Reassessment of the assessment – Newspaper Kommersant No. 198 (7160) from 10/29/2021

by time news

The Ministry of Economy, continuing the reform of the valuation market, has begun revising its standards. The department proposes to oblige the appraisers to analyze the reliability of the information received from the customer and to take into account the purpose of the appraisal when determining the value of the object. A new type of value is also introduced – “equilibrium”, which takes into account the pros and cons of the transaction for each of the parties. Market participants say that customers will become more confident in the results of the assessment, but innovations can be confusing and difficult for assessors when working in the regions.

The Ministry of Economy has prepared drafts of new federal valuation standards (FSO). The previous ones, mandatory for market participants, were approved back in 2015, so it was decided to update them. As noted by the deputy head of the department Ilya Torosov, the FSO is planned to be synchronized with international standards to “increase the transparency of the assessment procedure and the reliability of the results.” In fact, many of the changes are formalization of the best practices already in the market. Among such innovations is the obligation of the appraiser to check the accuracy of the initial information, including that obtained from the customer, its reliability and sufficiency (for example, to request additional documents or an auditor’s report for reporting). Now, the Ministry of Economy explained to Kommersant, the appraisers proceed from the fact that the documents received on paper and certified by the seal can be trusted in any case.

It is also proposed to link the valuation objectives with the types of value – the valuer must first analyze the situation in which he is assessing (for example, encumbrances must be taken into account for the purposes of collateral) in order to choose the appropriate type of value for this. A new type of value is also introduced – “equilibrium”, reflecting the terms of the transaction for each of the parties. Now the determination of the equilibrium value can be carried out only within the framework of consulting.

Anton Vovk, a member of the Council for Appraisal Activity under the Ministry of Economy, expects that the innovations will change the attitude of customers to the reliability of the appraisal and reduce the possibility of manipulation, although the analysis of the initial information by appraisers may lead to an increase in the cost of their services. “The evaluators often indicated in special assumptions that such information was not questioned – this also affected the reliability of the results,” explains Mr. Vovk.

Maxim Skatov, President of the SRO Union Federation of Appraisers’ Federation, believes that the proposals of the Ministry of Economy “will change appraisal activity, but not for the better – they do not solve market problems, for example, with the quality of appraisal or harmonization with international standards, but rather, will lead only to create more confusion. ” So, he says, it is not clear why the equilibrium value is introduced into the standards – there is no such concept in the legislation, there is no demand for its definition on the market, and now nothing prevents the appraiser from calculating any value.

Alexey Kaminsky, president of the SRO of appraisers Expert Council, believes that if the draft of the Ministry of Economy had the status of “not mandatory standards, but methodological recommendations, it would certainly be useful.” According to him, the innovations “will live best” in large facilities in large cities, but for most regional facilities “they will be more likely to be harmful”, as they will make the assessment costly, and sometimes impossible due to the lack of necessary information.

Evgeniya Kryuchkova

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