Our Plant and Equipment Valuation Standards

Plant and Equipment Valuation NSW is an independent valuation company that specialises in the valuation of property, plant and equipment. Included in our plant & equipment valuation services is the valuation of assets and machinery.

So that our clients are satisfied with the quality of our valuations we keep ourselves up to date with all industry standards and regulations. We want our clients to be confident of our professionalism. Below is a summary of some of the many standards we adhere to when we conduct our property, plant and equipment valuations.

Australian Accounting Standards

The Australian Accounting Standards Board (AASB) is an Australian Government Agency that develops, issues, and maintains Australia’s accounting and external reporting standards and guidelines. The standards the board has developed are referred to as the Australian Accounting Standards (AAS). These standards follow the International Financial Reporting Standards (IFRS) created by the International Accounting Standards Board (ASB). The IFRS standards provide a common language for businesses so that their respective financial statements are consistent across the globe. The IFRS is what AASB have based their standards on, but they have further developed these standards so that domestic financial reporting requirements are addressed.

For property, plant and equipment valuers, several Australian Accounting Standards are applied to their work. These may include the following:

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

As mentioned, these are based on IFRS and as such, they may be the same or similar. Our valuers are aware and up to date with both sets of standards. We consider the following and comply when required:

IAS 16 – Property, Plant and Equipment
IAS 41 – Agriculture
IAS 40 – Investment Property
IAS 3 – Business Combinations
IFRS 6 – Exploration for and Evaluation of Mineral Resources
IFRS 13 – Fair Value Measurement

International Valuation Standards

The International Valuation Standards (IVS) are set by an independent, not-for-profit organisation known as the International Valuation Standards Council (IVSC). The IVSC has made it their mission to advance the quality of professional valuations to build confidence and public trust. We here at Plant and Equipment Valuation NSW stand by their noble pursuit and thus comply with their standards. These are:

IVS 101 – Scope of Work
IVS 102 – Investigations and Compliance
IVS 103 – Reporting
IVS 104 – Bases of Value
IVS 105 – Valuation Approaches and Methods

There are also standards that are specific to assets. These IVS asset standards are:

IVS 200 – Business and Business Interests
IVS 210 – Intangible Assets
IVS 300 – Plant and Equipment
IVS 400 – Real Property Interests
IVS 410 – Development Property
IVS 500 – Financial Instruments

Royal Institution of Chartered Surveyors

The Royal Institution of Chartered Surveyors (RICS) is a globally recognised body that sets the highest professional standards for the valuation, development and management of land, real estate, construction, and infrastructure.

RICS has global standards that our valuers follow. Some specific standards and guidelines apply to Australia only. These are:

Aus VPGA 1 – ANZVPS (Australia and New Zealand Valuation and Property Standards)
Aus VPGA 2 – Australian State and Territory Licensing
Aus VPGA 3 – Privacy Legislation in Australia
Aus VPGA 4 – Exceptions to Compliance Requirements
Aus VPGA 5 – Compulsory Acquisition
Aus VPGA 6 – Native Title
Aus VPGA 7 – Australian Accounting Standards

Outside of the general global standards and guidelines set by RICS, we abide by the following specific valuation guidelines when the situation calls for it:

VPGA 5 – Valuation of Plant and Equipment
VPGA 8 – Valuation of Real Property Interests
VPGA 3 – Valuation of Businesses and Business Interests
VPGA 1 – Valuation for Inclusion in Financial Statements
RICS Professional Guidance, Global – Valuation of Mineral-bearing Land and Waste Management Sites 2nd Edition
RICS Guidance Note, Global – Measured Surveys of Land, Buildings and Utilities 3rd Edition
RICS Guidance Note, Global – Land Measurement for Planning and Development Purposes 1st Edition

Australian Property Institute

The Australian Property Institute (API) provide guidance papers to its members to clarify professional and industry processes, appropriate practices and procedures and their respective use and implementation. By following these guidelines our valuers can effectively use their expertise and can make better judgements in specific situations.

Some of the guidelines we follow with our valuations include:

ANZVGP 109 – Valuation of Rural and Agribusiness Properties
ANZVGP 111 – Valuation Procedures – Real Property
ANZVGP 302 – Valuations of Real Property, Plant & Equipment for Use in Australian Financial Reports
ANZVGP 102 – Market Value of Property, Plant & Equipment in a Business
ANZVGP 206 – Due Diligence
ANZVGP 204 – Development Management
ANZVGP 205 – Feasibility Studies

Valuations of a High Standard for Every Client

At Plant and Equipment Valuation NSW, no two valuations are ever the same, but both will meet exceptionally high standards. When you order a valuation with us, our specialists will use their expertise to determine which standards must be applied to your valuation to ensure you receive a valuation report of the highest quality.

If you would like to know more about our standards and valuation services, please contact us. We will be happy to answer all your questions. You can reach a knowledgeable member of our staff on (02) 9037 6380 or email us through our contact form. We are always ready to assist.