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Elements and Performance Criteria

1. Obtain, interpret and confirm instructions.
   • Confirm client requirements and instructions for the valuation of goods, chattels, plant and equipment according to legislative requirements.
   • Discuss agency requirements and processes for the valuation of goods, chattels, plant and equipment with client.
   • Confirm status and ownership of goods, chattels, plant and equipment offered for valuation.
   • Obtain written agreement to proceed with valuation according to legislation in the state or territory of operation.
2. Conduct research to support valuation.
   • Analyse documents, reports and historical financial records for goods, chattels, plant and equipment offered for valuation.
   • Analyse information to confirm history of goods and chattels and maintenance history of plant and equipment.
   • Analyse advice and preliminary market evidence of value and replacement costs of goods, chattels, plant and equipment.
   • Confirm safety and legal compliance of goods, chattels, plant and equipment according to legislative requirements.
3. Inspect goods, chattels, plant and equipment.
   • Arrange inspection of goods, chattels, plant and equipment in consultation with client.
   • Confirm identity of goods, chattels, plant and equipment offered for valuation according to with client instructions.
   • Conduct visual inspection of goods, chattels, plant and equipment to gather additional information to support valuation.
   • Record inspection details and compile field notes.
4. Apply valuation methodology.
   • Obtain and analyse cost and market information for goods, chattels, plant and equipment.
   • Select and apply valuation methodology suitable to the types of goods, chattels, plant and equipment considering data compiled from research and inspection activities.
   • Verify accuracy and reliability of collated data and seek additional information required to confirm valuation.
   • Assess value of goods, chattels, plant and equipment according to client instructions.
5. Complete valuation and present to client.
   • Analyse valuation findings to ascertain final valuation, and record according to agency requirements and client instructions.
   • Prepare valuation report in an acceptable format highlighting findings and rationale.
   • Present report to client.
   • Securely maintain records and documentation according to agency requirements.