contrary to its international type. Th ese diff erences are problematic, including the audit of the accounting (fi nancial) statements.
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Ionescu, Cicilia, and Floarea Georgescu. "Estimation and valuation in accounting." Journal of Economic Development, Environment and People 3, no. 1 (March 30, 2014): 38. http://dx.doi.org/10.26458/jedep.v3i1.61.
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The relationships of the enterprise with the external environment give rise to a range of informational needs. Satisfying those needs requires the production of coherent, comparable, relevant and reliable information included into the individual or consolidated financial statements. International Financial Reporting Standards IAS / IFRS aim to ensure the comparability and relevance of the accounting information, providing, among other things, details about the issue of accounting estimates and changes in accounting estimates. Valuation is a process continually used, in order to assign values to the elements that are to be recognised in the financial statements. Most of the times, the values reflected in the books are clear, they are recorded in the contracts with third parties, in the supporting documents, etc.However, the uncertainties in which a reporting entity operates determines that, sometimes, the assigned or values attributable to some items composing the financial statements be determined by use estimates.
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Sheldon, T. J., and A. D. Smith. "Market Consistent Valuation of Life Assurance Business." British Actuarial Journal 10, no. 3 (August 1, 2004): 543–605. http://dx.doi.org/10.1017/s1357321700002695.
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ABSTRACTIn recent years there has been a trend towards market consistent valuation in those institutions for which actuaries have responsibilities. The larger United Kingdom with-profits insurance companies are now preparing realistic balance sheets, both for internal purposes and also at the request of the Financial Services Authority. International accounting standards have been moving to a fair value approach. Pension fund accounting under FRS 17 has also moved in this direction.In this paper we examine the reasons for the adoption of market consistent valuation and discuss some of the commercial implications and corporate valuation. We consider the methods and assumptions which can be used to develop market consistent valuations of cash flows typically encountered in the liabilities of financial institutions, together with some of the problems inherent in the calibration of models used for the valuation of these cash flows. The volatility assumption is crucial to the valuation of options and guarantees, and we discuss the relationship between historical and implied volatility.While most insurance companies initially adopted formulae to value their with-profits guarantees, several offices are now using a Monte Carlo simulation approach for their realistic balance sheets. The Monte Carlo approach enables allowance to be made for management discretion in bonus and investment policy, as well as policyholder actions. However, in many cases it is possible to develop analytical formulae for cash flows approximating those payable under insurance contracts.The valuation formulae have implications for the hedging of embedded guarantees. The authors discuss the construction of hedges for financial risks in with-profits funds, the separate perspectives of policyholders and shareholders, possible funds in which to hold hedging instruments, limitations of capital market hedging tools and the effect of taxation on hedge effectiveness.
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Aznar Bellver, Jerónimo, Roberto Cervelló Royo, and Fernando García García. "Una alternativa multicriterio a la valoración de empresas: aplicación a las Cajas de Ahorro." Studies of Applied Economics 29, no. 1 (October 4, 2020): 393. http://dx.doi.org/10.25115/eea.v29i1.3947.
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In several occasions the traditional valuation methodologies present difficulties in their application to the companies’ valuation, either due to valuator’s lack of enough data to use in the traditional comparative methods, or due to the difficulty when estimating the future cash-flows with objectivity. In this situation, the present study suggests an alternative which combines the CRITIC multicriteria methodology with the Valuation Ratio of the International Standards of Valuation. The new methodology is included in the comparative or market approach methods and it only requires having at its disposal a small number of comparable companies. In this work this methodology is applied to get the value of a savings bank. The valuation of this kind of financial institutions, due to the current situation of the sector, implies a task of great interest and it also constitutes a very illustrative example to show the strengths of the proposed methodology.
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Khder, Nadia. "The Accountancy Disclosure Valuation in Commercial Iraqi Banks in light of Standards of International Disclosure." TANMIYAT AL-RAFIDAIN 28, no. 82 (June 1, 2006): 110–35. http://dx.doi.org/10.33899/tanra.2006.161653.
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Ballwieser, Wolfgang. "International Valuation Standards (IVS) – Bedarf, Reichweite, Würdigung, diskutiert anhand der Bewertung von Unternehmen und Goodwill." Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung 72, no. 1 (March 2020): 71–94. http://dx.doi.org/10.1007/s41471-020-00084-3.
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Gonin, V., E. Panchenko, E. Kibireva, and O. Nomokonova. "APPROACHES TO THE VALUATION AND REVALUATION OF FIXED ASSETS ACCORDING TO RUSSIAN AND INTERNATIONAL STANDARDS." Transbaikal state university journal 27, no. 3 (2021): 87–98. http://dx.doi.org/10.21209/2227-9245-2021-27-3-87-98.
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Questions of valuation and revaluation of fixed assets in a market environment inevitably arise. This is due to the increased role of assessing the effectiveness of asset management. The harmonization of national and international accounting standards allows us to consider the assessment and revaluation processes, both from the point of view of the accounting system and from the point of view of the financial consequences of the procedures performed. The purpose of the study is to study the historical background and systematize approaches to the assessment and revaluation of fixed assets according to Russian and international standards. To achieve this goal, the following tasks are set: to study the methods and historical aspect of revaluation; to study the conceptual framework of revaluation and impairment; to systematize the general provisions of the methodology for assessing the value of fixed assets during revaluation and impairment. The object of the study is fixed assets. In the course of the study, the history of revaluation of the cost of fixed assets is considered, the conceptual apparatus of the cost of fixed assets is analyzed in relation to the procedures for revaluation and impairment testing, the methodology of revaluation and impairment is considered. The paper concludes that it is necessary to introduce into the practice of accounting and management procedures for assessing the value of fixed assets and revaluing them, which will allow us to obtain reliable information when analyzing the impact of cost changes on the indicators used in determining the effectiveness of activities