Improvement of valuation activity. Improvement of appraisal activity in the Republic of Kazakhstan. Basic principles of valuation activities

18.06.2021

The appraisal services market in Kazakhstan began to develop in the absence of the legal and organizational framework necessary for its civilized formation. The catalyst for the emergence appraisal activities in the republic began the privatization of state ownership of real estate, which began in 1995. The need for appraisal was spurred by the rapid growth of the secondary real estate market, as well as the dynamic development of the banking and insurance sectors. Thus, the national wealth of Kazakhstan, which is now assessed on a regular basis, today is about 8 trillion tenge (of which 88% is fixed assets). As for the mass valuation and revaluation of non-financial assets (structures, equipment, natural and intangible assets), Kazakhstan has not yet started them.

Despite the fact that since 2002, normative legal acts in the field of appraisal activity have been developed and approved, the quality of appraisal began to lag behind the rapid growth in the number of appraisers. As a random check showed, the difference in the value of the same object, appraised almost at the same time by different appraisers, could very often diverge by two or more times. In addition, the Valuation Rules adopted in 2002 were not specific, they allowed appraisers to use outdated directories. The statistical authorities did not track information on prices for various types of property, risk indicators and internal rate of return of various business categories, since there is no single customer for this information. Scheduled audits of appraisal activities carried out by the authorized body could not radically improve the situation, since about a million reports were compiled annually, the revision of many of which is impossible without special knowledge that only professional appraisers of the highest qualification possess. In essence, the verification of reports was reduced to a formal procedure for reviewing their structure, the presence in it of all the sections and information required by the rules.

Of the significant problems of valuation activities that need to be addressed in the near future, the following can be noted:

the need to harmonize the assessment system with accounting and taxation systems, including international accounting systems;
development of interaction between appraisers, auditors and financial consulting specialists;
determination of the role and place of public and private appraisers in the system of appraisal activities.

The current state of valuation activity allows us to formulate the goals of the development of valuation activity as follows.

The near-term goal is to complete the creation regulatory framework, which ensures the full inclusion of valuation activities in socio-economic processes;

The strategic goal is the creation in the Republic of Kazakhstan of a self-developing and adaptive to external conditions system of valuation activities that provides quality valuation services recognized and used by all subjects of law, including international ones.

Only a reliable assessment of property and adequate compensation for its damage or seizure can be a real mechanism for protecting property rights, which is guaranteed by the Constitution of the Republic of Kazakhstan.

Thus, the main goal of state policy for the coming period is the adoption of organizational and legal measures to ensure the reliability of the assessment, expand the scope of market value in order to improve the efficiency of the use of industrial and natural resources. The concept of state policy in the field of property valuation is designed to promote the implementation of the state strategy of the Republic of Kazakhstan to ensure sustainable cultural and socio-economic development of the country.

As for the system of regulation of valuation activities, at the moment, the regulation of valuation activities is influenced, on the one hand, by the system of state regulation of valuation activities, on the other hand, systems of voluntary certification of the quality of valuation services, standards for valuation of various public associations and associations of appraisers and market participants.

The particular economic, legal and institutional characteristics of emerging markets pose specific challenges for valuers engaged in valuation activities in such markets. These characteristics can also be observed in developed markets, but in emerging markets they dominate and include:

weak or inadequate legal framework;
lack (or absence) of published information or difficulty in obtaining information regarding the transaction and other data;
higher volatility in the property market;
outdated valuation standards;
external pressure on assessors caused by weakness or lack of control over assessment issues;
excessive or insufficient state intervention;
the growing importance of intangible assets.

Many of them, apparently, are typical for Kazakhstan. The development of valuation activities in such markets requires an integrated approach and active actions of all market participants.

As for the prospects for the development of the valuation activity of the Republic of Kazakhstan, first of all, it is necessary to establish the main directions of development, on the basis of which it is necessary to determine the tasks and work on the implementation of these tasks in order to improve the entire system of valuation activity. The main areas of development of the valuation activities of the Republic of Kazakhstan include:

improvement of the legislative and regulatory framework;
the work of the authorized body and the Interdepartmental Council;
improvement of evaluation standards;
development of cooperation of the Republic of Kazakhstan with international organizations and foreign states;
development of infrastructure for valuation activities.

All of the above areas are taken into account and detailed in the Concept for the development of the valuation activities of the Republic of Kazakhstan for 2010-2020. If the objectives of this Concept are successfully implemented, then there is a possibility that the valuation activity of the Republic of Kazakhstan will be at the level of developed countries, including the United States of America, where the valuation began to exist much earlier and the valuation system is already coherent and stable.

1. Soloviev M.M. Appraisal activity. - Tutorial. Moscow: State University Higher School of Economics, 2006. - 224 p.

2. http://toe-kgeu.ru/mcc/76-metrology Economic efficiency and development of standardization.

3. Krause Yu.V., Tretyakova E.V. - Development of appraisal activity in the Republic of Kazakhstan.

September 15, 2017 , About documents in the field of appraisal activities Order dated September 13, 2017 No. 1963-r. To date, all the regulatory legal documents provided for by the "road map" "Improvement of valuation activities" ("Assessment") have been adopted and are being implemented. In the future, the effectiveness of the decisions made will be monitored.

October 1, 2015 , Land relations. cadastral system. Real estate. Appraisal activity On additional requirements for participants in the procurement of works to determine the cadastral value Decree of October 1, 2015 No. 1051. Additional requirements have been established for participants in the procurement of works to determine the cadastral value, similar to the requirements for procurement participants, which are carried out through a tender with limited participation.

August 25, 2015 , Business environment. Development of competition On amendments to the "road maps" of the national entrepreneurial initiative Order dated August 20, 2015 No. 1622-r. It will make it possible to ensure the implementation of the road map measures aimed at improving the investment climate, simplifying, reducing the cost and accelerating the economic regulation procedures in force in Russia.

April 28, 2015 On making changes to the list of goods, works, services during an auction in electronic form Order dated April 25, 2015 No. 740-r. In accordance with the "road map" "Improvement of valuation activities". It will allow for the procurement of works on the evaluation of real estate on a competitive basis and take into account the qualifications of the contractor and experience in performing similar work when choosing the winner.

November 12, 2014 , Land relations. cadastral system. Real estate. Appraisal activity On the submission to the State Duma of a draft law aimed at improving the examination of assessment reports by self-regulatory organizations of appraisers Order dated November 10, 2014 No. 2243-r. As part of the "road map" "On the improvement of valuation activities." The draft law proposes to define one type of examination of assessment reports: for compliance with established requirements and for confirmation of value.

September 26, 2013 , Land relations. cadastral system. Real estate. Appraisal activity On approval of the "road map" "Improvement of valuation activities" Order dated September 26, 2013 No. 1744-r. Measures are envisaged aimed at improving the state regulation of valuation activities, as well as self-regulation mechanisms in the field of valuation, increasing the level of professionalism of valuation activities, responsibility for the results of determining the market, cadastral or other value.

The study and use of foreign and domestic experience in combating the so-called "custom" (motivated) valuation of unique tangible and intangible expensive assets, the common result of which, as a rule, is a significant underestimation, or, more rarely, revaluation of such assets in the interests of the customer, but in harm to the state and society.
Elimination of small-sized self-regulating public organizations(SRO) appraisers in the country. One All-Russian Society of Appraisers (VROO) with branches in the regions should be created in Russia. This is likely to be the case in the near future. The existing large number of SRO appraisers harms the quality of appraisal work in the country, contributes to a decrease in the professional level of appraisers, a decline in the reputation of appraisal activities, leads to dumping the cost of appraisal orders, and erodes the usefulness of these public organizations for appraisers themselves.
If there is only one All-Russian Society of Appraisers in the country, the need for the National Council for Appraisal Activities will disappear, and those of its current functions that the state needs (if any) will naturally, without weakening, pass to the VROO. The number of officials and bureaucrats in the evaluation community will noticeably decrease, which will benefit it.
It turned out that overproduction of appraisers became obvious in the country. According to statistics, there are about 17 thousand “trained” appraisers united in different SROs, not counting those who are engaged in asset valuation in audit firms, in investment and insurance companies, as well as in banks. In the media, one can come across the assertion that today it is enough for Russia to have 4-5 thousand professional appraisers capable of coping with the entire volume of appraisal work in the country, and one can agree with this. It is impossible to accept as members of the community of appraisers all those who have completed special courses and who mistakenly consider themselves prepared for this difficult craft. The prestige of an appraiser is worth a lot, and a person's consent to pay the prescribed contributions to society should not be a pass to the circle of appraisal professionals. The selection committee of the society of appraisers should be as strict as possible to those who want to join its ranks. The Unions of Artists, Composers, Writers or Architects do not accept anyone. So it should be with the society of appraisers.
Members of the society of appraisers should not accept people with experience practical activities who are less than 3 years in the specialty at the present time and 5 years in the near future.
The unnatural overproduction of poorly educated appraisers unclaimed by the economy must be stopped both in the interests of the state and society, and the deceived "appraisers" themselves.
The most advanced representatives of the community of valuation theorists and practitioners should think about who and how should train teachers in academic disciplines related to asset valuation, who should engage in their systematic (at least once a year) professional retraining, who is able to develop and periodically update educational standards and curricula in these disciplines for both teachers and students of special courses. It is expedient to have annual certification of special courses on evaluation activities for the quality of trainees' training.
Tasks similar to those specified in paragraph 4 should also be addressed in relation to teachers for the examination of the results of evaluation work. Where to recruit such teachers, who will train them? When and how should their professional retraining be organized? Who is able to prepare educational standards and curricula for examination of assessment reports for teachers of examination and for future experts in this field of knowledge?
The existence of only one society of appraisers in the country will provide an opportunity to organize the proper sectional specialization of appraisers for the consolidated types of property being valued, for example, aircraft, river and sea vessels, hotels and their networks, banks, investment and insurance companies, etc. The specialization of appraisers, their distribution into narrow profile sections will create conditions for a significant improvement in the quality of the results of the relevant appraisal work. Areas of specialization in valuation activities and sectioning of appraisers require further in-depth study.
In the near future, the issue of introducing into the theory and practice of appraisal activities the concepts of fundamental value and fundamental value of property (property) and their corresponding securities must be resolved. The fundamental value of assets should be recognized as the value that ensures the generation of added value and its structural elements, in particular, net income and profit before and after taxes, fees and interest.
To assess the value of distressed assets, which should primarily include expensive specialized, unique technological equipment that does not have markets for purchase and sales; assets of economically important medium, large and largest enterprises, as well as various forms of their associations, a special state or public-private company (such as the American "BLAKROCK") should be created under the Government of the Russian Federation, the main task of which should be to organize an independent objective assessment and examination of the results estimates of the value of such assets that are not subject to revision.
Abroad and in our country, in the overwhelming majority of cases, the value of an enterprise is incorrectly called its paper capitalization and is valued accordingly. It is well known that the stock market is driven ("bulls" and "bears"), and this creates inexhaustible opportunities for fraudulent speculation, manipulation, illegal tricks. The end result of such actions: underestimation or revaluation of existing securities in the interests of an individual or group manipulator. With the substitution of estimates of the value of enterprises by estimates of their capitalization, which is always carried out not in the public interest, it is necessary to finish and as soon as possible. One can only be amazed at how tenacious and unpunished outright fraud and economic crimes in the form of corruption, derivatives, offshore, custom-made asset valuations, etc. turn out to be. etc.
At the initial stage of the fight against obvious violations of the economic order, the standards for assessing the physical value of enterprises should be separated from the standards for assessing the value of their securities. There are many who agree with this proposal, there are not only those who want to do it. The political will of the leaders of the evaluation community is needed.
It is necessary to correct the obvious violations of common sense in the existing procedures for determining the value of enterprises: in the absence of a market for distressed assets, methods of a comparative (market) approach to assessing their value cannot be used; the DCF method is not suitable for estimating the value of property and land complexes and intangible assets of enterprises; the method of ceiling weighting the results of determining the value of assets obtained by three different valuation methods to obtain the final valuation compromises the level of professionalism of all members of the community of appraisers who resort to this weighting, and at the same time those valuation experts who do not pay attention to the defectiveness of such a procedure.
Reports on the valuation of distressed assets and expert opinions on these reports should be open at least to professional appraisers who must learn and improve not only on their own, but also on other people's mistakes. The artificially imposed confidentiality of such materials, if they do not concern officially classified objects, is directed against the interests of the state and society and hinders the progress of appraisal activities in the country.

Introduction

Chapter 1. Theoretical aspects formation and development of valuation activities in the Russian Federation

1 History of valuation activities in the Russian Federation

2 Objects and subjects of valuation activities

3 Regulation of valuation activities

Chapter 2. Analysis of the requirements for conducting an assessment in the Russian Federation

1 Methodological base of assessment

2 Assessment requirements

3 Application of cost, income and comparative approaches to valuation

4 Rules for compiling and formatting the assessment report

Chapter 3. The main directions of development of valuation activities in the Russian Federation

1 The development of valuation activities - as the most important aspect of the development of civil society and market relations in the economy

2 Development of the valuation infrastructure

3 Valuation as an integral part of the financial services market

Conclusion

List of used literature

Introduction

The formation of a civil society, a new economic mechanism based on market relations, a rule of law state is the main goal of the ongoing reforms. To achieve this goal, it is necessary to solve a whole range of tasks. One of the main tasks at the present stage is the restructuring of the economic mechanism in order to form a competitive market environment.

A distinctive feature of market mechanisms is, first of all, the formation of a competitive environment in the distribution and redistribution of resources. Valuation of property and intangible assets is precisely designed to help solve these problems.

The issues of creation and development of the rule of law include a whole range of measures to ensure equal rights for all members of society, including property rights. Accordingly, the task of the rule of law is to create conditions for the protection of these rights and provide guarantees for a fair assessment of these rights.

Thus, it can be stated that the development and formation of assessment as a special type of activity is an integral part of overall process reforming the economy and creating a legal democratic state.

Valuation of property and intangible assets is an independent professional activity. Assessment, first of all, is a new scientific direction, with its own methodology, terminology, research principles, etc.

Based on the global experience in the development of assessment, in modern conditions Russia needs to create and develop a national assessment system. Unacceptable as a blind copy foreign experience, and the creation of some fundamentally new approaches that do not take into account global trends in the development of this scientific direction.

The formation and development of valuation is possible only in the conditions of market relations with a clear definition of the role and place of the state in matters of pricing and legal regulation entrepreneurial activity.

The social and economic effect of the development of valuation activities can only be achieved if the principle of equality of rights and obligations of all participants in the valuation process, including public authorities, is observed.

Valuation should be done by both public and private appraisers. At the same time, both of them should have equal opportunities to implement their professional skills and work in a common legal, methodological and information space.

The development of evaluation is a necessary condition for overcoming the current economic crisis, carrying out a full-fledged structural adjustment, and intensifying investment processes.

The purpose of the final qualifying work is to analyze the development of valuation activities in the Russian Federation.

To disclose the achievement of the goal, the following tasks were defined:

to study the theoretical aspects of the formation and development of valuation activities in the Russian Federation;

analyze the requirements for conducting an assessment in the Russian Federation;

display the features of the application of costly, comparative and income approaches;

to present the main directions of development of appraisal activity in the Russian Federation.

The first chapter of the presented final qualification work tells about the history of valuation activities in the Russian Federation, gives the basic concepts, provides information on the regulatory documents governing valuation activities - laws, regulations, standards, including Russian and international ones. Information is provided on the regulation of valuation activities, its licensing and control over compliance with licensing requirements.

The second chapter tells about the functioning of appraisers in the country, the methodological basis of appraisal activities. Various approaches to the evaluation of real estate objects, evaluation methods are shown. It is told about the formation and content of the appraisal report submitted by the appraiser after the work has been completed.

The third chapter presents the main directions for the development of valuation activities in the Russian Federation. Separately, the issue concerning the training of appraisers is considered, since this moment is one of the main conditions for the development of the appraisal market.

Chapter 1. Theoretical aspects of the formation and development of valuation activities in the Russian Federation

.1 History of valuation activities in the Russian Federation

In the process of development of the Russian market, a qualified assessment of the value of property objects is becoming increasingly important. However, few people know that the profession of appraiser, which appeared in the 19th century, is not new to Russia and has its own history.

The need for assessment work was associated primarily with the objective need to create the so-called fiscal cadastre - detailed description real estate. The first prerequisites for carrying out cadastral work, of which valuation was an integral part, arose in 1861, when serfdom was abolished.

The "Regulations on Zemstvo Institutions" published in 1864 provided for a change in the tax base, and in part - a transition to the taxation of property of Russian citizens. The amount of the tax was determined by the profitability and value of the property. For example, profitability indicators for arable and hay lands were determined on the basis of the average yield, while forests were valued according to the annual income from logging. In the Nizhny Novgorod province, the basis for land assessment was natural-historical studies of soils carried out by V.V. Dokuchaev (classification of soils according to physical, mechanical and chemical parameters). At the same time, in the Kherson province, for the first time, an attempt was made to take into account climatic factors in the assessment of land, in particular, drought.

In each locality, certain forms of receiving income from land traditionally developed, which determined its value. The main forms were self-management and leasing of land. In the north-west and south-west of Russia, the so-called "chinshe" lease was widespread, which consisted in the right of hereditary use of land for a constant annual payment to the owner.

The most reliable way to use the land was a long-term lease, then there was a lease for one crop, as well as a "share-cropping" lease, in which the owner received a certain share of the crop. The most risky was considered to be income from the management of the household by the owner himself.

In addition to the assessment of agricultural land, work was also carried out to assess urban real estate. The City Ordinance of 1870 empowered the city to make an appraisal to determine the property tax, which was calculated as a percentage of the net income from the use of the property, and if it was impossible to determine the income, the tax was calculated on the basis of material value.

Later, city dumas began to issue instructions for the evaluation commissions they elected, which fixed the procedure for determining gross income, taking into account the downtime of apartments, and also listed the items of expenses for their maintenance. The instructions of Riga and Kharkov were distinguished by the greatest thoroughness. The first appraisal experience in Kharkiv was unsuccessful due to the constant change in the composition of the appraisal commission and the lack of centralized leadership. However, in 1892 a new evaluation commission was elected, the composition of which was reinforced by professors of higher educational institutions the city of Kharkov. In addition, a supervisory board was established for the overall coordination of the evaluation work.

In methodological terms, the results of the assessment in Kharkov gave a significant development to the appraisal craft. All real estate in Kharkov was divided into eight types:

residential real estate with warm and cold outbuildings;

commercial premises (warm and cold);

factories and industrial facilities;

profitable and industrial gardens;

industrial yards;

vegetable gardens, fields, hayfields and pastures;

The square sazhen was adopted as a unit of land measurement, and for all buildings - a cubic sazhen.

When determining the signs of profitability, the location of the property and the characteristics of the type to which it belonged were taken into account.

Statistical processing of information allowed the evaluation commission to divide all urban households into twelve types. The city was also divided into categories of localities according to the average rent for one room, and since these categories were interspersed, the entire territory was previously divided into 54 districts.

The results of the appraisal of urban real estate in Kharkov, as well as the results of the appraisal of land in the Nizhny Novgorod province, made it possible to formulate the fundamental principles and approaches to appraisal, which were subsequently only refined and supplemented.

June 1893, the Russian government issued a law on the revaluation of all types of property in 34 provinces. Simultaneously with the law, the "Rules for the valuation of real estate" were approved, and on June 4, 1894, Finance Minister Witte approved instructions for clarifying the law. Thus, a legislative framework was created for evaluation work.

In 1894, at the IX Congress of Russian naturalists and doctors in Moscow, Professor A.I. Chuprov organized a subsection of statistics under the geographical section, which was attended by 86 statisticians from 16 provinces. This marked the beginning of regular congresses of experts in the field of estimated statistics.

It should be noted that the procedure for conducting the assessment, determined by the law of 1893, turned out to be not entirely successful, since, despite the efforts of the provincial assessment commissions, it was not possible to create a uniform assessment not only across the state, but even across the provinces. That is why on January 18, 1899, a new law on real estate appraisal was adopted, the main difference of which was the transfer of the competence to establish appraisal norms from county to provincial appraisal commissions. In addition, this law provided for state funding of appraisal work in 34 provinces in the amount of one million rubles a year.

In general, in terms of methodology and general organization of the assessment, Russia at the end of the last century was one of the leading countries. The main shortcomings were the conflicts between the evaluation commissions and the zemstvos, the lack of uniformity in the evaluation methodology, as well as the lack of a special controlling organization.

It may sound surprising, but evaluation as a type of professional activity in Russia at the end of the last century stood at the level that Europe and America reached only in the 1960s and 1970s. The law of June 8, 1893 on the valuation of real estate subject to zemstvo dues set in motion all the provinces of zemstvo Russia and forced Russian officials to develop instructions real estate appraisal And methods for describing and developing rates of return in assessing at the highest expert level.

Unfortunately, during the decades of socialism, all these achievements were completely lost. In our time in Russia there is no proper legal framework for valuation and valuation activities.

The history of valuation activities in the Russian market resumed approximately 7 years ago. During this time, professional public associations have been formed, specialized publications have appeared, educational programs and methods have been developed, and assessment has taken its place in a number of new professions, the emergence of which is dictated by the development of the market in Russia.

We can say that the current stage of development of the appraisal services market in many respects resembles the period already passed by Russia at the end of the last century. Therefore, a comprehensive consideration of the lessons of the development of Russian evaluation statistics will help to avoid repeating old mistakes.

1.2 Objects and subjects of valuation activities

According to federal law appraisal activity is understood as the activity of the subjects of appraisal activity aimed at establishing market or other value in relation to the objects of appraisal.

The market value of the appraisal object is understood as the most probable price at which this appraisal object can be alienated for open market in a competitive environment, when the parties to the transaction act reasonably, having all the necessary information, and any extraordinary circumstances are not reflected in the value of the transaction price, that is, when:

one of the parties to the transaction is not obliged to alienate the object of assessment, and the other party is not obliged to accept the performance;

the parties to the transaction are well aware of the subject of the transaction and act in their own interests;

the object of assessment is presented to the open market in the form of a public offer;

the price of the transaction is a reasonable remuneration for the object of assessment and there was no coercion to complete the transaction in relation to the parties to the transaction from either side;

payment for the object of assessment is expressed in monetary terms.

The subjects of valuation activities are, on the one hand, legal entities and individuals (individual entrepreneurs), whose activities are regulated by the federal law on valuation activities (appraisers), and on the other hand, consumers of their services (customers).

The objects of assessment include:

separate material objects (things);

a set of things constituting the property of a person, including property of a certain type (movable or immovable, including enterprises);

the right of ownership and other real rights to property or certain things from the composition of property;

rights of claim, obligations (debts);

works, services, information;

other objects of civil rights in respect of which the legislation of the Russian Federation establishes the possibility of their participation in civil circulation.

Appraisers must accurately define and distinguish between such terms as price, market, cost, and cost. The term price usually refers to the price of a sale (transaction) as well as an exchange. The price is a fait accompli. Price represents the amount (amount) that a certain buyer is willing to pay and a certain seller is willing to receive for a product under the circumstances. As a rule, the circumstances of the transaction reflect the conditions prevailing in one of the many markets. A market is a set of offers into which the buyer and seller are transferred using the price mechanism. The market may be defined geographically (Swedish market, European market), products or their features, number of available buyers, sellers or other features. The market is formed by the interaction of individuals (individuals and legal entities) exchanging sets of rights for other values, such as money. Specific markets are defined depending on the type, location, typical characteristics of ownership and other attributes determined by the participants in the exchange of goods. Examples of specific markets include real estate markets with small (one- or two-family) new residential buildings selling for close to $100,000, or a market apartment buildings located in the central part of the city. Term expenses - used by appraisers in connection with production, not exchange. Costs can be either already accomplished or determined at the current moment. Among several types of costs, they determine: direct costs, indirect costs, construction and development costs (planning).

Direct costs include the costs of labor and materials needed to build a new building (structure, etc.). Direct costs are also called hard costs. The contractor's overheads and profits are usually direct costs. Indirect costs include costs other than labor and materials.

For example, these are management costs, payment by the owner of official fees and fees, taxes, interest on loans and insurance during the construction period. In addition, the costs associated with renting, which are the costs of managing the project until a certain stable level of occupancy of the apartments is reached. Indirect costs are also called soft costs. Construction costs, or the contractor's price, usually include the direct costs of labor and materials plus the indirect costs of the contractor. Development costs include the costs of establishing real estate, including land, and bringing it to an efficient operating condition, determined from construction costs. Development costs include the profit of the developer or entrepreneur implementing the project. These real estate-related costs are directly dependent on the price of goods and services in competing markets: for example, on the cost of Construction Materials, architectural plans determined by supply and demand in specific areas, and from the influence of social, economic, governmental and natural forces. The relationship of price, markets and costs also uses the concept of value. Cost can have many meanings in an appraisal. The definition used depends on context and usage. In the market, the concept of value is usually described as a profit expected in the future. Since the value exists at a certain point in time, the valuation reflects the value at a certain point in time. The cost at a certain point in time is the monetary value of goods, services for buyers and sellers. To avoid confusion, appraisers do not use the term value alone - as there are different types of value: market value, use value, investment value, etc. Market value is defined as the most likely value of a given type of commodity being valued in a given area in a certain period of time.

The Russian Federation, constituent entities of the Russian Federation or municipalities, individuals and legal entities have the right to have an appraiser evaluate any appraisal objects belonging to them. The right to evaluate an object is unconditional and does not depend on the procedure established by the legislation of the Russian Federation for the implementation of state statistical accounting and accounting and reporting. This right also extends to reassessment. The results of the assessment can be used to correct accounting and reporting data. The results of the appraisal of the appraisal object can be appealed by interested parties in the manner established by law Russian Federation.

According to Article 9 of the Federal Law on Appraisal, the basis for appraisal of an appraisal object is an agreement between the appraiser and the customer. An agreement between the appraiser and the customer may provide for the appraiser to carry out an appraisal of a specific appraisal object, a number of appraisal objects, or long-term customer service at his request.

In cases stipulated by the legislation of the Russian Federation, the appraisal of the object of appraisal, including repeated appraisal, may be carried out by the appraiser on the basis of a court ruling, arbitration court, arbitration court, as well as by decision of the authorized body.

The court, arbitration court, arbitration court are independent in choosing an appraiser. The costs associated with the appraisal of the object of appraisal, as well as monetary remuneration to the appraiser, are subject to reimbursement in the manner prescribed by the legislation of the Russian Federation.

The contract between the appraiser and the customer is concluded in writing and does not require notarization.

The contract must contain:

grounds for concluding a contract;

type of object of assessment;

type of determined value (values) of the appraisal object;

monetary reward for the assessment of the object of assessment;

information about appraiser's civil liability insurance.

The agreement must include information about the appraiser's license to carry out valuation activities, indicating the serial number and date of issue of this license, the authority that issued it, and the period for which this license was issued.

The appraisal agreement for both a single appraisal object and a number of appraisal objects must contain an exact indication of this appraisal object, as well as its description.

In relation to the appraisal of appraisal objects owned by the Russian Federation, constituent entities of the Russian Federation or municipalities, the contract is concluded by the appraiser with a person authorized by the owner to conclude a transaction with appraisal objects, unless otherwise provided by the legislation of the Russian Federation.

Proper performance by the appraiser of his duties assigned to him by the contract is the timely preparation in writing and transfer to the customer of the report on the appraisal of the object of appraisal.

If during the appraisal of the appraisal object, not the market value is determined, but other types of value, the report must indicate the criteria for establishing the appraisal of the appraisal object and the reasons for the deviation from the possibility of determining the market value of the appraisal object.

The report must include:

The report may also contain other information that, in the opinion of the appraiser, is essential for the completeness of the reflection of the method used by him to calculate the value of a particular object of appraisal.

Final value the market or other value of the appraisal object indicated in the report drawn up on the grounds and in the manner provided for by the federal law on appraisal activity is recognized as reliable and recommended for the purposes of making a transaction with the appraisal object, if in the manner prescribed by the legislation of the Russian Federation, or in a judicial order is not otherwise established.

If there is a dispute about the reliability of the value of the market or other value of the object of assessment established in the report, including in connection with the existing other report on the assessment of the same object, the said dispute is subject to consideration by a court, an arbitration court in accordance with the established jurisdiction by an arbitration court according to by agreement of the parties to the dispute or contract, or in the manner prescribed by the legislation of the Russian Federation governing valuation activities.

1.3 Regulation of valuation activities

appraisal report financial service

According to the Concept for the development of valuation activities in the Russian Federation, the main mechanisms for regulating valuation activities are:

certification of specialists in the field of valuation activities; system of standards and regulations for valuation activities;

approval of training programs for the retraining of specialists in the field of appraisal activities;

service certification;

insurance of civil liability of appraisers.

The legislation governing valuation activities in the Russian Federation consists of the Federal Law "On valuation activities in the Russian Federation", federal laws and other regulatory legal acts of the Russian Federation adopted in accordance with it, laws and other regulatory legal acts of the constituent entities of the Russian Federation, as well as international treaties of the Russian Federation.

The beginning of the process of regulation of valuation activities in the Russian Federation was laid by the Federal Law of 29.07.1998 N 135-FZ (as amended on 12.03.2014) "On valuation activities in the Russian Federation".

In the Russian Federation, the concept of appraisal activity is also introduced for the first time in the Federal Law of July 29, 1998 N 135-FZ (as amended on March 12, 2014) "On appraisal activity in the Russian Federation".

In accordance with Article.2 and Art. 3 of the above law, valuation activity is the activity of valuation activity entities aimed at establishing a market or other value for the objects of valuation for the purpose of making a transaction with the valuation object or for other purposes.

In addition to this law, valuation activities are regulated by other regulatory legal acts, such as:

Decree of the Government of the Russian Federation of July 6, 2001 N 519 (as amended on December 14, 2006) "On Approval of Valuation Standards" estimates.

Federal Law No. 135-FZ of July 29, 1998 (as amended on March 12, 2014) "On Appraisal Activities in the Russian Federation" establishes cases of mandatory appraisal of appraisal objects.

In accordance with Article 8 of the said law, appraisal of appraisal objects is obligatory if appraisal objects owned in whole or in part by the Russian Federation, constituent entities of the Russian Federation or municipalities are involved in the transaction, including:

When determining the value of appraisal objects owned by the Russian Federation, constituent entities of the Russian Federation or municipalities, for the purpose of their privatization, transfer to trust management or lease.

In case of privatization of state or municipal property in accordance with Article 12 of the Federal Law of December 21, 2001 N 178-FZ (as amended on November 2, 2013) "On the Privatization of State and Municipal Property", which entered into force on April 26, 2002, the initial price of the privatized state or municipal property is established on the basis of a report on the valuation of state or municipal property, drawn up in accordance with the legislation of the Russian Federation on valuation activities.Moreover, the minimum price (standard price) at which the alienation of this property is possible is determined in the manner established by the Government of the Russian Federation.

According to the Order of the Ministry of Property Relations of the Russian Federation dated May 13, 2002 No. 1185-r “On determining the amount of the annual rent for the use of federal real estate located in the city of Moscow”, the rent for the use of the said property is set in accordance with the market value of the annual rent, specified by the appraiser when determining the market value of the leased object. Clause 4 of the said order, in order to implement its provisions, provides for the allocation of funds by the Ministry of Property of Russia for holding a competition for the selection of appraisers.

On September 11, 2002, Decree of the Government of the Russian Federation N 808 (as amended on September 15, 2011) "On the organization and conduct of tenders for the sale of state or municipally owned land plots or the right to conclude lease agreements for such land plots" was adopted.

In accordance with the above-mentioned Government Decree, the local self-government body or the executive body of state power authorized to provide the relevant land plots determine, on the basis of an independent appraiser's report drawn up in accordance with the legislation of the Russian Federation on appraisal activities, the initial price land plot or the initial amount of the rent, the amount of their increase (“auction step”) during bidding in the form of an auction open according to the form for submitting proposals for the price or amount of the rent, as well as the amount of the deposit and the media in which the notice of the auction is to be published trades.

When using appraisal objects belonging to the Russian Federation, constituent entities of the Russian Federation or municipalities, as a subject of collateral.

The pledger of a thing can be its owner (in our case, the state or municipality) or a person who has the right of economic management over it, but only if the owner of the property agrees. Pledge of the right to lease or other right to someone else's thing is not allowed without the consent of its owner or the person having the right of economic management to it, if the law or the contract prohibits the alienation of this right without the consent of these persons.

The pledge agreement must indicate the subject of the pledge and its assessment, the nature, amount and term of performance of the obligation secured by the pledge. It must also contain an indication of which party has the pledged property.

In case of nationalization of property - the conversion into state ownership of property owned by citizens and legal entities (nationalization), carried out on the basis of the law with compensation for the value of this property and other losses in the manner prescribed by Article 306 of the Civil Code of the Russian Federation.

In case of redemption or other withdrawal of property from owners provided for by the legislation of the Russian Federation for state or municipal needs.

Action Art. 8 of the Federal Law of July 29, 1998 N 135-FZ (as amended on March 12, 2014) "On valuation activities in the Russian Federation" does not apply to relations arising from the disposal of state and municipal unitary enterprises, state and municipal institutions of property assigned to them in economic management or operational management, except for cases where the disposal of property in accordance with the legislation of the Russian Federation is allowed with the consent of the owner of this property, as well as relations arising in the event of disposal of state or municipal property during the reorganization of state and municipal unitary enterprises, state and municipal institutions, and in cases established by the Federal Law "On the Peculiarities of Management and Disposition of Railway Transport Property".

In addition to the cases provided for in Art. 8 of the Federal Law "On Appraisal Activities in the Russian Federation", the need for a mandatory assessment is provided for by a number of other Federal Laws.

For example:

) The Federal Law of December 26, 1995 N 208-FZ (as amended on December 28, 2013) “On Joint Stock Companies” establishes:

involvement of an independent appraiser is obligatory for determining the price of redemption by the company from the shareholders of their shares (Article 77);

when paying for shares and other issue-grade securities of the company during their placement, in case of payment for shares by non-monetary means, an independent appraiser must be involved to determine the market value of such property;

) in part three Civil Code Russian Federation established:

the value of property is determined on the basis of its market value (Article 1115), that in the absence of an agreement between the heirs, the assessment of hereditary property is carried out by an independent appraiser (Article 1172);

) Article 130 of the Federal Law of October 26, 2002 N 127-FZ (as amended on March 12, 2014) "On Insolvency (Bankruptcy)" includes the following provisions:

in the course of the bankruptcy proceedings, the bankruptcy trustee makes an inventory and appraisal of the debtor's property;

to carry out the said activities, the bankruptcy trustee engages independent appraisers and other specialists with payment for their services at the expense of the debtor's property, unless another source of payment is established by the meeting of creditors (committee of creditors);

the assessment of the debtor's property is carried out by an independent appraiser, unless otherwise provided by this Federal Law;

the meeting of creditors (committee of creditors) has the right to determine the person who, with his consent, is obliged to pay for the specified services with subsequent extraordinary compensation of expenses incurred by him at the expense of the debtor's property;

the property of a debtor - a unitary enterprise or a debtor - a joint-stock company, more than twenty-five percent of the voting shares of which are in state or municipal ownership, is evaluated by an independent appraiser with the presentation of the conclusion of the state financial control body on the assessment, except for the cases provided for in paragraph 3 of this article;

on the basis of a decision of a meeting of creditors or a committee of creditors, the assessment of the debtor's movable property, the balance sheet value of which as of the last reporting date preceding the debtor's declaration of bankruptcy, is less than one hundred thousand rubles, may be carried out without the involvement of an independent appraiser;

the founders (participants) of the debtor or the owner of the debtor's property - a unitary enterprise, bankruptcy creditors, authorized bodies have the right to appeal the results of the assessment of the debtor's property in the manner established by federal law;

) Article 52 of the Federal Law of July 21, 1997 N 119-FZ (as amended on June 26, 2007) "On Enforcement Proceedings" establishes that:

appraisal of the debtor's property is carried out by a bailiff at market prices in force on the day of execution of the enforcement document, except in cases where the appraisal is made at regulated prices;

if the assessment of individual items is difficult or the debtor or claimant objects to the assessment made by the bailiff, the bailiff appoints a specialist to determine the value of the property;

the party disputing the valuation of the property made by the bailiff - executor, shall bear the costs of appointing a specialist.

They were approved on July 6, 2001 by Decree of the Government of the Russian Federation No. 519. According to this Decree, the development and approval of methodological recommendations on appraisal activities in relation to various objects of appraisal (in agreement with the federal executive authorities that regulate in the relevant field of activity), types of value of the object appraisal, assessment, as well as examination of assessment reports, was entrusted to the Ministry of Property Relations of the Russian Federation (Minimushchestvo of Russia).

The requirements of the Standards are mandatory for use by the subjects of valuation activities when determining the type of value of the object of valuation, approaches to valuation and valuation methods, as well as when conducting valuation. According to the requirements of the Standards, when drawing up a valuation report, the appraiser is obliged to use information that ensures the reliability of the valuation report as a document containing information of probative value.

The Valuation Standard defines the main types of value of the subject of appraisal, approaches to appraisal and methods of appraisal. In addition to determining the market value of the valuation object, the Standard defines the types of value that are different from the market value. These types include:

the value of the object of assessment with a limited market for goods;

the cost of replacing the object of assessment;

the cost of reproduction of the object of assessment;

the value of the appraisal object at current use;

investment value of the appraisal object;

the value of the object of assessment for tax purposes;

liquidation value of the appraisal object;

disposal cost of the appraisal object;

special value of the appraisal object.

The Standard defines three main approaches to valuation: cost, comparative and income. According to the requirements of the Standards, the appraiser is obliged to use (or justify refusal to use) these valuation approaches when conducting an appraisal. At the same time, the appraiser has the right to independently determine, within each of the approaches, specific valuation methods defined in the Standard as a method of calculating the value of the appraisal object within the framework of one of the appraisal approaches. The appraiser, on the basis of the results obtained within the framework of each of the approaches to valuation, determines the final value of the value of the appraised object, while, according to the requirements of the Standards, the final value of the value of the appraised object must be expressed in rubles as a single value, unless otherwise provided in the appraisal agreement.

Section III of the Standards defines the basic requirements for the assessment, the stages of the assessment, the procedure for collecting and processing information.

The appraisal of the object of appraisal can be carried out by the appraiser only if the requirement for the independence of the appraiser, provided for by the legislation of the Russian Federation on appraisal activity, is observed. If it does not meet the specified requirement, the appraiser is obliged to inform the customer about this and refuse to conclude an appraisal agreement. When concluding an appraisal agreement, the appraiser is obliged to provide the customer with information about the requirements of the legislation of the Russian Federation on appraisal activities, including the procedure for licensing appraisal activities, the appraiser's obligations, the requirements for the appraisal agreement and appraisal report, as well as appraisal standards. The fact of providing such information is recorded in the valuation agreement.

Article 20 of the Standard establishes a six-month validity period for the final value of the appraised object for the purposes of transactions.

In various countries, professional appraisers' organizations conferred professional status on those who had the necessary education and sufficient experience. Gradually, a need arose to formulate principles, ideas and rules common to the world economy, which was reflected in the Valuation Standards, Codes of Professional Ethics of the Appraiser and other documents developed in the 60-70s. In 1981, the International Committee on Property Valuation Standards (IPSC) was formed. The task of the Committee was to adjust the standards to take into account the views of different countries and to identify differences in the wording or application of the Standards. It is especially important for the ICSOI that international valuation standards be recognized in international accounting and other financial reporting. Therefore, ICSOI maintains constant relations with the International Committee on Accounting Standards, the International Federation of Accountants, the International Committee on Auditing, the International Organization of Securities Commissions.

Each Standard (there are four of them) corresponds to a certain class of situations related to the evaluation process, and contains the following sections: Introduction; Application area; Definition; Relationship with Accounting Standards; The wording of the Standard; Remarks; Requirements for the structure of the report; Conditions for derogation from the Standard; Effective date.

Chapter 2. Analysis of the requirements for conducting an assessment in the Russian Federation

.1 Methodological basis of the assessment

Valuation standards that are mandatory for use by subjects of valuation activities , approved by Decree of the Government of the Russian Federation N 519 on July 6, 2001, are mandatory for use by the subjects of valuation activities when determining the type of value of the object of valuation, approaches to valuation and valuation methods, and also when conducting valuation.

When assessing an object on the basis of a ruling of a court, an arbitration court, an arbitral tribunal or a decision of an authorized body for monitoring the implementation of appraisal activities in the Russian Federation, the appraiser is obliged to use the type of value of the appraised object specified in the relevant ruling or decision. When compiling the appraisal report, the appraiser is obliged to use information that ensures the reliability of the appraisal report as a document containing information of probative value.

The valuation standards define the types of value of the valuation object, the valuation approaches and valuation methods.

The market value of the valuation object is the most probable price at which the valuation object can be alienated on the open market in a competitive environment, when the parties to the transaction act reasonably, having all the necessary information, and any extraordinary circumstances are not reflected in the value of the transaction price.

Types of appraisal value other than market value:

a) the value of the appraisal object with a limited market - the value of the appraisal object, the sale of which on the open market is impossible or requires additional costs in comparison with the costs necessary for the sale of goods freely circulating on the market;

b) the cost of replacing the object of assessment - the amount of costs for the creation of an object similar to the object of assessment, in market prices that exist on the date of the assessment, taking into account the depreciation of the object of assessment;

c) cost of reproduction of the appraised object - the sum of costs in market prices existing on the date of the appraisal, for the creation of an object identical to the appraised object, using identical materials and technologies, taking into account the depreciation of the appraised object;

d) the value of the appraisal object in the current use - the cost of the appraisal object, determined on the basis of existing conditions and the purpose of its use;

e) investment value of the appraisal object - the value of the appraisal object, determined on the basis of its profitability for a particular person for given investment purposes;

f) the value of the appraisal object for taxation purposes - the value of the appraisal object, determined for the calculation of the tax base and calculated in accordance with the provisions of regulatory legal acts (including the inventory value);

g) salvage value of the appraisal object - the value of the appraisal object if the appraisal object must be alienated within a period less than the usual exposition period for similar objects;

h) disposal value of the appraisal object - the cost of the appraisal object, equal to the market value of the materials it includes, taking into account the costs of disposing of the appraisal object;

i) special value of the object of appraisal - the value for the determination of which the appraisal agreement or regulatory legal act stipulates conditions that are not included in the concept of market or other value specified in the appraisal standards.

Valuation Approaches:

cost approach - a set of methods for estimating the value of the appraised object, based on determining the costs necessary to restore or replace the appraised object, taking into account its wear and tear;

comparative approach - a set of methods for assessing the value of an appraisal object, based on a comparison of the appraisal object with similar objects in respect of which there is information about the prices of transactions with them;

income approach - a set of methods for assessing the value of the object of assessment, based on the determination of expected income from the object of assessment.

Appraisal method - a method for calculating the value of an appraisal object within the framework of one of the approaches to appraisal.

Appraisal is considered all over the world as one of the mechanisms for effective property management. Gradually, in Russia, with the formation of a class of owners, the problem of its effective use arises and, accordingly, there is a need for the services of an appraiser.

The main problems that appraisers are usually called upon to solve are related to valuation. It is of great importance for a potential buyer or seller when determining a reasonable transaction price, for a lender when making a decision to grant a mortgage loan, for an insurance company when compensating for damages. If the government expropriates property, the owner may need to evaluate it in order to challenge the government's proposal for fair compensation.

When concluding a lease agreement with the inclusion of a provision on increasing the level of rent, the latter is set as a percentage of the market value. If one company seeks to acquire another, then it may need to assess the current value of real estate owned by the latter. The assessment can be carried out in order to optimize taxation, etc.

The need for valuation may arise in a number of cases. So, if a citizen or organization owns any property owned by the state or the government of Moscow on the basis of economic management, then the conclusion of a professional appraiser is required when privatizing this object. Compulsory appraisal is also provided for in case of redemption or other withdrawal of property from owners for state or municipal needs. For example, if a private garage stands on the site of the planned next car ring, and its owner is offered to make room for a future road, then the amount of compensation will have to be determined by an independent appraiser. When making a non-monetary contribution to the authorized capital of an enterprise that exceeds 200 minimum wages, its market valuation is required.

Most often, an independent appraiser is involved in the revaluation of fixed assets of an enterprise. Evaluation is also necessary when attracting investments. The traditional way to cover the deficit working capital- credit. The loan may be secured by a pledge of property. As international experience shows, the basis for determining the collateral value is the market value of the collateral object. In order to assess the level of risk that a credit institution takes on in order to ensure that it is able to recover a sufficient amount of funds in the event that the borrower defaults on the loan, it is necessary to determine the relationship between the market value of the collateral and the size of the loan.

An assessment is also necessary in the case of property insurance, since it is required to determine the insured value of this property or to dispute the amount at which the insurance company has assessed the damage.

In accordance with the new legislation, when concluding a marriage contract, an appraiser can be involved to determine the value of property, which, in the event of a divorce, will greatly facilitate the resolution of property disputes.

The objectives of an assessment are closely related to its methods. The optimal choice of one or another method of assessing an object to a large extent depends on the qualifications and practical experience of the appraiser.

The valuation standards recommend that appraisers determine the value of objects using as many valuation methods as possible, limited only by the lack of necessary information. Then, when agreeing on the results of the assessment by various methods, the probability of obtaining a more accurate value of the value of the object increases significantly.

Real estate valuation methods can be grouped according to cost, income and comparative (market) approach.

Methods of the cost approach imply the appraiser's knowledge of the specifics, correctly assessing the physical, functional, economic wear and tear, the cost of the object at the best and most efficient use. To determine the value using income approach methods, it is necessary to have knowledge of financial mathematics, knowledge of the concepts of capitalization and discounting, the ability to adequately assess the risks of investing capital, predict cash flows, analyze market information and foresee the dynamics of changes in the value of an object depending on external factors. Methods of the comparative approach assume the availability of reliable market information on sales of similar objects. These methods are the most reliable, however, the appraiser is required to know the market, analyze a sufficient number of real transactions and correctly apply the necessary amendments (for the date of sale, location, destination, etc.).

Considering the scope of these methods, we can conclude that if the object is not profitable, then it is advisable to use cost and comparative approaches to evaluate it. If the object generates income, then the main method becomes profitable, and auxiliary - costly and comparative. The complex use of all three methods allows you to more accurately justify the market value of the object. Within each of the approaches, there are a number of methods for calculating the market value.

2.2 Assessment requirements

The assessment includes the following steps:

a) conclusion of an appraisal agreement with the customer

b) establishment of quantitative and qualitative characteristics of the object of assessment;

c) analysis of the market to which the object of assessment belongs;

d) selection of the method (methods) of assessment within each of the approaches to assessment and the implementation of the necessary calculations;

e) summarizing the results obtained within the framework of each of the approaches to the assessment, and determining the final value of the value of the object of assessment;

f) preparation and transfer to the customer of the evaluation report.

When concluding an appraisal agreement, the appraiser is obliged to provide the customer with information about the requirements of the legislation of the Russian Federation on appraisal activities, including the procedure for licensing appraisal activities, the appraiser's obligations, the requirements for the appraisal agreement and appraisal report, as well as appraisal standards. The fact of providing such information is recorded in the valuation agreement.

The appraiser collects and processes:
title documents, information about the encumbrance of the object of assessment with the rights of other persons; accounting and reporting data related to the object of assessment;
information on the technical and operational characteristics of the object of assessment; information necessary to establish the quantitative and qualitative characteristics of the appraisal object in order to determine its value, as well as other information related to the appraisal object.

The appraiser determines and analyzes the market to which the appraisal object belongs, its history, current market conditions and trends, as well as analogues of the appraisal object and justifies their choice.

The appraiser carries out the necessary calculations of one or another type of value of the appraised object, taking into account the obtained quantitative and qualitative characteristics of the appraised object, the results of the analysis of the market to which the appraised object belongs, as well as circumstances that reduce the likelihood of receiving income from the appraised object in the future (risks), and other information.

When conducting an appraisal, the appraiser is obliged to use (or justify the refusal to use) the cost, comparative and income approaches to appraisal. The appraiser has the right to independently determine, within the framework of each of the approaches to valuation, specific valuation methods.

The appraiser, on the basis of the results obtained within the framework of each of the approaches to the assessment, determines the final value of the value of the appraisal object.

The final value of the object of appraisal must be expressed in rubles as a single value, unless otherwise provided in the appraisal agreement.

The final value of the value of the appraisal object indicated in the appraisal report drawn up in the manner and on the basis of the requirements established by the Federal Law "On appraisal activities in the Russian Federation", appraisal standards and regulations on appraisal activities of the authorized body for monitoring appraisal activities in the Russian Federation Federation, may be recognized as recommended for the purposes of making a transaction with the subject of appraisal, if no more than 6 months have passed from the date of drawing up the appraisal report to the date of the transaction with the subject of appraisal or the date of submission of the public offer.

2.3 Application of cost, income and comparative approaches to valuation

When applying the cost method, it should be remembered that the value obtained on its basis is the basis of the market value of the income-generating object. For example, the market value of a gas station complex will be significantly higher than the cost of construction, and the value of a hotel located in an unfortunate location (on the outskirts of the city) will be less than the cost determined by the cost method.

Practice shows that the greatest problems when using the cost approach arise in connection with the assessment of the market value of land. The most reliable method of land valuation from the point of view of Western theory is the method of comparative analysis of comparable sales. The use of this method in Russian conditions is almost impossible due to the uncertainty Russian legislation about land and the lack of transparency of information about transactions for the purchase or sale of land.

The cost approach used for real estate valuation is based on the assumption that the costs required to create the property being valued in its current state or to reproduce its consumer properties are an acceptable benchmark for determining the market value of the property being valued.

However, here it is necessary to understand the difference between the replacement cost (reproduction cost) of an object and the replacement cost.

The replacement cost (reproduction cost) is determined by the costs in current prices for the construction of an exact copy of the object being evaluated using the same architectural and planning solutions, building structures and materials and with the same quality of construction and installation works. When determining the replacement cost, the same functional depreciation of the object and the same shortcomings in architectural solutions that are present in the evaluated object are reproduced.

Replacement cost is defined as the cost, at current prices, of constructing a facility of equivalent utility to the value being assessed, but built in a new architectural style using modern standards, materials, design and layout.

The boundary between the replacement cost of an object and the cost of its replacement is always conditional, and the appraiser in each specific case has to solve the problem of choosing one or another type of valuation, depending on the conditions for applying the cost approach.

According to the standards of the Russian Society of Appraisers (STO ROO 21-01-95), when assessing the cost approach, it is necessary to determine: the market value of a plot of land; the cost of restoring the object or replacing it; the amount of accumulated wear of the object; the market value of real estate using the cost method as the sum of the value of the land plot and the replacement value of the object minus the accumulated depreciation.

In Russian conditions, the object of assessment is not the full (absolute) ownership of a land plot, but only the right to use it on a leasehold basis. The theory of estimating the value of a land plot distinguishes here five main methods for determining the value: capitalization of land rent (income approach); method of correlation (transfer); method of development (development); land residue technique; method of direct comparative analysis of sales. Determination of the value of a land plot by the method of capitalization of land rent consists in the capitalization of income received from rental payments. In Russia, the practice of leasing private land holdings is not widespread, mainly state and municipal land plots are leased. At the same time, the standard price of land is inadequate to its market value.

The most reliable of all the above methods in world practice is considered to be the method of direct comparative analysis of sales. The calculation by the method of comparative sales analysis consists in the analysis of actual sales transactions of similar land plots, comparing them with the appraised land and making appropriate adjustments for differences that exist between comparable plots and the appraised. As a result, the selling price of each comparable plot is first established as if it had the same characteristics as the appraised property, and then the weighted average value of the appraised land is determined.

The next step in applying the cost approach is to determine the replacement cost of the object or replacement cost. There are four ways to calculate replacement cost or replacement cost.

The method of quantitative analysis consists in compiling cost estimates for all types of work necessary for the construction of individual structural elements of the facility and the facility as a whole: the cost of labor, materials, mechanization of work. To these costs must be added the overhead costs and profits of the developer, as well as the costs of design, construction, acquisition and installation of equipment necessary to reproduce the assessed improvements.

Quantitative analysis is the most accurate, but also the most time-consuming. Its application requires a highly qualified appraiser and extensive experience in preparing construction estimates.

The element-by-element calculation method is a modification of the quantitative method, but it is much less labor-intensive, since it is based on the use of aggregated estimated norms and prices rather than single ones. The most typical indicators of structural elements (1 cubic meter of brickwork, 1 square meter of roofing, etc.) are taken as cost units.

The comparative unit method is based on comparing the cost of a unit of consumer properties of the evaluated object with the cost of a similar unit of measurement of a similar typical structure. The essence of the method is that for the object being evaluated, an analogue object is selected that is similar to the object being evaluated in terms of structural characteristics, materials used and manufacturing technology. Then the cost of a unit of measurement of an analogue object (1 cubic meter, 1 square meter, etc.) is multiplied by the number of units of the object being evaluated.

This is the simplest way to evaluate a property and is widely used by appraisers, especially when revaluing fixed assets of enterprises.

The index method consists in determining the replacement cost of the appraised object by multiplying the book value by the corresponding revaluation index. Indexes for the revaluation of fixed assets are approved by the State Statistics Committee of the Russian Federation and are periodically published in the press.

The definition of accumulated depreciation is final stage costly approach.

In the cost approach, the definition of depreciation is used to take into account differences in the characteristics of the new property and the real property being valued. Accounting for the depreciation of an object is a kind of adjustment in the value of a newly reproduced building to determine the value of the object being assessed.

Depending on the factors that reduce the value of real estate, depreciation is divided into physical, functional and external (economic).

Physical deterioration reflects changes in the physical properties of a property over time (for example, defects in structural elements). Physical wear is of two types: the first occurs under the influence of operational factors, the second - under the influence of natural and natural factors.

There are four main calculation methods physical wear and tear: expert (the most accurate, but also the most time-consuming, is calculated on the basis of creating a defective statement and determining the percentage of wear of all structural elements of a building or structure); regulatory (or accounting); cost and method of calculating the life of the building.

Functional depreciation is a loss in value caused by the fact that an object does not meet modern standards: in terms of its functional utility, architectural, aesthetic, space-planning, design solutions, livability, safety, comfort, and others. functional characteristics. If the additional value received exceeds the cost of restoration, then functional wear is removable. The absence of a fireplace can be considered an element of removable functional wear, the installation costs of which are covered by an increase in the profitability and market value of the property. The amount of removable depreciation is defined as the difference between the potential value of a building at the time of its valuation with updated elements and its same value at the valuation date without updated elements. Unremovable functional wear refers to a decrease in cost due to factors associated with both a lack and an excess of the quality characteristics of a building.

If physical and, to a certain extent, functional wear and tear can be eliminated by reconstructing or modernizing a building, then wear and tear from external influences in most cases cannot be eliminated.

External (economic) depreciation is a loss in value due to the influence of external factors. Economic depreciation can be caused by a variety of causes, such as general economic, intra-industry, legal, or changes related to legislation, municipal ordinances, zoning, and administrative orders.

The main factors of external deterioration in Russia are the general state of the economy, which in some regions is aggravated by local factors, the existence of discriminatory legislation for certain types of business activities, and fines for environmental pollution.

There are two approaches to assessing external depreciation - comparing sales of similar properties under stable and changing external conditions and capitalizing losses in income related to changes in external conditions. After determining the total accumulated depreciation, the appraiser, in order to obtain the final value of the property, adds the difference between the total replacement cost of the object and the accumulated depreciation to the market value of the land plot.

The cost approach is applicable to the valuation of almost any property. However, such an application is not justified in all cases (for example, the valuation of income-producing real estate).

The most common area of application of the cost approach is the valuation of objects in "passive" or inactive sectors of the real estate market. The advantage of applying the cost approach in this case is due to the fact that the insufficiency or unreliability of information about completed transactions for the purchase and sale of analogous objects in some cases limits the possibility of using other approaches to valuation.

The cost approach is also used in the feasibility study of new construction, in assessing the market value of objects under construction and reconstructed objects. In this case, the cost approach allows you to evaluate the effectiveness of the investment project.

Using a combination of a cost and income approach, namely, comparing the costs of building an object with the income received from it, the appraiser makes a conclusion about the best and most efficient use of the land plot related to the object of assessment. To reflect the results of the assessment in the financial statements of the enterprise (revaluation of fixed assets), appraisers, on the basis of the Accounting Regulations (PBU 6-97) "Accounting for Fixed Assets", determine the value of the object of assessment using the cost approach.

The insurance services market is a constantly expanding area of application of the cost approach. In this case, this approach is preferred because the sum insured, the amount of the insurance premium and insurance compensation are determined based on the costs of the insured using the cost approach.

The comparative (market) approach to real estate valuation is characterized by the analysis of market sales of objects similar and similar to the property being valued. In order for this approach to be applied to a specific situation, it is necessary to have a large amount of accumulated and reliable statistical data on sales of comparable real estate, which is possible only if the real estate market is highly developed.

In Russian conditions, to evaluate objects by the market method, it is necessary to use any available information about past transactions for objects, since the problem of finding information for this method compounded by its closure.

When evaluating the value of a bank, the essence of this approach is that the bank's share price reflects the market attractiveness of this bank as an object of acquisition and investment. The market attractiveness index is usually calculated for open joint stock companies whose shares are listed on stock exchanges. In order to determine the market attractiveness of a bank that issued only ordinary shares, it is necessary to divide the profit after tax for the past year by the number of shares outstanding at the end of that year. The resulting figure is earnings per share. The market selling price of the shares on any randomly chosen date is then compared with the result obtained - earnings per share, resulting in a market attractiveness indicator. For Russian practice, this approach is currently practically impossible to use in practice, because the shares of Russian commercial banks, with the exception of Sberbank, are not listed on stock exchanges. Nevertheless, the task of predicting the market value of bank shares after mergers remains relevant.

The rental market, unlike the sales market, is the most dynamic, more open and rich in terms of information. Rental income in most cases is the basis for applying the income approach to real estate valuation.

It is generally recognized that the income approach is the most informationally provided and, therefore, the most reliable approach to the valuation of non-residential real estate in Russia. In addition, the income approach, for all its complexity, is the most powerful and flexible valuation tool that can solve problems not only in the field of real estate, but also in other areas: intellectual property, business, investment projects, etc. Let's consider the income approach in more detail.

In world practice, the income approach uses: the method of direct capitalization and the method of discounting cash income.

The direct capitalization method is based on directly converting net operating income (NOI) into value by dividing it by the capitalization ratio. The concept of NOR is a calculated steady value of the expected annual net income received from the subject property after deducting operating expenses and replacement reserves. The definition of NOR is based on the assumption that the property will be leased at market rental rates, and the most typical year of ownership will be taken as the forecast calculation period.

The calculation of the NPV begins with determining the potential gross income (GRP) - the expected total value of the market rent and the payment from additional services that accompany the main activity (payment for the use of parking, for the installation of wall advertising, etc.). The next step in calculating the NPV is to determine the effective gross income (EI). In order to obtain the ROE, the estimated losses from the vacancy of rental space and non-payment of rent are subtracted from the potential gross income. These losses are consistent with the likelihood that part of the rent will not be collected during the forecast year, and part of the space will remain unoccupied by tenants. Since there are no standards for determining these losses in valuation activities, then the best way information is obtained by looking at a similar property for which there are data on rental payments over a long period of time, from which one can learn the level of losses in practice.

NPC is calculated as the difference between the value of the EVD and the value of operating expenses (OR). Operating expenses are called periodic expenses to ensure the normal functioning of the facility and the reproduction of income, they are usually divided into:

conditionally permanent;

conditional variables (operational);

expenses (reserve) for replacement.

Conditionally fixed OR include expenses, the amount of which does not depend on the degree of workload of the facility. As a rule, these are property taxes, land rent, VAT, insurance costs.

Conditionally variable RR include costs, the amount of which depends on the degree of workload of the facility and the level of services provided. The main semi-variable costs are the costs of management, utilities, security, etc.

Replacement costs are deducted as an annual allocation (reserve) to the replacement fund (similar to accounting depreciation).

The scoring formula looks like this:

where: V0 - current value (value at the time of valuation) of the business, CF - annual cash flow, R - capitalization ratio.

The most difficult stage of real estate appraisal by the capitalization method is the determination of the coefficient (or rate) of capitalization. In the Western classic version, the direct capitalization method provides for capitalization to use a coefficient (rate) extracted from market transactions, for which the rental price and the sale price are known at the same time. Practice shows that in Russian conditions it is impossible to find such information.

The capitalization ratio in business valuation is usually defined as the difference between the rate of return on capital (discount rate) for the company being valued and the expected average annual growth rate of the company's income.

The formula for finding the capitalization ratio is:

where: R - capitalization ratio, r - discount rate, g - expected average annual income growth rate.

Another method for determining the capitalization ratio is the summation (cumulative construction) method. The essence of the method is that the risk-free interest rate is used as the base rate and adjustments for various types of risk associated with the characteristics of the property being valued are successively added to it (premium for the risk of investing in real estate, premium for low liquidity, an adjustment for investment management, etc.). .).

As evidenced by the analysis of recent periodicals, in Western valuation practice, the main role is currently played by the method of discounting cash income. The discounted cash flow method is the most versatile capitalization calculation tool that allows you to determine the present value of future cash flows. Cash flows can change arbitrarily, flow unevenly and differ high level risk. This is due to the specifics of such a thing as real estate. Real estate is acquired by an investor mainly because of certain future benefits. The investor views the property as a set of future benefits and assesses its attractiveness in terms of how the monetary value of these future benefits correlates with the price at which the property can be acquired.

The business valuation formula in this case is:

where: V0 - company value assessment (net present value), n - 0,1,2,...,N - planning intervals, CFn - cash flow (negative or positive) in planning interval n, CF(N+1) - stable annual cash flow of the residual period, determined by the first year following the planning period, r - discount rate (rate of return on invested capital), R - capitalization ratio for the residual period.

When calculating the market value of a property using the discounted cash flow method, the following are successively determined:

term of the forecast period (term of the project);

net operating income;

forecast (future) cash flows for each period of the project;

possible cash flow from the reversion (sale) of the property at the end of the forecast period;

discount rate for future cash flows;

market value of the property.

The term of the forecast period depends on a number of factors: the level and rate of inflation; object type; climatic conditions in which it operates, etc. In international appraisal practice, it is customary to take the average project period, unless otherwise provided additional conditions, equal to 7 - 10 years. For Russian conditions, a typical project period can be taken to be 3-5 years.

In accordance with the principle of expectation of the main assessment of the market value, the income method is the NOR, which is able to generate value through discounting. This income must be forecast for each year of use of the facility. The calculation of the NPC is carried out by forecasting the income and expenses that form it.

To predict the cash flow from a reversion, one of three methods is usually chosen:

direct setting of the reversion value;

forecasting trends in the value of property over the period of ownership;

applying a discount rate to a flow Money after taxes of the post-forecast period.

The discount rate is defined as the average rate of return that investors expect to receive on investments in similar properties in a given market. Since the rate of return is directly proportional to the risk, the discount rate is directly related to how high the average person estimates the level of risk associated with investing in the purchase of a given property. The higher the level of risk, the higher the discount rate and, accordingly, the lower the cost of future income. When calculating the discount rate, it should be taken into account that it is considered as the lower marginal level of return on investments, at which the investor admits the possibility of investing his funds in this object, given that there are alternative investments that involve income with varying degrees of risk. To calculate the discount rate, several methods are used, the most preferred of which are the capital investment cost method and the summation method.

Since the summation method has been discussed above, let us dwell in more detail on the method of the price of capital investments.

This discount rate calculation method is based on the analysis of stock market information. The calculation is based on three components:

nominal risk-free rate;

overall profitability of the market as a whole (average market portfolio of securities);

beta factor.

When calculating the nominal risk-free rate, you can use indicators for risk-free operations - both average European and Russian. To improve the accuracy of the calculation, the risk-free component of the discount rate can be calculated based on data on quotations of domestic and European securities.

The return on a balanced investment portfolio of securities is used as the average market return. The list of shares based on the quotes of which the average return is calculated is regularly published in the media and on the Internet.

The method for calculating the beta coefficient consists in analyzing the key factors of macroeconomic, industry, financial and legislative risks that affect the company.

The process of calculating the present value is carried out by converting to the present value of future cash flows for each period of the project based on the application of the theory of monetary value over time and consists in the subsequent addition of all received values and sales proceeds (reversion).

I would like to note that in a developed real estate market, all three approaches, when using reliable data, should lead to approximately the same results. An assessment result obtained by any method that differs significantly from others is a symptom that either incorrect information was used in the assessment process or a methodological or mathematical error was made.

In order to draw up a final conclusion on the market value of the property, it is necessary to finalize the results of the assessment. To do this, you need to add weights to the evaluation results obtained by each of the three approaches. Weight coefficients show what share of the value obtained as a result of using each of the applied valuation methods is present in the final value of the market value of the object being valued.

The agreement of the results, as well as the objectives of the evaluation, to some extent reflects the adequacy of the application of each of the approaches. So, if the results of the assessment are necessary for insuring the object, the cost approach is preferred. If it is necessary to determine the market value of an object for sale and purchase, then the methods of income and comparative approaches are more often used. If the results of the assessment are necessary in order to invest certain funds in the development of a property, then it is better to use one of the methods of the income approach.

2.4 Rules for compiling and formatting the assessment report

The report must not be ambiguous or misleading. The report must indicate the date of the appraisal of the appraisal, the appraisal standards used, the goals and objectives of appraisal of the appraisal, as well as other information that is necessary for a complete and unambiguous interpretation of the results of the appraisal of the appraisal reflected in the report.

If, during the appraisal of the appraisal object, not the market value is determined, but other types of value, the report must indicate the criteria for establishing the appraisal of the appraisal object and the reasons for the deviation from the possibility of determining the market value of the appraisal object.

The report must include:

date of compilation and serial number report;

the basis for the appraiser to evaluate the object of appraisal;

the legal address of the appraiser and information about the license issued to him to carry out appraisal activities for this species property;

an accurate description of the appraisal object, and in relation to the appraisal object owned by a legal entity, details of the legal entity and the book value of this appraisal object;

valuation standards for determining the appropriate type of value of the valuation object, the rationale for their use in the valuation of this valuation object, the list of data used in the valuation of the valuation object, indicating the sources of their receipt, as well as the assumptions made during the valuation of the valuation object;

the sequence of determining the value of the object of assessment and its final value, as well as the limitations and limits of the application of the result obtained;

date of determination of the value of the appraisal object;

a list of documents used by the appraiser and establishing the quantitative and qualitative characteristics of the appraisal object.

The report may also contain other information that, in the opinion of the appraiser, is important for the completeness of the reflection of the method used by him to calculate the value of a particular object of appraisal.

For the assessment of certain types of objects of assessment, the legislation of the Russian Federation may provide for special forms of reports.

The report is personally signed by the appraiser and certified by his seal.

The final value of the market or other value of the appraisal object, indicated in the report, drawn up on the grounds and in the manner provided for by the Federal Law, is recognized as reliable and recommended for the purposes of making a transaction with the appraisal object, if in the manner prescribed by the legislation of the Russian Federation, or in a judicial proceeding not otherwise established.

If there is a dispute about the reliability of the value of the market or other value of the appraisal object established in the report, including in connection with another report on the appraisal of the same object, the said dispute is subject to consideration by a court, an arbitration court in accordance with the established jurisdiction, an arbitration court by agreement of the parties to the dispute or contract or in the manner prescribed by the legislation of the Russian Federation governing valuation activities.

A court, an arbitration court, an arbitral tribunal shall have the right to oblige the parties to conclude a transaction at a price determined during the consideration of a dispute in a court session, only in cases where the transaction is mandatory in accordance with the legislation of the Russian Federation.

Chapter 3. The main directions of development of valuation activities in the Russian Federation

1 The development of valuation activities - as the most important aspect of the development of civil society and market relations in the economy

An independent valuation is the information basis for making effective decisions, both in the private and public sectors of the economy, and contributes to the protection of the property rights of participants in civil relations. Thus, the development of valuation activities in modern Russia is an important aspect of the development of civil society and market relations in the economy.

Along with the development of the market in Russia over the past 10 years, valuation activities have from scratch way of formation and to date has been formed as an independent field of activity in the economy.

A single market for appraisal services has been formed. Currently, more than 5,300 legal entities and individual entrepreneurs carry out appraisal activities under the uniform requirements on the basis of a federal license.

A system of state regulation of valuation activities has been formed, based on the Federal Law On valuation activities in the Russian Federation and including monitoring compliance by appraisers with requirements and conditions, valuation standards and guidelines requirements for the education of specialists.

Develop self-regulatory organizations appraisers. Their interaction with the Ministry of Property of Russia has been established on the entire spectrum of problems in the development of the appraisal market. The first experience of interaction between self-regulatory organizations of appraisers with various groups of consumers of appraisal services is emerging. Interaction is carried out with international professional associations of appraisers: the International Valuation Standards Committee (IVSC), the European Group of Associations of Appraisers (TEGoVa). Representation of Russian appraisers in these organizations, constant exchange of information, translation of International and European appraisal standards, participation in international scientific conferences contributes to the development of the national appraisal system in Russia, as well as consistency in the development of appraisal in the CIS countries.

Self-regulatory organizations of appraisers have adopted standards of professional activity, documents on the ethics of the appraiser's business, quality control of the professional activities of appraisers who are members of a particular self-regulatory organization. Steps have been taken to unite a number of self-regulatory organizations of appraisers.

The methodological base of the assessment is being developed, taking into account international experience, as well as the peculiarities of the development of the economy and legal regulation in Russia. The Ministry of Property of Russia, in the development of valuation standards, approved methodological recommendations on determining the market value of intellectual property, land plots, and the right to lease land plots. Row teaching materials summarizing the experience of conducting appraisal work in Russia, published by the Chamber of Commerce and Industry of the Russian Federation. The Russian Society of Appraisers has translated the latest edition of the European Valuation Standards. In recent years, a large amount of scientific and educational literature on assessment has been published in Russia. Together, this contributes to overcoming the methodological vacuum in valuation activities.

The development of appraisal in the Russian Federation would be impossible without a system of training, retraining and advanced training of appraisers. One of the important events at the stage of formation of appraisal activity in Russia was the holding in 1993 of seminars on appraisal activity, organized by the Institute for Economic Development of the World Bank. A noticeable impetus to the development of education in the field of appraisal was given in the course of the formation and development of licensing requirements for the activities of appraisers. Currently, training, professional retraining and advanced training of appraisers is carried out in more than 70 educational institutions located throughout the Russian Federation that have passed the coordination of basic educational programs in the Ministry of Property of Russia.

In Russia, appraisal experience is being formed in the course of the reorganization of large property complexes with the participation of international and Russian appraisal companies. Discussing this work at its various stages contributes to the growth of a culture of evaluation, as well as a culture of management decisions in the Russian Federation. With the development of economic reform in Russia, the growth of private initiative, the growth of competition, the increase in the number of transactions with various economic resources there is a growing demand for independent valuation. A multifaceted analysis of the most efficient use of various objects, carried out in the course of the work of appraisers, the use of various methods of evaluation contribute in general to the growth of a culture of managerial decisions in the economic sphere. Experts with knowledge of valuation technology are the intellectual capital necessary for economic transformation. At the same time, the demand for valuation imposes growing demands on the quality of the appraiser's work. The solution of this key task for the appraisal market will be solved with the close cooperation of the state, self-regulatory organizations of appraisers, educational institutions, consumers of appraisal services.

3.2 Development of the valuation infrastructure

Personnel training

The training of appraisers is one of the main conditions for the development of the appraisal market. The first step should be the adoption of the State requirements for professional retraining programs for appraisers in the Russian Federation for the specializations "Evaluation of the value of real estate", "Evaluation of the cost of machinery, equipment and Vehicle", "Valuation of intangible assets and intellectual property" (in the amount of at least 500 training hours), for the specialization "Valuation of the enterprise (business)" (in the amount of at least 800 training hours).

The composition of educational programs for retraining should include, in particular, macro- and microeconomics, law, accounting and auditing, economic analysis, taxes and taxation, mathematical methods of valuation, investments, disciplines of specializations depending on the chosen direction of valuation activity.

It is also necessary to develop programs for advanced training of appraisers in the Russian Federation, which should not replace the retraining of specialists.

Organization of scientific research

The development of valuation activities is associated with the conduct of scientific and methodological research. As a priority for scientific research in the field of evaluation, the development of the following areas is considered:

improvement of regulation, procedure and methodology for the revaluation of fixed assets;

development of methods for determining the cost of equity capital; interrelation of an estimation and management of cost of the enterprise;

features of valuation of financial and credit institutions; assessment of intellectual property objects, including those created at the expense of the state budget; peculiarities of evaluation for the purposes of privatization;

improvement of the methodology and system for determining the replacement cost of real estate objects, taking into account current prices and rates;

development of methodology and regulatory framework for determining the average useful life of fixed assets;

determination of methods for calculating all types of depreciation for various types of property, including those using methods of instrumental control and measurement;

application of methods of mathematical statistics in relation to evaluation problems;

improvement of methods for calculating risks in the analysis of the profitability of objects of assessment;

development of methods for calculating damage in natural disasters and man-made accidents;

determination of the main methodological principles for the assessment of natural resources;

study of methodological problems associated with the use of statistical data in the practice of valuation activities and in methodological materials for the valuation and restructuring of assets of enterprises; creation and implementation of expert systems in property valuation. The listed tasks of scientific research do not exhaust the whole range of issues requiring special scientific research, however, research on the listed problems is a priority. It is advisable to combine the efforts of specialists from economic departments, appraisers, employees of relevant scientific organizations in solving scientific and methodological issues for the development of appraisal activities.

When developing and forming a regulatory framework in the field of pricing in construction, developing cost estimates and technical regulation in the field of real estate valuation, these works must be carried out jointly with the Gosstroy of Russia.

The organization of research funding can be solved in the following ways:

creation of scientific research funds with the involvement of funds from appraisal firms and potential consumers of research results, including large financial and industrial groups;

development of a comprehensive program of scientific research, pooling and coordination of the resources of contractors with subsequent commercial implementation of the resulting scientific products;

preparation of proposals for obtaining grants from foreign associations of appraisers in order to organize research funding and conduct these studies together with foreign specialists. A necessary condition for saving money and combining the efforts of various specialists is the creation of a research plan in the field of valuation activities in the Russian Federation and the identification of head (lead) developers (coordinators) on specific topics. The overall coordination of these works should be carried out by the Interdepartmental Council for the regulation of valuation activities in the Russian Federation.

Information support for valuation activities

The cost estimation process is associated with the analysis of large amounts of information. The main current costs in conducting specific assessments are related to the search and processing of various information necessary to achieve the purpose of the assessment. Therefore, the development of information support for the work of appraisers is one of the critical factors successful implementation of the long-term goal of the Concept.

It is necessary to ensure the participation of ministries and departments, including the State Statistics Committee of Russia, in information support for assessment activities, incl. in providing the necessary information on prices in the investment sphere, the availability and condition of fixed assets and other constituent elements of national wealth, the investment climate, summary characteristics of enterprises, and other necessary information.

Since potential consumers of such information systems both state and non-state structures may appear, it is necessary to develop a list of information databases and coordinate this list with possible potential consumers. It is necessary to revise the already existing information bases.

The most important issue is updating the data. Therefore, at the stage of forming a list of developed information bases, it is necessary to determine the procedure for their constant updating.

The creation of information systems requires not only financial and intellectual resources, but also legislative decisions on the use of this or that information. It is unacceptable that information bases developed over many years be "privatized" by one or another department. It is necessary to define a regulation according to which, on the one hand, equal access to information that is not a state or other secret for all participants in the assessment process would be provided, and on the other hand, the information used in the assessment process could be verified for accuracy by all interested parties. A parent organization should be identified that will create and maintain a list of information bases used for assessment purposes.

3.3 Valuation as an integral part of the financial services market

Being closely interconnected, valuation, accounting, primary accounting and taxation should have a single conceptual apparatus and use a methodologically similar procedure for determining the value.

The presentation of reliable information in financial statements and the formation of adequate taxation is impossible without a periodic assessment of the market value of the company's property. Reflection of the results of the assessment in the financial statements and accounting for the results of the assessment in taxation are important tasks, the solution of which is associated with the development of the assessment, the implementation of tax reform and accounting reform in the Russian Federation.

Possible approaches to solving these problems should be developed by the Interdepartmental Council for the regulation of valuation activities in the Russian Federation.

In order to create favorable conditions for data analysis, forecasting, resolving issues of investment, depreciation and tax policy at the regional and federal levels, carried out, as a rule, with the involvement of statistical data, it is advisable to take measures to harmonize the assessment and statistical accounting.

An important issue in the development of valuation activities is the question of the interaction of appraisers with other specialists providing services in the financial and economic sphere.

In a number normative documents, including the Federal laws, there are terminological inconsistencies in which the work that appraisers should, in fact, provide, falls within the competence of auditors.

It is necessary to clearly distinguish between these types of activities at the level of legislation. At the same time, assessment and audit activities complement each other. Conducting a full business assessment is impossible without a preliminary audit.

A new direction in the service sector in modern conditions is the provision of services to enterprises in the development of restructuring schemes. Carrying out these works together with financial consulting specialists and appraisers will improve the efficiency of capital management solutions.

Currently, in each of the countries that are members of the IVSC (International Valuation Standards Committee) and TEGOVA (European Group of Valuer Associations), there are national regimes for regulating valuation activities. At the same time, the regulation of valuation activities in the United States differs, for example, from the regulation of valuation in the UK or Germany.

The main feature that allows us to conclude that the national assessment system complies with international requirements is the compliance of the national system of assessment standards with international assessment standards.

The main directions for ensuring the compliance of valuation work in the Russian Federation with international requirements is the maximum possible use international standards assessments in the development of domestic standards, the participation of Russian branches of international audit and appraisal companies in the work of Russian self-regulatory organizations of appraisers, the implementation of joint appraisal work (including by consortiums of appraisers).

The increase in the portfolio of orders from Russian appraisers received from foreign customers for the performance of appraisal work both in the Russian Federation and abroad is one of the indicators of the implementation of the long-term goal of this Concept.

Conclusion

In Russia, the history of the development of valuation activity falls into two periods: pre-revolutionary and modern. Already in 1992-93. individual specialists began to declare themselves as professional appraisers. In 1993, the first all-Russian professional organization of appraisers was created - the Russian Society of Appraisers.

Assessment in modern conditions was developed initially by the efforts of individuals, then the standards of professional organizations were added, special laws and regulatory acts.

In the recent period, two areas of assessment have been clearly defined:

for state needs

for the needs of private owners and other private legal and individuals.

The main points of interaction between the customer and the appraiser were legislated in 1998 by the federal law on appraisal activities. Along with federal and local laws, the system of state regulation of valuation activities also includes relevant by-laws.

The goals, objectives, directions and principles of state regulation of the system of valuation activities in the country are determined by the Concept for the development of valuation activities in the Russian Federation. According to this Concept, the issues of creation and development of the rule of law include a whole range of measures to ensure equal rights for all members of society, including property rights. In this case, the necessary guarantees are a fair assessment of these rights.

Exploring the world experience in the development of assessment in modern Russia, it is possible to develop a national assessment system. It is impossible to blindly copy the experience of other countries or create fundamentally new approaches that do not take into account global trends in the development of valuation activities.

The formation of an assessment is possible only on the basis of the creation of a common legal, methodological and information space throughout the Russian Federation. The creation of isolated regional or departmental normative and instructive acts or other documents that are not related to the general assessment system in the Russian Federation is unacceptable.

Rating as professional look activities should meet the current needs of ongoing economic reforms, as well as take into account both regional and sectoral characteristics.

The main function of the state in the formation of the assessment should be, first of all, the creation of a system of legal regulation of this type of activity.

A long-term goal is the creation in the Russian Federation of a self-developing and adaptive to external conditions system of appraisal activity, which provides high-quality services for appraisal of value. The implementation of the long-term goal largely depends on the course of development of market relations in the Russian economy, along with this, the main institutions that ensure the implementation of the long-term goal are supposed to be formed before 2018. To achieve the long-term goal, it is necessary to solve the following tasks:

ensure effective state-public control of the quality of appraisal work;

create conditions for the formation and development of self-regulatory organizations of appraisers;

to unify as much as possible the conceptual apparatus and terminology used in valuation activities with the conceptual apparatus and terminology of accounting and primary accounting, taxation, registration of appraisal objects in the Russian Federation, as well as with the conceptual apparatus and terminology of international valuation standards;

create a system of training and retraining of personnel in the field of evaluation;

organize comprehensive scientific research in the field of valuation activities;

eliminate at the legislative level the gaps associated with the circulation of the results of intellectual activity, land resources;

create a system of information support for valuation activities.

The state regulation of valuation activities is based on the following principles:

appraisal activity is an independent type of entrepreneurial activity;

assessment is an independent scientific area, with its own methodology, terminology, research principles;

the formation and development of valuation is possible only in the conditions of market relations and legal regulation of entrepreneurial activity;

Based on the world experience in valuation activities, in modern conditions Russia needs to create and develop a national valuation system. Both copying foreign experience and creating "fundamentally new" approaches are unacceptable;

the development of valuation activities is possible only on the basis of a common legal, methodological and information space throughout the Russian Federation.

the creation of isolated regional or departmental regulatory and other documents that are not based on the all-Russian legislation on valuation is unacceptable;

measures for the development of valuation activities should meet the current needs of ongoing economic reforms;

The development of valuation activities can be effective only if the principle of a balance of rights, duties and responsibilities of all participants in the valuation process is observed, in the presence of fair competition of independent appraisers.

Ensuring interaction and coordination of the activities of public authorities on the issues of appraisal activity is a necessary condition for effective state regulation of the appraisal market. To implement this task, in accordance with the Decree of the Government of the Russian Federation of August 20, 1999. No. 932 The Ministry of State Property of Russia established the Interdepartmental Council for the regulation of valuation activities in the Russian Federation.

Interdepartmental Council for the regulation of valuation activities in the Russian Federation:

ensures the interaction of federal executive bodies on the issues of valuation activities;

prepares proposals for improving legislative and other regulatory legal acts in the field of regulation of valuation activities;

preliminary considers draft recommendations by the legislative and executive authorities of the constituent entities of the Russian Federation on the adoption of legislative and regulatory legal acts of the constituent entities of the Russian Federation that regulate valuation activities;

considers and expresses an opinion on draft instructions and methodological materials submitted for approval to the Minister of State Property of the Russian Federation, which are mandatory for use by bodies licensing appraisal activities;

analyzes the practice of applying the current legislation and departmental acts, as well as proposals from interested federal executive authorities, executive authorities of the constituent entities of the Russian Federation, organizations and citizens on issues within the competence of the Council;

initiates research on valuation activities; For the development and / or examination of regulatory and methodological documents, working groups are created under the Interdepartmental Council.

Self-regulatory organizations of appraisers take an active part in the formation and development of valuation activities in the Russian Federation. The law provides, in addition to state regulation, self-regulation of the activities of appraisers. Abroad, self-regulatory organizations of appraisers play an important role in the regulation of appraisal activities. In this regard, the state regulation of valuation activities in the Russian Federation should be closely linked to the self-regulation of appraisers.

The main areas for the development of valuation activities as a tool for effective property management in Russia are:

Evaluation of investment projects.

Appraisal for the purposes of collateral and mortgage lending.

Estimation of losses.

Evaluation for the purposes of enforcement proceedings and legal proceedings.

Valuation of real estate and land resources.

Valuation (revaluation) of fixed assets.

Intellectual property valuation.

Evaluation of debts of enterprises.

Valuation is an integral part of the financial services market and therefore it is necessary to unify the conceptual apparatus and terminology of valuation activities with the conceptual apparatus and terminology of accounting and primary accounting, taxation. In order to create favorable conditions for data analysis, forecasting, resolving issues of investment, depreciation and tax policy at the regional and federal levels, carried out, as a rule, with the involvement of statistical data, it is advisable to take measures to harmonize the assessment and statistical accounting.

Initially, Russia did not have its own methodological materials for conducting assessment work, so Western methods were used. However, to use them in conditions of undeveloped and opaque Russian market is often impossible without appropriate adaptation, and the lack of practical skills in solving these issues leads not only to significant errors in determining the value of the objects being valued, but simply to absurd situations.

At present, the accumulated and generalized experience already makes it possible to adapt Western methods to Russian conditions and leads to an increase in the quality of valuation services. As a result, management decisions based on the results of a qualified assessment are more justified and reduce the likelihood of managerial erroneous actions in an unstable market environment.

This circumstance is the basis for the fact that a well-conducted assessment becomes an indispensable tool for doing business, in particular, the basis for effective management of an enterprise's asset system.

A qualified business valuation allows you to identify undervalued, and often unaccounted for assets, and optimize them properly. Conducting an independent assessment also contributes to the formation of an attractive investment image of the company, an increase in the credit rating and becomes one of the most important levers in building partnerships with potential investors and creditors.

The development of valuation activities is a necessary condition for strengthening market relations and further moving the country along the path of reforms.

List of used literature

1.Federal Law of July 29, 1998 No. 135-FZ On appraisal activities in the Russian Federation.

2.Decree of the Government of the Russian Federation of July 6, 2001 No. 519 On the approval of valuation standards that are mandatory for use by the subjects of valuation activities.

.Decree of the Government of the Russian Federation dated April 6, 2000 No. 369-p On the Concept for the Development of Valuation Activities in the Russian Federation.

.Law of the city of Moscow dated 11.02.98. No. 3 On appraisal activities in the city of Moscow.

.Decree of the Mayor of Moscow of July 12, 1999 N 723-PM On the development of the system of regulation of valuation activities in Moscow.

.Aleshin A. Know your worth. Knowledge is power, №3, 2011

.Ardzinov V., Alexandrov V., Pricing in construction and real estate valuation, St. Petersburg, 2013, 384 pp.

.Alexandrov V.T., Assessment of obsolescence and the most efficient use of real estate, StroyIzdat SZ, 2010, 330 pages.

.Bukharin N.A., Ozerov E.S. Evaluation and cost management of business. Tutorial. - St. Petersburg, EM - NiT, 2011. 238 p.

.Varlamov A.A., Komarov S.I., Valuation of real estate objects Forum 2010, 289 pages

.Verkhozina A.V., Fedotova V.A. Comparative analysis of international and Russian legislation in the field of appraisal activities, Moscow Interreklama 2013.

.Danilenko D. From the history of appraisal activity . Journal Apartment, cottage, office, No. 219, 11/25/13.

13. Esipov V. E., Makhovikova G. A. , Mirzazhanov S.K. , Kasyanenko T.G. , Commercial appraisal of investments. Textbook, 2012.

Kobeleva, S. A. Issues of assessing the value of real estate objects. - 2010.

Maksimov S.N. Economics of real estate, textbook, Moscow, publishing center "Academy", 2010.

16. Murzin A.D. Real estate. Economics, evaluation and development. Tutorial , 2013.

Popova L.V. , Maslova I.A. , Maslov B.G. , Malkina E.L. 2011.

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All proposals were included in the draft roadmap.
Among them is the abolition of property liability of the appraiser (a member of the self-regulatory organization of appraisers) to the consumer of the appraisal. The logic of change requires shifting responsibility from one subject to another. This situation will force the SRO to focus on ensuring the improvement of the level of training of appraisers on an ongoing basis. This will inevitably affect the quality of the prepared reports.
It is also proposed to introduce a requirement for valuation organizations ( legal entities) obligatory organization of quality control of issued reports. It is necessary to prescribe the main criteria for the operation of the quality control system. The quality control system will inevitably increase the requirements for appraisers and improve the quality of appraisal reports.
The list of proposals is not limited to this, it contains many more items, including those that require legislative clarification or consolidation of the concepts of the “appraisal services market”. "assessment services". "appraisal services".
- The appraisal services market does not replace or dilute appraisal activities. These are different types of activities that determine professional and entrepreneurial directions. A professional appraiser has completely different interests than an entrepreneur. This is what determines the differences between the types of activities, which in some cases can even oppose each other,” says Nikolai Kuzmichev.

Proposals for inclusion in the project Roadmap for improving the valuation activities of N.S. Kuzmicheva:

1. Include in the legislative turnover, i.e. prescribe in the laws, the concepts of "Market of appraisal services", "appraisal services", "appraisal services"

“The appraisal services market does not replace or dilute appraisal activities. These are different types of activities that determine professional and entrepreneurial directions. A professional appraiser has completely different interests than an entrepreneur. This is what determines the differences between activities, which in some cases can even oppose each other.

"Market of Appraisal Services" - a civil law environment for the interaction of its participants in order to analyze the value of the rights and property being valued for specific purposes, to establish a cost coordinate system to ensure the operation of a market economy;
"Participants (subjects) of the appraisal services market" - participants and their representatives in contractual relations for the assessment of the value of appraised objects, right holders of the appraised objects;
"Appraisal service" - a set of services and works, based on compliance with the requirements of legislation and business practice, to ensure the fulfillment of the terms of the concluded appraisal agreement, including, but not limited to, the organization of the work of appraisers and specialists, Information Support, coordination of interaction between the parties to the contract, terms and technical conditions

2. To determine by law the possibility of voluntary self-regulation of valuation organizations in accordance with 315-FZ "On Self-Regulation", ensuring control and responsibility of members of the SRO of the valuation services market.

Draft possible definitions:

· "Appraisal organization" - a legal entity, regardless of the organizational and legal form, or an individual entrepreneur providing services for valuation on the basis of an appraisal agreement concluded in accordance with the requirements of the law;

The way to ensure the property liability of SRO members to consumers of works and services of managing organizations is:

Compensation Fund in accordance with the Regulations on the Compensation Fund;

Civil liability insurance system based on corporate agreements with insurance companies and (or) collective insurance

3. Determine the purpose and mechanisms for the delivery of the ECE in the evaluation activities in accordance with the real needs and expediency of application:

· Absolutely useless for determining the expert's skill level;

· Expediency when including appraisers in the SRO after an internship;

· Useful as a disciplinary sanction in the direction of assessment identified by the DC;

· Divide the database of tasks into blocks according to the areas of assessment activities.

4. To develop a unified system of standards, recommendations, methods, providing for the presence of a Code of Valuation Standards in the Russian Federation (SSO RF) based on MSO, ESS, RICS; approved recommendations for the valuation of specific objects and methods, which will make it possible to form a single document and approach to the development of a valuation methodology.

5. To develop a short form of the assessment report, taking into account all the essentials for presenting the document to the customer of evidentiary value. This will optimize the work of the appraiser, the timing of the provision of assessment services and the adequacy for the consumer.

6. Develop and approve electronic document management for the assessment. For operational business circulation and archiving, an electronic form of the assessment report should be used.

This will simplify the work of the appraisal organization, the format for providing appraisal services

7.Introduction of property liability of the appraisal organization (legal entity or individual entrepreneur) for the results of the services rendered, including the appraisal report. Thus, the provision of property liability of the appraisal organization is generated instead of the illogical liability of a professional.

8. Introduction of compulsory insurance of civil liability of appraisal organizations under appraisal contracts.

Such measures will protect consumers from possible damage resulting from the services of appraisal organizations.

9. Include in the Federal Law a provision that the insurance contract is drawn up without a deductible and the amount of insurance in one case should not be less than 25% of the book value, or the average market value of the object being valued. This will allow appraisal organizations and insurers to focus on real forms and volumes of insurance

10. Cancellation of the property liability of the appraiser (member of the SRO of appraisers) to the consumer of the appraisal. Ensuring the responsibility of the appraiser, including property liability to the appraisal organization (on the instructions of which the appraisal report signed by this appraiser was drawn up). The logic of change requires shifting responsibility from one subject to another. This situation will force the SRO to focus on ensuring the improvement of the level of training of appraisers on an ongoing basis. This will inevitably affect the quality of preparation and the level of issued reports.

11. Introduce a measure to ensure the independence of the appraisal organization - for all customers of appraisal services 100% prepayment in accordance with the contract. Such a measure, within the framework of ensuring the independence of the appraisal organization, will limit the influence of the customer on the formation of the appraiser's opinion and the provision of services.

12. Take a measure to ensure the independence of the appraiser, - the opinion of the appraiser on the value of the object being assessed, in accordance with the contract, is unacceptable pressure from third parties, including the appraisal company - the employer. A measure to ensure the independence of the opinion of a professional appraiser from influence in the implementation of appraisal activities, allowing him to defend it in conflict with the employer, to justify his position before the SRO appraisers

13. Maintain a norm for the appraisal company of a legal entity - to have at least two appraisers on staff, having concluded labor contracts with them at the main place of work. Increase the requirements for the activities of the appraisal organization, ensure the stable operation of the company.

14. Introduce a requirement for appraisal organizations (legal entities) to have a mandatory organization for quality control of issued reports. It is necessary to prescribe the main criteria for the operation of the quality control system. The quality control system will inevitably increase the requirements for appraisers and improve the quality of appraisal reports.

15. Cancellation in 2015 of the mandatory self-regulation of appraisers by defining the requirements for membership in voluntary SROO. This should allow consumers to evaluate and influence the state of the activities of the SROO, providing an appropriate level of training and control of the appraisers.

16. In connection with the transfer of responsibility for valuation services to valuation organizations, and, accordingly, with a decrease in the responsibility of appraisers to customers and consumers, it is necessary to introduce the following standards for SROO:

· determine the mandatory number of participants in the SROO at least 1000 people, defining 1 year after the introduction as a transition period;

· determine the procedure for transferring the compensation fee between the SROO in the event of a voluntary transfer of the appraiser.

First, in order to fully implement the functions of SROs to constantly improve the level of professional training of appraisers (with a decrease in funding from expertise), a larger number of members is needed. And, secondly, the procedure for transferring the fee will allow appraisers to independently choose participation in the SRO. In the new conditions of the actual withdrawal of SROs from the appraisal services market, these measures will increase competition between SROs based on the provision of more quality services for professionals, comfortable participation in the life of associations, objective control and protection of the interests of appraisers.

Improvement of valuation activity. Improvement of appraisal activity in the Republic of Kazakhstan. Basic principles of valuation activities

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