Elements describe the essential outcomes.

Performance criteria describe what needs to be done to demonstrate achievement of the element.

1. Obtain, interpret and confirm instructions.

1.1 Confirm client requirements and instructions for the valuation of goods, chattels, plant and equipment according to legislative requirements.

1.2 Discuss agency requirements and processes for the valuation of goods, chattels, plant and equipment with client.

1.3 Confirm status and ownership of goods, chattels, plant and equipment offered for valuation.

1.4 Obtain written agreement to proceed with valuation according to legislation in the state or territory of operation.

2. Conduct research to support valuation.

2.1 Analyse documents, reports and historical financial records for goods, chattels, plant and equipment offered for valuation.

2.2 Analyse information to confirm history of goods and chattels and maintenance history of plant and equipment.

2.3 Analyse advice and preliminary market evidence of value and replacement costs of goods, chattels, plant and equipment.

2.4 Confirm safety and legal compliance of goods, chattels, plant and equipment according to legislative requirements.

3. Inspect goods, chattels, plant and equipment.

3.1 Arrange inspection of goods, chattels, plant and equipment in consultation with client.

3.2 Confirm identity of goods, chattels, plant and equipment offered for valuation according to with client instructions.

3.3 Conduct visual inspection of goods, chattels, plant and equipment to gather additional information to support valuation.

3.4 Record inspection details and compile field notes.

4. Apply valuation methodology.

4.1 Obtain and analyse cost and market information for goods, chattels, plant and equipment.

4.2 Select and apply valuation methodology suitable to the types of goods, chattels, plant and equipment considering data compiled from research and inspection activities.

4.3 Verify accuracy and reliability of collated data and seek additional information required to confirm valuation.

4.4 Assess value of goods, chattels, plant and equipment according to client instructions.

5. Complete valuation and present to client.

5.1 Analyse valuation findings to ascertain final valuation, and record according to agency requirements and client instructions.

5.2 Prepare valuation report in an acceptable format highlighting findings and rationale.

5.3 Present report to client.

5.4 Securely maintain records and documentation according to agency requirements.