Elements and Performance Criteria
- Obtain valuation instructions from client.
- Purpose of valuation of goods, chattels, plant and equipment is confirmed with client in line with agency practice, ethical standards and legislative requirements.
- Written confirmation of valuation instructions is obtained from client in line with agency practice.
- Time, date and place of inspection of goods, chattels, plant and equipment are arranged in line with agency practice.
- Conduct research on goods, chattels, plant and equipment offered for valuation.
- Preliminary market evidence of value of goods, chattels, plant and equipment is obtained from relevant sources.
- Advice on replacement cost of goods, chattels, plant and equipment is obtained from relevant sources.
- Historical accounting records relevant to goods, chattels, plant and equipment are obtained from relevant source.
- Compliance of goods, chattels, plant and equipment with safety and other relevant legislative requirements is determined.
- Details of history of goods and chattels are obtained from relevant sources.
- Details of maintenance history of plant and equipment are obtained from relevant sources.
- Inspect goods, chattels, plant and equipment.
- Identity of goods, chattels, plant and equipment is confirmed in line with agency practice.
- Comprehensive inspection of goods, chattels, plant and equipment is performed in line with agency practice.
- Additional information on goods, chattels, plant and equipment is documented in line with agency practice.
- Field notes on inspection are compiled in line with agency practice.
- Apply valuation methodology for goods, chattels, plant and equipment.
- Cost and market information are obtained and analysed in line with agency practice.
- Appropriate valuation methodology for goods, chattels, plant and equipment is selected and applied.
- Determination of value of goods, chattels, plant and equipment is based on verifiable information in line with agency, ethical and legislative requirements.
- Report on value of goods, chattels, plant and equipment is prepared for client in line with agency practice.
- Communication is maintained with client throughout the assessment and valuation process.
- Report to client.