property, plant and equipment.doc

API & PINZ Valuation Guidance Notes 12Market value of property, plant and equipment as part of a going concern business作为持续经营业务一部分的财产、厂房和设备的市场价值1 Introduction1.1 PurposeThe purpose of this Guidance Note is to provide information, commentary, opinion, advice and recommendations to Members determining market values of property, plant and equipment where those assets are integral to a going concern business. These guidance notes cover various situations to assist Members in undertaking such valuations.It is also intended this Guidance Note will assist users of valuation reports to understand the basis upon which valuations of property, plant and equipment are undertaken in these circumstances.This Guidance Note is not intended to repeat information already covered in Practice Standards and other Guidance Notes. Practice Standards and other Guidance Notes which should be read in conjunction with this Guidance Note include: IVS 1 Market Value Basis of Valuation IVS 2 Valuation Bases Other Than Market Value IVA 1 Valuation for Financial Reporting AVGN 1 Valuations for use in Australian Financial Reports NZVGN 1 Valuations for use in New Zealand Financial Reports IVA 2 Valuation for Lending Purposes IVGN 1 Real Property Valuation IVGN 3 Valuation of Plant and Equipment IVGN 4 Valuation of Intangible Assets IVGN 8 Depreciated Replacement Cost IVGN 9 Discounted Cash Flow Analysis for Market and Non-Market Based Valuations.1 引言1.1 目的这个指南的目的在于提供信息、注释、意见、建议并且建议成员确定财产、厂房和设备的市场价值，这些资产是持续经营的业务不可分割的一部分。这些指导意见涵盖了在各种情况下帮助成员进行评估的情况。这个指南也打算将帮助评估报告使用者理解财产、厂房和设备在这些情况下的价值基础属性。这个指南并不打算重复已经包括在实践准则和其他指导意见中的信息。实践准则和其他指导意见应该结合本指南进行阅读的内容包括：国际评估准则1 市场价值基础国际评估准则2 非市场价值基础国际评估1 以财务报告为目的的评估澳大利亚评估指南1 澳大利亚财务报告评估新西兰评估指南1 新西兰财务报告评估以贷款用途为目的的评估国际评估指南1 不动产评估国际评估指南3 厂房和设备评估国际评估指南4 无形资产评估国际评估指南8 附带贬值的重置成本国际评估指南9 基于对市场和非市场贴现现金流的评估1.2 Status of guidance notes Guidance notes are intended to embody recognised good practice and therefore may (although this should not be assumed) provide some professional support if properly applied. While they are not mandatory, it is likely that they will serve as a comparative measure of the level of performance of a Member. They are an integral part of the Valuation and Property Standards Manual.1.2 指导意见地位该指导意见旨在体现那些被认可的“良好实践”，因此如果被合理的运用可能（尽管这个不应该假定）可以提供一些专业支持。尽管指导意见并不是强制性的，这也很可能会成为一个评估师绩效水平的比较测量标准。这也是评估和财产准则手册不可分割的一部分。1.3 Scope of this guidance note The scope of this guidance note is to provide guidance in any situation where a market valuation of property, plant and equipment forming part of a going concern business is required. This assumes that the assets would be sold as part of a going concern or continuing business. The market value determined for the property plant and equipment must be supported by the cash flows of the going concern business in which they operate. Often these assets are specialised operational assets, the value of which cannot be readily assessed by reference to market prices. Non-operational, surplus assets that will not continue to be used as part of the going concern business (e.g. assets which are approaching or at the end of their economic life) should be valued based on their market value assuming they will be sold separate from the going concern business. Such a value may be higher or lower than the value as part of the going concern business depending upon the specific circumstances, but should reflect the highest and best use of the assets assuming they will no longer be used as part of the going concern business. This may include alternative use value in the case of real estate. In respect of plant & equipment such a value should assume that the assets will be sold for removal (commonly referred to as net realisable value).该指导意见的范围是在任何情况下提供指导，该情况包括构成持续经营业务所必需的一部分的财产，厂房和设备的市场价值。在这一假设下资产将被作为持续经营或继续使用的部分出售。如何决定财产，厂房和设备的的市场价值必须要得到运作持续经营业务的现金流的支持。通常这些资产都是专门的经营性资产，不能简单的参照市场价格来进行评估。那些不会继续被使用为持续经营业务一部分的非经营性以及剩余资产（例如那些接近或者已经到达经济使用年限的资产）的评估应该基于这样的市场价值假设：它们将作为独立的持续经营业务出售。这一基于特定情形之下的价值可能会高于或低于作为持续经营业务一部分的价值，但当这部分资产不再作为持续经营业务的一部分时，这样的做法确实反映了资产的最高和最佳使用情况。这可能包括替代使用价值的房地产。在厂房和设备方面这样的评估值应该假定资产将被移除性出售（通常被称为可变现净值）。1.4 Assets included Where the income approach has been used to assess the market value of a going concern business, the value determined will include all the assets used in the business, including tangible and intangible assets and liabilities (to the extent they are used to derive income). Tangible assets may include real property and plant and equipment, and intangible assets may include business licenses, patents, patterns, designs, intellectual property, goodwill, etc. Depending upon the purpose of the valuation, an apportionment of value to the various asset classes may be required. 1.4 资产范围收入方法已被用于评估一个持续经营业务的市场价值，被决定的价值将包括在业务中使用的全部财产，包括有形资产，无形资产和负债（在某种程度上这些资产都可以用来获得收入）。有形资产包括不动产，厂房和设备，无形资产包括营业执照、专利、模式、设计、知识产权、商誉等。根据评估的不同目的，价值分摊可能需要不同的资产类别。2.Test of adequate potential profitability/service potential As a basic premise, the market value determined for the property plant and equipment should be supported by the cash flows of the business. IVGN8 (which covers depreciated replacement cost valuations for financial reporting purposes) requires that:“where the value of a specialised asset is estimated by the depreciated replacement cost method, a statement should be made that it is subject to a test of adequate potential profitability in relation to the whole of the assets held by a for-profit entity or cash generating unit”. “For not-for-profit public sector entities, the reference to a test of adequate profitability is replaced by a test of adequate service potential.”This statement is important as it is intended to alert the reader of the valuation to the fact that the valuation assumes and is dependent upon (i.e. subject to) the reporting entity being profitable (i.e. having adequate potential profitability), or in the case of not for profit entities, continuing to provide the service for which the asset is used (i.e. having adequate service potential). Valuations of assets contained in a business that assume continuation of the going concern business or service should not be construed as representing the market value of those assets in the event that the going concern business or service ceases to exist. When assessing market value under the cost approach, the test of adequate potential profitability (or service potential) has traditionally been seen as the responsibility of the entitys directors or auditors. However Members may complete the test of adequate potential profitability (or service potential) rather than reporting a value subject to that test being completed by others.It should be noted that existing guidance provided in respect of the test of adequate profitability is restricted to valuations for financial reporting purposes completed using the cost approach (IVGN 8). The test of adequate profitability is effectively used as a means to identify the potential existence of economic obsolescence. However, economic obsolescence is a matter that should be considered in many valuations that are completed using the cost approach. It should be noted therefore that if a Member does not include the statement that the valuation is reported subject to the test of adequate profitability (or service potential), the valuation may be construed as reflecting all forms of obsolescence (including economic obsolescence). A valuation that reflects profitability or service potential as described in this guidance note will result in an opinion of market value. By implication（含义，暗示，可能的结果，影响） therefore a valuation that does not consider and reflect profitability (economic obsolescence) or service potential will not result in an opinion that represents market value until such tests have been completed. 2.测试足够的潜在盈利能力/服务潜力作为一个基本前提，如何决定财产，厂房和设备的的市场价值必须要得到运作持续经营业务的现金流的支持。国际评估准则指南第8条（涵盖了附带贬值重置成本的以财务报告为目的的评估）要求：“专门性资产应该用附带贬值的重置成本方法进行评估，应首先声明这是受到足够的潜在盈利能力的测试，这一能力关系到以盈利为目的的实体或产生现金单位的所有资产”。“对非盈利性公共部门实体，对足够的盈利能力测试被足够的服务潜力所取代”。这一陈述十分重要因为它致力于提醒评估价值的使用者这样一个事实就是评估假设依赖于（隶属于）报告实体的利润（即有足够的潜在盈利能力），或对非盈利性实体来说是那些可以继续提供该服务的资产（即拥有足够的服务潜力）。评估资产中包含的业务假定是持续经营的延续业务或服务，不应被视为代表这些资产市场价值的持续经营业务或服务停止存在。当在成本法下评估市场价值，足够的潜在盈利能力（或服务潜力）的检验一直被视为该实体的董事或审计师的责任。然而成员可能完成充足的潜在盈利能力的检验（或服务），而不是报告一个由他人完成的测试值。值得注意的是现有的指南提供的代表充分的盈利能力的测试仅限于使用成本法来完成以财务报告为目的的评估（IVGN 8）。对于充分的盈利能力的测试是用来识别潜在的经济退化是否存在的有效工具。然而，经济退化问题应该考虑到许多评估都是使用成本法完成的。因此同样值得注意的是，如果一个评估师不包括这样的声明即所报告的评估值不附属于充分的盈利能力（或服务能力），评估可能被视为反映了所有退化的形式（包括经济退化）。在这个指导意见中评估值被描述为反映潜在盈利能力或服务潜力将导致一个对市场价值的看法。因此暗示了一个评估结果如果不考虑和反映盈利能力（经济退化）或服务潜力的结果可能就不能代表市场价值直到这一充分性测试完成。3.Highest and best useIn undertaking market valuations of property, plant and equipment as part of a going concern business Members should consider whether the current use of those assets represents their highest and best use. If an asset potentially has a higher and better use, Members may need to assess and report the value of the asset for its alternative use, but in doing so Members should also consider the costs that may be incurred in changing use or decommissioning the asset as well as the potential impact on the future use and therefore value of other interdependent assets. ANZVGN2 Valuations for Mortgage and Loan Security Purposes requires that where assets have a lower value for alternative uses the Member should report both values. It is noted however that circumstances may occur where the agreed scope of work does not include that requirement.3.最高和最佳使用承担市场评估的财产，厂房和设备作为持续经营业务的一部分评估师应当考虑当前使用的这些资产是否代表最高和最佳使用。如果一项资产可能有更高和更好的使用，评估师可能需要评估和报告可选择使用资产的价值，但在这样做的评估师还应考虑改变使用可能会带来的成本或停止使用该资产以及将来使用的潜在影响和其他相互依赖的资产的价值。ANZVGN2 中在对抵押贷款和贷款安全评估中要求资产采用评估师所报告的两个价值中的最低值。然而值得注意的是环境可能发生的工作范围不包括这一要求。4. Valuation methods In assessing valuations of property, plant and equipment as part of a going concern business, the sales comparison approach, cost approach and income approach are all considered appropriate methods of valuation depending on the nature of the assets and the information available.4.评估方法评估作为持续经营业务一部分的财产，厂房和设备，根据资产的性质和可收集的信息市场法，成本法和收益法都被认为是合理的评估方法。4.1 Sales comparison approachIt is generally difficult to find and analyse sales of specialised property, plant and equipment. Such assets are usually sold as part of the going concern business along with all its other tangible and intangible assets and liabilities. They may also be sold as part of a group or portfolio（投资组合） of assets and as a result apportionment of the business acquisition price to the various assets may not be available or reliable. Where comparable sales evidence exists for real property being transacted（交易） as part of a going concern business, the sales comparison approach can be used to determine the value to an owner occupier. The value of the property for its alternative use or value with vacant possession（占有） may be different. The implication for Members is that comparable sales of properties sold for redevelopment or with vacant possession may not provide a true indication of the value of a property for use as part of a going concern business. In some cases the value as part of a going concern business may be lower than the propertys value for its highest and best use. IVS 1, 2 & 3 require valuations to be assessed on a highest and best use basis, but Members should consider possible costs that may be incurred in changing the use of the asset as well as the potential impact on the use and therefore value of other inter-dependent assets. For plant and equipment this may mean assessing the value of individual assets or production units on a comparable sales basis and weighting（加权） that value for installation and any enhancements/modifications. The comparables sales should be adjusted to reflect any variations from the subject asset. In some cases it may be appropriate to use a combined approach to value: the sales comparison approach (where comparable sales can be found) and the cost approach for the installation component that brings those assets into use within the business. In applying the cost approach to the installation component of an assets value, Members should take into account any obsolescence in order to determine the depreciation（折旧，贬值） to be applied to the installation cost component. Members should also have regard to the market place by understanding the context（环境，上下文，来龙去脉） of each sale and should be aware of, but not rely upon, asking prices for equivalent assets in developing a complete understanding of the market place.4.1 市场法通常很难发现和分析专业化销售的财产，厂房和设备。这些资产通常连同所有其他有形资产，无形资产和负债作为可持续经营业务的一部分一起出售。它们也可能作为集团资产或投资组合的一部分被出售，因此不同资产的收购价格可能无法得到或不可靠。由于可比参照物的证据存在使得不动产交易作为可持续经营业务的一部分，市场法可以用来确定一个所有者拥有这项资产的价值。一项可选择使用的资产价值和并不占有这项资产的价值相比可能有所不同。对于评估师的含义是可比参照财产由于重建或空业而出售并不能提供一个持续经营业务一部分真正的价值使用属性。在某些情况下作为一个持续经营业务部分的价值可能会低于财产在最高或最佳使用状态下的价值。根据IVS 1, 2 & 3的要求评估值应以最高或最佳使用状态为基础，但是评估师应当考虑改变资产的使用状态可能会导致的成本以及对未来使用上的潜在影响和其他相互依赖的资产的价值。对厂房和设备来说这可能意味着用市场法评估个人资产或生产单位的价值的基础上，增加安装或其他任何改进/修改的权重。市场法应该进行调整来反映主要资产的价值。在某些情况下它可能适用于结合其他方法进行评估：市场法（能找到可比参照物），同时对能将资产投入业务使用的安装组件利用成本法。运用成本法来评估一项资产安装组件的价值时，评估师应考虑任何退化来确定安装组件成本中的折旧额。评估师也应该通过注意了解市场中每一笔货应该知晓的交易的来龙去脉，但不只依赖等价资产的要价来形成对市场的完整理解。4.2 Cost approach The cost approach is the most commonly used valuation method to determine the value of specialised assets. Under the cost approach the current replacement cost is calculated and then any loss in value caused by physical deterioration（恶化，退化，变质） and functional（功能） and economic obsolescence（贬值） is deducted to（扣除） arrive at the market value of the asset.4.2 成本法成本法是最常用的对专门资产的评估方法。在成本法下计算现有现有重置成本，然后扣除由物理损耗，功能和经济性贬值造成的损失，最终得到该项资产的市场价值。4.2.1 Forms of obsolescence:The Member should consider three forms of obsolescence:1. Physical deterioration. This is the loss in value resulting from the consumption（消费） of the useful life or service potential of the asset caused by wear and tear, deterioration, exposure（接触） to various elements, physical stresses, and similar factors.a. It should be noted that the consumption of the useful life or service potential of an asset may be constant（不变的，恒定的；常量） over the life of an asset and on other occasions this may occur more quickly at the beginning or at the end of the assets life. This can result from variations（变化） in the intensity（强度，强烈） of use to which the asset is subjected at different stages of its life. These variations in the consumption of useful life or service potential of an asset will likely be reflected by variations in the level of maintenance costs.b. The useful life of an asset may be expressed in terms of years of service but may also be expressed in terms of units of production. When assessing remaining useful life Members should have regard to the condition of the asset at the time of assessment which may alter（改变，更改） the total life of the asset as compared to its expected life when new.2. Functional (sometimes called technological) obsolescence is the loss in value resulting from inefficiencies（低效率） in the subject asset compared to a more efficient or less costly asset. Such excess（超过，过量） operating costs and/or excess capital costs can be used to measure the extent of functional obsolescence.3. Economic obsolescence (sometimes called external obsolescence) is the loss in value caused by factors which are external to the asset itself. Such factors often relate to the economics of the industry in which the business operates or the business in which it is employed. New legislation (or fear/risks of it) may also contribute to economic obsolescence. a. Economic obsolescence may result from over capacity. The replacement cost of a plant that has a capacity equal to need may be significantly lower than the reproduction cost of the plant as installed. The extent（程度，范围） of economic obsolescence in these circumstances can be measured by comparing the reproduction cost of the subject assets to the replacement cost of the assets required to meet the expected demand. If the plants capacity is limited by an asset within the plant rather than by external factors then the obsolescence may be regarded as technological (i.e. functional) and may be curable（可治愈的，可医治的）. b. Economic obsolescence can also be a result of other external factors such as increased raw material costs or reduced product sales/value. These factors may be specific to a particular location or more generally experienced throughout an industry sector. c. It is important （when investigating the impact of economic obsolescence） that Members understand and consider the connection with the profitability of the business. This might be evident from the acquisition price（购买价） (in a business transaction scenario), or reported business value. To the extent（在某种程度上） that a contemporaneous（同时代的，同时期的，同时发生的） transaction involving the sale of the going concern business indicates a lower value than that of the property, plant and equipment used by that going concern business, this may provide an indication of economic obsolescence. d. Economic obsolescence may also be observed for some assets (predominantly（主要的，显著的） real estate) by considering whether the going concern business could afford to pay a market rent for the assets and still return a profit. Having regard to the various forms of obsolescence discussed above, Members should be wary（谨慎的，机警的，考虑周到的） of using depreciation tables （which only reflect physical deterioration or methods （which purport（声称，意图，打算） to represent all forms of obsolescence in one calculation（计算，深思熟虑） without having regard to the circumstances and use of each asset）.In the case of new businesses, the sum of the market value of the assets may indicate the business is yet to achieve a level of profitability（which provides an appropriate return on the assets employed and capital outlay（经费，支出，费用）. ）The test of adequate profitability (or economic obsolescence) will therefore necessa