2021年7月30日,国际评估准则理事会(IVSC)发布新版《国际评估准则》(IVS),自2022年1月31日起生效。
CVI团队对新版IVS进行研读,系统分析该版IVS的最新变化,拟对各准则、章节的修订予以系统介绍、点评。
CVI团队在过去二十多年的时间内持续跟踪研究《国际评估准则》的发展,团队主要成员曾长期代表中国评估行业参与国际评估事务,并担任IVSC Standard Board委员参与IVS的起草与修订。文中相关分析和观点反映CVI研究团队在长期研究基础上形成的观点,不代表任何官方解释。
本期刊出第一期,其中斜体字部分为CVI点评。
《国际评估准则》(2022年1月生效)研读之一
一、新版《国际评估准则》基本介绍
本次发布的最新版IVS将于2022年1月31日正式生效,但IVSC鼓励在发布日之后即尽早采用。IVSC提示评估师需要明示其在编制评估报告时所使用的IVS版本。
本版IVS延续了前一版的作法,不再将准则发布的年份冠名。在2019年更新IVS之前,IVS版本均在名称中标发布年份,如International Valuation Standards 2017。自2019年起为避免误导,不再标注IVS的发布年份,而是改为注明其生效日期。
为配合新版IVS发布及方便各国评估师理解本次修订、发布等环节中的重要事项,IVSC起草了2022年1月生效之国际评估准则常见问题(INTERNATIONAL VALUATION STANDARDS Covering FAQs for the latestversion of IVS - effective January 2022),可参阅:The IVS have been updated! (ivsc.org)。
二、IVS(2022年1月生效)与前版IVS的主要变化(根据IVSC新闻稿整理)
•更新后的IVS增加一个新的准则--IVS230存货“IVS 230 Inventory”,并将其纳入无形资产准则的部分。
IVS230存货准则的增加是本版IVS最重大的变化,其内容可圈可点,至少有两点会特别吸引中国评估行业的眼球。
第一,中国评估行业会很惊喜地发现自上世纪90年代初以来中国评估师就熟练操作但当时争议较大的存货评估思路得到了全面认可,其中有部分内容简直可以说是1996年国资局《资产评估操作规范意见(试行)》中相关规定的翻版,当然也有一些点是更为延伸的讨论。在回顾资产评估在国内的发展历程时,这将是一件很值得深思的事件。
第二,将存货准则放在企业价值准则(IVS 200 Businesses and Business Interests)下,从逻辑的角度不得不说是一种尴尬,但这也是IVSC无奈的选择,因为没有其他更合适的位置可以放置。根据IVS现行的框架,在Assets Standards层级划分了企业价值准则、机器设备准则、不动产准则、金融工具准则等四个资产准则框架,在准则体系中并未给存货准则预留相应的合适位置。毕竟将存货评估准则置于企业价值准则框架下,要比置于机器设备准则、不动产准则、金融工具准则等框架下显得更为合理。这一尴尬的选择也再次彰显了包括IVS、USPAP及各国准则在内的所有评估准则可能面临的矛盾:事先设计好的、固定化(意味着相当长的时间里不得不维持)的准则体系与事后需要根据行业发展需求不断增加的具体准则之间的逻辑性矛盾。
新增加的存货评估准则将在之后的CVI点评中予以详细分析。
• 技术性更新:根据2021年和2021年的IVSC技术更新咨询工作所进行的更新。
• 前言:前言部分进行重新编写,将评估准则制定的核心原则(the core principles ofvaluation standard Setting)和核心评估原则(the core principlesof valuation)纳入。此种变化表明了IVSC为协调评估准则所持续做出的努力。
两套核心原则的提出对实务界可能并无太多意义,但此种努力反映了IVSC在总结多年准则制定经验基础上取得的研究成果,对于从实质和形式(程序)上保证IVS的正确方向很有意义。
一方面IVSC总结了包括职业道德、专业能力、价值类型、评估基准日、评估假设和条件、预期用途、预期使用者、工作范围等14项核心评估原则,这实际上是评估准则所规范的主要内容(即作为评估准则应当主要规范的内容)。
另一方面,为保证评估准则制定的合理性,防止准则制定工作偏离方向,IVSC又明确了四项评估准则制定的核心原则,包括准则的目标(建立对评估师的适当要求以促进和维持公众对评估的信任)、评估准则定位(原则导向、规范评估操作和与预期使用者的沟通)、准则制定与修订程序(建立适当公开、透明程序,必要时制定和修订准则)、司法管辖豁免(准则内容与立法和监管要求冲突时可以背离)。
评估准则制定的核心原则对执业评估师来说虽无实质意义,但对各国评估准则制定部门具有十分重要的参考意义,提醒准则制定者“勿忘初心”(为什么制定准则和如何制定准则),明确准则制定的目的、定位、制定程序的公开透明性以及不对抗立法和监管要求,防止在准则体系框架基本确立之后的日常修订过程中被具体和细节问题误导,避免在总体方向上出现重大偏差。
• 术语表:IVS的术语表进行了较大更新,包括新增加的术语及额外的诠释。此种变化亦表明IVSC为协调评估术语和定义所持续付出的努力。
本版IVS主要在术语表中恢复了IVS中所涉及的主要价值类型的定义(以前年度版本中被删除),对评估、评估师、价格、成本、价值等术语的定义予以部分修订,如在评估定义中强调评估基准日和价值类型等要素。
所谓“此种变化亦表明IVSC为协调评估术语和定义所持续付出的努力”表明IVSC意识到有必要在IVS中保有一个独立的、涵盖IVS中所有或多数重要概念的术语表,也表明对以前年度修订中将大量涉及价值类型的定义剔除这一有争议作法的否定态度。
• IVS框架:准则遵守、资产与负债、评估师和专业胜任能力等部分略做修改以提供更好的诠释。
• IVS104:在准则中增加了“价值的分配”(allocation of value)。
• IVS105:介绍部分予以了修订,就采用一种或多种评估途径形成某价值类型下的价值结论进行诠释。
• IVS200:介绍部分增加关于构成企业和企业权益(a business and a business interest)的内容的进一步诠释。
对于熟悉企业价值的评估师而言,新增加的内容并无新意。所增加的内容主要是从评估的角度对企业价值评估中的企业和企业权益概念进行多维说明,包括business的定义、与无形资产的关系、与超额收益的关系、business法律形式的多样性、企业权益的多样性、企业价值的多个口径、企业价值的目的等。
• IVS400:介绍部分予以更新,以解释本章节包括农业和土地的评估并将未注册和公共土地(unregistered and communal land)纳入。
未注册和公共土地对IVS而言是相对较新的概念,主要反映了IVSC在“政治正确”和扩大影响方面的近期努力。以下内容摘自IVSC发布的新闻稿----United Nations presses theimportance of IVS in new guidance on valuation of unregistered land,有利于对此概念的理解。
In many developing countries, only 30 per cent of land rights areregistered (UN-Habitat/ GLTN and IIRR 2012) and the rest are unregistered landsthat may be held by poor people. Yet there is a dire need for governments andindividuals to be able to value these lands. Valuation is necessary to improvecontrol over land and property in a way that builds equitable access tofinancial services and mobilizes resources for economic growth and povertyreduction. Valuation tools are critical to upgrade informal settlements,support the resettlement of displaced people and for investment and developmentprojects. It is vital for improving transparency in non-transparent landmarkets, which disadvantage the poor. Without a clear approach for valuingtheir land, poor occupants may lose out on getting the right value for theirland and weaken the local community economy and this could entrench povertyeven further in their lives.
三、IVS(2022年1月生效)主要内容
新版IVS包括以下主要内容:
Introduction
Glossary
IVS Framework
General Standards:
IVS 101 Scope of Work
IVS 102 Investigations and Compliance
IVS 103 Reporting
IVS 104 Bases of Value
IVS 105 Valuation Approaches and Methods
Asset Standards
IVS 200 Businesses and BusinessInterests
IVS 210 Intangible Assets
IVS 220 Non-Financial Liabilities
IVS 230 Inventory
IVS 300 Plant and Equipment
IVS 400 Real Property Interests
IVS 410 Development Property
IVS 500 Financial Instrument
附:IVSC关于发布新版IVS的新闻稿原文
TheIVS have been updated!
The latest edition of the International Valuation Standards (IVS) marks an important milestone towards harmonising valuation practice worldwide.
IVS serveas the key guide for valuation professionals globally and will underpin consistency, transparency and confidence in valuations which are key to investment decisions, financial reporting and financial market stability.
The Standards were drafted by the IVSC's independent technical boards and published following an extensive consultation process involving Valuation Profession Organisations, regulatory authorities, other standard setting organisations, valuation service providers, individual professionals, valuation end users and academics.
IVSC member and sponsor organisations are provided with digital copies of IVS. Non-members/sponsors can access IVS through the IVS Online portal.
The latest version of the Standards brings greater depth and clarity to the IVS, as recommended by member organisation, including the major valuation and accounting firms and Valuation Professional Organisations.
Here area few things you need to know about the latest version of IVS:
Effective date: The latest IVS becomes effective from 31st January 2022. However, theIVSC encourages early adoption from the date of publication. Valuers will needto make clear which edition of the IVS they are using when preparing av aluation report.
New chapter: The updated IVS includes a new chapter, 'IVS 230 Inventory' as part ofthe intangible asset standards.
Technical revisions: Updates also include the technical revisions consulted on throughout 2020 and 2021.
Introduction: the introduction has been revised to incorporate the core principles of valuation standard setting and the core principles of valuation. This change also reflects the IVSC's ongoing efforts to align valuation standards.
Glossary: The IVS glossary has been updated to include new terms and to provide additional clarifications. This change also reflects the IVSC's ongoing effortsto align valuation terminology and definitions.
IVS Framework: the sections on ‘compliance with standards’, ‘assets andliabilities’, ‘valuer’ and competence have been slightly revised to provide additional clarifications.
IVS 104: a new section on “allocation of value” has been included within this chapter.
IVS 105: the introduction has been revised to provide additional clarification that one or more valuation approach may be used to arrive at the value reported within a basis of value.
IVS 200 :the introduction has been revised to provide further clarification on what constitutes a business and a business interest.
IVS 400:the introduction has been revised to provide additional clarification that this chapter includes the valuation of agriculture and land and to incorporate the valuation of unregistered and communal land.
A 'red-line' version of the updated IVS is also available for download, providing clarity on changes from IVS (effective 31 January 2020).
Why have these changes been made? The Standards Review Board expects to publish a 'Basis of Conclusions' document, explaining the rationale for all updates to IVS, within the coming weeks. This will be available through the IVS Online portal and on the Members’ section of the IVSC website. A digital copy will be sent out to all Memberand Sponsor organisations.
Translations: IVS is published by the IVSC in English. Translations of IVS are carried out by organisations including Valuation Professional Organisations and regulatory authorities. The IVSC will be working with these entities to support updates to existing translations, which are available through the IVSC Members’ Portal.
What do the International Valuation Standards cover?
IVS comprises five 'General Standards' and eight 'Asset-specific Standards'. The General Standards set requirements for the conduct of all valuation assignments including establishing the terms of a valuation engagement, bases of value, valuation approaches and methods, and reporting.
The Asset Standards include requirements related to specific types of asset valuation, including background information on the characteristics of each asset type that influence value and additional asset-specific requirements regarding common valuation approaches and methods used. The assets standards cover:
Businessesand Business Interests (IVS 200)
IntangibleAssets (IVS 210)
Non-FinancialInstruments (IVS 220)
Inventory(230)
Plant andEquipment (IVS 300)
RealProperty Interests (IVS 400)
DevelopmentProperty (IVS 410)
FinancialInstruments (IVS 500)
The latest version of the Standards bring greater depth to the IVS, as recommended by member organisation, including the major accountancy firms and Valuation Professional Organisations.
中诚君和
CVI
中诚君和(北京)国际资产评估有限公司(China Valuer International, CVI)系根据估值业务专业化、国际化和差异化发展的需要重组而成的专业团队,拥有英国皇家特许测量师学会资深会员(FRICS)、美国评估师协会(ASA)、中国资产评估协会资深会员(FCPV)等资深专业人士,相关专业人士具有20年以上的资产评估、估值咨询等专业经验,特别专注于企业价值评估、以财务报告、税务为目的的估值以及为国际客户提供交易咨询、估值专业服务。
中诚君和(CVI)专业团队熟悉IFRS/US GAAP/中国企业会计准则,与国际审计师及国内审计师长期合作开展以财务报告为目的之估值,业务涉及合并对价分摊(PPA)、或有对价计量、金融工具计量、商誉与资产减值测试、股份支付、投资性不动产、初次执行IFRS等领域。
中诚君和(CVI)专业团队关注中国税法(59号文、七号公告等)的最新发展,在中国境内最早开展以税务为目的之估值服务,与相关境外估值、顾问机构合作完成多家跨国公司涉税估值。