国际资产评估准则.docx

lease.A contract arrangement in which reghte of use and possession are conveyed from a property s title owner in return for a promise by another to pay rents as prescribed by the lease.In partice the rights and the duties of the parties can be complex and are dependent on the specified terms of their contract.租赁。在这reghte合同安排的使用和拥有从一个属性是传达的头衔拥有者以换取承诺了另一个规定的支付的租金租赁。在partice权利和责任的当事人可以复杂和依赖于指定他们的合同条款。lessor interest.The interest held by the lessor in either of the circumstances set out in para.3.1.5,3.1.6,or 3.1.7 below.出租人的兴趣。利息由出租人在要么举行的情况下着手在对位3 1 5、3 1 6,或3 1 7下面。Lease interest, also known as Lessee interest, or Leasehold Estate.The ownership interest created by the terms of a lease rather than the underlying rights of real eastate ownership.The lease interest is subject to the terms of a specific lease arrangement ,expires within a specified time,and may be capable of subdivision, or subleasing to other parties.租赁的兴趣,也被称为承租人利益,或租赁的房地产。创建的所有权利益条款的租赁,而不是底层的权利真正的房地产所有权。租赁利益受条款的具体租赁安排,到期后,在指定的时间,也许能够细分,或转租给其他党派。Freehold investment, or Freehold subject to Lease interest,has the same meaaning as Leased Fee interest,representing the ownership interest of a lessor owning real estate that is subject to lease to others.不动产投资、或不动产所有权主体租赁有相同的兴趣,这为租赁费用兴趣,代表所有权的出租人持有房地产,受租赁给他人。Headlease,or Master Lease.A lease to a single entity that is intended to be the holder of subsequent leases to sublessees that will be the tenants in possession of the leased premises.Headlease,或主租约。 一个租赁的一个实体的目的是成为持有人后续租赁给sublessees,将是租户拥有出租房屋的。Headleasehold interest has the same meaning as Sandwich Lessor Interest.Alease that represents the intermediate interest between a superior interest,such as the freehold ,and subor underleasehold interest,such as that of the tenant in possession.the owner of the headleasehold interest is therefore both a lessee,to the superior interest,and a lessor, to the subordinate interest.Headleasehold利益具有相同含义是三明治出租人的兴趣。请代表中间利益之间的一种优越的兴趣,如不动产,subor underleasehold兴趣,比如,在拥有的房客。headleasehold的所有者兴趣是因此既是承租人,优越的兴趣,和出租人、从属感兴趣。Ground Lease.usually a long-term lease of land with the lessee permitted to improve or build on the land and to enjoy those benefits for the term of the lease.地面租赁。通常一个长期租赁的土地承租人可以改善或建立在土地和享受这些好处的租期。turnover lease,or percentage lease.a lease provision in which some or all of the rental amounts to be paid is based upon a percentpage of the revenues derived from that leased unit by the lessee.it is common for such arrangement to include a guaranteed minimum,or base rent,which is not dependent upon the lessees operations for its amount, as well as a percentpage,or particpation,rent in operating revenues over a stated amount.营业额租赁,或百分比租赁。一个租赁条款,部分或全部租金数额支付是基于一个percentpage的收入来源于,由承租人出租单位。这样的安排很常见,包括最低保障,或基地租金,它并不依赖于承租人的运作的数量,以及一个percentpage,或particpation,租金收入超过规定的操作数量。market rent.the estimated amount for which a property,or space within a property,should lease on the date of valuation between a willing lessee on appropriate lease terms in an arms length transaction,after proper marketing wherein the parities had each acted market would deem to be appropriate ,i.e.,the market norm, then the market rent applicable to that lease would also vary as a reflection of those terms.市场租金。的估计量的财产,或空间中的属性,应该租赁日期一个愿意承租人之间的估值在适当的租赁条件在一个公平交易,在适当的营销其中平价有每个行动市场将认为是适当的,也就是说。,市场规范,那么市场租金适用于,租赁也会改变反映这些条款。contract rent,or passing rent.the rent specified by a given lease arrangement ; although a given contract rent may equate to the market rent ,in practice they may differ substantially,particulary for older leases with fixed rental terms.合同租金,或通过出租。指定由给定的租金租赁安排;虽然给定合同租金可能相当于市场租金,实际上他们可能本质上的区别,尤其是老年租赁与固定租赁条款。turnover rent,or participation rent. any form of lease rental arrangement in which the lessor receives a form of rental that is based on the earnings of the lessee.percentage rent is an example of a turnover rent.营业额租金,或参与租金。任何形式的租赁出租,出租人安排接收一个形式的租赁,是基于业绩的承租人。房租是一个示例的百分比翻了租金。a rental that is more than market rent constitutes excess rent. such rental ,if considered at all,is commonly capitalised at a higher discount rate because of the higher risk and potential it is from the payment of excess rent that a negative Market Value of the lease interest may arise.in some states any value that is ascribed to excess rent is considered personal property because its basis arises from the contract,not the real estate.租金超过市场租金构成过剩租金。这种租赁,如果认为,通常资本化以更高的贴现率因为更高的风险和潜在的正是从支付租金,过剩的负面的市场价值可能产生兴趣。租赁在一些州的任何值,是归因于房租是考虑过剩的个人财产,因为它的基础来自于合同,而不是房地产。freehold ,or leased fee, value is generally considered to be the sum of the present value of anticipated net incomes to be received under the lease plus the present value of the anticipated value of the property when use and possession are reganined by the lessor.in practice,the type of value must be identified,defined,and appropriate to the situation.不动产所有权,或租赁费用,值是一般被认为是现值之和的预期净收入要收到根据租约,加上的现值预期值的属性使用和拥有reganined时是由出租人。在实践中,值的类型必须标识、定义和适当的情况。leasehold value is the value of the lease interest.although property rights conveyed to a lessee include the rights of use and possession, their value to the lessee is generally offset by the obligation to pay a continuing rental amount for those rights.hence,a leasehold value arises only where a propertys market rent is greater than its contract rent.where a contract rent exceeds the market rent , a negative leasehold value may occur.in practice the type of value and the legal component being valued must be identified,defined,and appropriate to the situation.租赁价值的价值是租赁的兴趣。尽管产权送往一个承租人的权利,包括使用和拥有,他们的价值通常是抵消承租人义务支付房租持续对这些权利的。因此,一个租赁价值就只在一个房地产的市场租金大于其合同租金。当合同租金超过市场租金,消极的租赁价值可能发生。在实践中值的类型和法律组件被价值必须标识、定义和适当的情况。marriage value ,or merged interests value.the excess value,if any,produced by a merging of two or more lease interests in a property,over-and-above the sum of the values of those individual interests.婚姻的价值,或合并利益价值。多余的值,如果有的话,产生的合并两个或两个以上的租赁利益之上,一个属性,值的和那些个人利益。sale and leaseback.a simultaneous sale of real estate and lease of the same property to the seller. the buyer becomes the lessor,or landlord,and the seller becomes the lessee,or tenant.because there may be unique circumstances or relationship between the parties,sale and leaseback transactions may or may not involve typical market terms.售后租回。一个同时房地产销售和租赁相同的财产给卖方。买方成为出租人或房东,卖方就承租人或房客。因为可能有独特的环境或当事人之间的关系,售后租回交易可能或可能不涉及典型的市场条件。lease definitions set out in the international accounting standards are:租赁定义出发在国际会计准则是:operating lease. a lease where the lessor retains substantially all the risks of ownership of the leased property.(see classification of leases in IAS 17.)经营租赁。一个租赁,出租人保留所有的风险大幅所有权的租赁财产。(参见“分类的租赁”IAS 17)。Finance lease.a lease that transfers substantially all the risks and rewards incidental to an ownership of an asset to the lessee.title may or may not eventually be transferred(IAS 17,para.3)融资租赁。一个租赁,大幅转移所有的风险和报酬的租赁资产所有权的,承租人。标题可能或不可能最终被转移(IAS 17,适)relationship to accounting standards关系到会计标准where a lease interest has a short term before expiry or a review date as to market rent, the market value of that lease interest may not be material.the valuer must,therefore,discuss with the directors whether such short lease interests are to be valued.if they are omitted from the valuation of an entire portfolio,the report will need to contain a reference to their omission and to the reasons that their values are not material.那里有一个短期租赁兴趣期满前或评审的日期以市场租金,市场价值的租赁的兴趣可能不是物质。估价人员必须,因此,讨论与董事是否这样的短期租赁权益价值。如果他们被排除在整个投资组合的估值,该报告将需要包含一个参照其遗漏和原因,他们的价值观并不材料。the accounting treatment of leases, as defined in para.3.2 above,is as follow:的会计处理的租赁中定义的一样,帕拉3 2以上,如下:leases in the financial statements of lessors租赁在财务报表的租赁公司operating leases.under an operating lease,the risks and rewards incident to ownership of an asset remain with the lessor.therefore ,the asset is treated by the lessor as a depreciable asset.the depreciation,or revaluation,of leased assets should be on a basis consistent with a lessors normal depreciation or revaluation policy for similar assets.经营租赁。在维护性租赁中,事件的风险和回报的资产所有权仍属于出租人。因此,资产的治疗是通过出租人作为固定资产。折旧或升值,租赁资产应该在基础符合出租人的正常折旧或类似资产重估政策。finance leases.an asset held under a finance lease should be recognised in the balance sheet not as property,plant,and equipment but as a receivable at an amount to the net investment in the lease.under a finance lease, substantially all the risks and rewards incident to ownership are transferred by the lessor.thus ,the lessor treats lease rentals receivable as repayments of principal plus financing income to reimburse the lessor for its investment and services.经营租赁。在维护性租赁中,事件的风险和回报的资产所有权仍属于出租人。因此,资产的治疗是通过出租人作为固定资产。折旧或升值,租赁资产应该在基础符合出租人的正常折旧或类似资产重估政策。leases in the financial statements of lessees租赁在财务报表的承租人operating leases.the charge against income under an operating lease should be the rental expense for the accounting period经营租赁。指控的收入在经营租赁的租金费用应在一定会计期间finance leases.these should be recognised as both an asset and a liability in the balance sheet of a les see at amounts equal at the inception of a lease to the fair value of the leased property or,if lower,at the present value of the minimum lease payments.therefore,at the inception of the lease,the asset and the liability for the future rentals are recognised in a balance sheet amounts.due to the workings of finance leases,the asset and related liability are unlikely to be equal in amount after the inception of the lease.融资租赁。这些都应该被承认为一个资产和负债的资产负债表的les看到数量相等的盗梦空间的一个租赁的公允价值租赁财产或者,如果低,目前价值的最低租赁付款额。因此,在盗梦空间的租赁,资产和负债未来租赁认可在资产负债表的数额。由于金融租赁的运作,资产和相关责任是不太可能的数目相等的盗梦空间后的租赁。GN 2, Valuation of Lease Interests/Scope 225International Valuation Standards, Sixth Edition226 GN 2, Valuation of Lease Interests/Definitions3.1.2 Lease. A contract arrangement in which rights of use andpossession are conveyed from a propertys title owner (calledthe landlord, or lessor) in return for a promise by another(called a tenant, or lessee) to pay rents as prescribed by thelease. In practice the rights and the duties of the parties canbe complex and are dependent on the specified terms of theircontract.3.1.3 Lessor Interest. The interest held by the lessor in either of thecircumstances set out in para. 3.1.5, 3.1.6, or 3.1.7 below.3.1.4 Lease Interest, also known as Lessee Interest, TenantsInterest, or Leasehold Estate. The ownership interest createdby the terms of a lease rather than the underlying rights ofreal estate ownership. The lease interest is subject to theterms of a specific lease arrangement, expires within a spec-ified time, and may be capable of subdivision, or subleasingto other parties.3.1.5 Freehold Investment, or Freehold subject to Lease Interest/s,has the same meaning as Leased Fee Interest, representingthe ownership interest of a lessor owning real estate that issubject to (a) lease(s) to others.3.1.6 Headlease, or Master Lease. A lease to a single entity that isintended to be the holder of subsequent leases to sublesseesthat will be the tenants in possession of the leased premises.3.1.7 Headleasehold Interest has the same meaning as SandwichLessor Interest. A lease that represents the intermediate inter-est between a superior interest, such as the freehold, and sub-or underleasehold interest(s), such as that of the tenant(s) inpossession. The owner of the headleasehold interest is there-fore both a lessee, to the superior interest, and a lessor, to thesubordinate interest(s).3.1.8 Lease Types3.1.8.1 Ground Lease. Usually a long-term lease of landwith the lessee permitted to improve or build on theland and to enjoy those benefits for the term of thelease.3.1.8.2 Turnover Lease, or Percentage Lease. A lease provi-sion in which some or all of the rental amounts to bepaid is based upon a percentage of the revenuesderived from that leased unit by the lessee. It is com-mon for such arrangements to include a guaranteedminimum, or base rent, which is not dependent uponthe lessees operations for its amount, as well as apercentage, or participation, rent in operating rev-enues over a stated amount.3.1.9 Rent Types3.1.9.1 Market Rent. The estimated amount for which aproperty, or space within a property, should lease onthe date of valuation between a willing lessor and awilling lessee on appropriate lease terms in an arms-International Valuation Standards, Sixth EditionGN 2, Valuation of Lease Interests/Definitions 227length transaction, after proper marketing whereinthe parties had each acted knowledgeably, prudently,and without compulsion.If the terms of the lease vary from those that the mar-ket would deem to be appropriate, i.e., the marketnorm, then the market rent applicable to that leasewould also vary as a reflection of those terms.3.1.9.2 Contract Rent, or Passing Rent. The rent specified bya given lease arrangement; although a given contractrent may equate to the market rent, in practice theymay differ substantially, particularly for older leaseswith fixed rental terms.3.1.9.3 Turnover Rent, or Participation Rent. Any form oflease rental arrangement in which the lessor receivesa form of rental that is based on the earnings of thelessee. Percentage rent is an example of a turnoverrent.3.1.10 A rental that is more than market rent constitutes excess rent.Such rental, if considered at all, is commonly capitalised at ahigher discount rate because of the higher risk and potentialuncertainties associated with the consequences of thelessees disadvantage. From a lessee viewpoint, it is from thepayment of excess rent that a negative Market Value (seepara. 5.18 below) of the lease interest may arise. In someStates any value that is ascribed to excess rent is consideredpersonal property because its basis arises from the contract,not the real estate.3.1.11 Typical Value Components3.1.11.1 Freehold, or Leased Fee, Value is generally consid-ered to be the sum of the present value of anticipatednet incomes to be received under the lease plus thepresent value of the anticipated value of the propertywhen use and possession are regained by the lessor.In practice, the type of value (e.g., Market Value)International Valuation Standards, Sixth Edition226 GN 2, Valuation of Lease Interests/Definitions3.1.5 Freehold Investment, or Freehold subject to Lease Interest/s,has the same meaning as Leased Fee Interest, representingthe ownership interest of a lessor owning real estate that issubject to (a) lease(s) to others.3.1.6 Headlease, or Master Lease. A lease to a single entity that isintended to be the holder of subsequent leases to sublesseesthat will be the tenants in possession of the leased premises.3.1.7 Headleasehold Interest has the same meaning as SandwichLessor Interest. A lease that represents the intermediate inter-est between a superior interest, such as the freehold, and sub-or underleasehold interest(s), such as that of the tenant(s) inpossession. The owner of the headleasehold interest is there-fore both a lessee, to the superior interest, and a lessor, to thesubordinate interest(s).3.1.8 Lease Types3.1.8.1 Ground Lease. Usually a long-term lease of landwith the lessee permitted to improve or build on theland and to enjoy those benefits for the term of thelease.3.1.8.2 Turnover Lease, or Percentage Lease. A lease provi-sion in which some or all of the rental amounts to bepaid is based upon a percentage of the revenuesderived from that leased unit by the lessee. It is com-mon for such arrangements to include a guaranteedminimum, or base rent, which is not dependent uponthe lessees operations for its amount, as well as apercentage, or participation, rent in operating rev-enues over a stated amount.3.1.9 Rent Types3.1.9.1 Market Rent. The estimated amount for which aproperty, or space within a property, should lease onthe date of valuation between a willing lessor and awilling lessee on appropriate lease terms in an arms-GN 2, Valuation of Lease Interests/Scope 2252.0 Scope2.1 This GN sets out definitions, principles, and important considera-tions in the valuation of and related reporting for lease interests.2.2 This GN is to be applied with particular reference to IVS Conceptsand Principles and to IVS 1 and 2.2.3 This GN applies in States where a lessee holds an interest in landand/or buildings, which is regarded as a separate legal estate. A leaseinterest is subordinate to a superior interest which itself may be eitheranother lease interest for a longer term or the ultimate fee simple, orfreehold, interest.3.0 Definitions3.1 Terms basic to the definition and valuation of legal interests includethe following:3.1.1 Freehold Interest has the same meaning as Fee Simple, rep-resenting the perpetual ownership in land.3.1.2 Lease. A contract arrangement in which rights of use andpossession are conveyed from a propertys title owner (calledthe landlord, or lessor) in return for a promise by another(called a tenant, or lessee) to pay rents as prescribed by thelease. In practice the rights and the duties of the parties canbe complex and are dependent on the specified terms of theircontract.3.1.11.2 Leasehold Value is the value of the lease interest.Although property rights conveyed to a lesseeinclude the rights of use a