Asset Valuation Standards

Assets Valuations Ltd expert plant and equipment valuers continually stay abreast the range of standards and guidelines relating to plant and equipment valuations. Following is a summary of some of the most commonly adopted standards relevant to property, plant and equipment valuations;

New Zealand Accounting Standards

A number of New Zealand Accounting Standards are of significant relevance to plant and equipment valuers including the following;

  • NZ-IAS 3 – Business Combinations
  • NZ-IAS 13 – Fair Value Measurement
  • NZ-IAS 116 – Property, Plant and Equipment
  • NZ-IAS 136 – Impairment of Assets
  • NZ-IAS 140 – Investment Property
  • NZ-IAS 117 – Leases

Some New Zealand Accounting Standards are of lesser significance to valuers but still of relevance in some circumstances are as follows;

  • NZ-IAS 5 – Non current assets held for sale and discontinued operations
  • NZ-IAS 137 – Provisions, contingent liabilities and Continent assets
  • NZ-IAS 102 – Inventories
  • NZ-IAS 112 – Income taxes
  • NZ-IAS 138 – Intangible assets

New Zealand Valuation and Property Standards

Property Institute of New Zealand (PINZ) – New Zealand Valuation and Property Standards – The primary role of the Property Institute of New Zealand is to set and maintain high standards of professional practice, education, ethics and discipline. The Valuation and Property standards manual sets out the duties, responsibilities and professional standards of members of the Property Institute of New Zealand. The most recent edition adopts the International standards and guidance notes of the International Valuation Standards Committee.

International Valuation Standards

About The International Valuation Standards Council (IVSC)

The IVSC is an independent, not-for-profit, private sector organisation.

The objectives of the IVSC are to strengthen the worldwide valuation profession by:

  • Developing high quality international standards and supporting their adoption and use;
  • Facilitating collaboration and cooperation among its member organisations;
  • Collaborating and cooperating with other international organisations; and
  • Serving as the international voice for the valuation profession

The International Valuation Standards 2017 includes the IVS Framework, The IVS General Standards and the IVS Asset Standards approved by the IVSC Standards Board on 15 December 2016 with an effective date of 1 July 2017.

Some of the international valuation standards most relevant to Plant and Equipment Valuers are;

General Standards

  • IVS101 – Scope of work
  • IVS102 – Investigations and Compliance
  • IVS103 – Reporting
  • IVS104 – Bases of Value
  • IVS105 – Valuation Approaches and Methods

Asset Standards

  • IVS200 – Business and Business Interests
  • IVS210 – Intangible Assets
  • IVS300 – Plant and Equipment
  • IVS500 – Financial Instruments

More information is available at the International Valuation Standards Council website at www.ivsc.org