1. Having a good reputation

2. Level of education (education at the university level)

3. Availability of knowledge in related fields

4. Periodic training, participation in work public organizations appraisers

5. Experience in the field of valuation activities for at least 3 – 5 years.

6. Availability of a generated database on completed real estate transactions and changes in price levels.

7. Punctuality in the execution of the contract

8. Availability of professional liability insurance for the appraiser. (an insurance contract is concluded for each of the appraisal contracts; the object of insurance is an unintentional error by the appraiser when appraising the property, resulting in damage to third parties.

Insurance rate within 0.2 -1.2% of the amount of property

End of work -

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All topics in this section:

Business valuation
Ishchenko Svetlana Maksimovna, room 27 2 theories, 2 tasks Exam (tests, seminars, visits, tasks) Teaching materials, DDP form, assessment tasks Maintenance report

Business valuation
(Federal Law on Valuation Activities No. 135 Art. 3) Valuation activities are the activities of the subjects of valuation aimed at establishing a market value in relation to the valuation object

Valuation purposes and types of value
- purchase and sale of shares, bonds on the stock market - assessment is made when making investment decisions - when restructuring an enterprise (liquidation, merger, acquisition, etc.)

Cost for tax purposes (inventory value)
Chapter 30 Tax Code - calculated 7) Liquidation value is the funds received from the sale of the enterprise and its assets in parts. Calculated upon liquidation of a mailbox

Factors influencing the value of a business
1) General economic factors: 1) demand 2) the income it brings (from the nature of operating activities, possible profit) 3) time (how quickly the owner starts

Approaches and methods used in business valuation. general characteristics
1. income approach - DDP, DCF (discounted cash flow method) - income capitalization method 2. market (comparative approach) - industry relations method

Cost as a target management function and the concept of cost management
The results of the cost assessment affect all performance indicators. Managers when accepting any management decision calculate how its implementation will affect the cost

Basic approaches to managing company value
1) VBM (valuebased management) - Value-based management Originated in the USA in the 60s. The emergence of the concept is caused by the increasing number of cases of unfriendly

Stage. Problem Definition
5 preparatory stages 1. Identification - full and abbreviated name - OPF - place legal registration- actual place

Market analysis
● constantly operating factors of the market - the influence of monopolies, - government intervention - inflation, - seasonality factor, - B coefficient

Conditions for using the method
1) fluctuations in the amount of income are expected over the years 2) when the object is under construction or has just been built (i.e. it is not yet young, there is nothing to capitalize, you can only forecast income)

Models for estimating the residual value of Inwood, Oscald, Ring
Estimation of the residual value of the business m.b. more accurate if one of the rough assumptions used in capitalization is eliminated permanent income according to Gordan's model. This assumption includes

Industry coefficient method (industry specific method, industry ratio method)
The essence of the method is that, based on the practice of business sales, a certain relationship is derived between the price of the business and some indicator of its activity. Based on the analysis of sales practice, I would

Multipliers for valuing Russian companies operating on leased premises
Multiplier Lease agreement for up to a year Lease agreement from 1 to 3 years Mul-a value Mul-a weight Value

Multipliers for valuing Russian companies companies operating under long-term lease conditions or on their own premises
Type of business Mul-r (net price) Weight = 0.37 Mul-r (Price Revenue) Weight = 0.26 Mul-r (asset price) Weight = 0.37 R

Value multipliers of Russian banks (on average)
1) bank value/capital = 0.83 2) bank value/bank assets =0.32 3) bank value/bank profit =9.9 Transactions and sales method (SL method

Net Asset Value Method
basic formula for valuation using this method: SC = Assets – Liabilities of the company Stages of valuation using this method: 1) real estate is assessed in the composition

Valuation of land plots
npa: Land transactions are regulated by the Civil Code of the Russian Federation, - Regulations on the procedure for maintaining the state land cadastre - Regulations on holding competitions and

Residue Technique Method for Land
Initial data needed for assessment: - the number of buildings and structures on the land plot - d.b. the net profit brought by the entire property complex is known - K

Method Weighted average method K capitalization
use the share approach to valuation Stages of valuation: 1) the proportions in which the value of real estate can be divided into the cost of the land plot and the cost are approximately established

Method. Sales comparison method
Based on a comparison of the sale price of similar land plots. The comparison is made based on a number of factors: - conditions of sale of the land plot - time of sale -

Method. Gross rent multiplier method
BPM is the ratio of sales price to potential income. Assessment stages: 1) Rental income from real estate is assessed 2) Gross rental multiplier is calculated

Comparative unit method
used in the revaluation of fixed assets of an enterprise, includes 3 stages. 1st Stage - based on data on the costs of construction of similar facilities, cost standards are developed

Method of element-by-element calculation or breakdown into components
1st Stage - the building is mentally divided into separate elements (foundation, walls, frame, roof, finishing, pipes, etc.) 2nd Stage - the costs of installing each element are calculated

Index method of assessment
V = BV *I = Book value of the object * revaluation index of fixed assets approved by the government The 3 methods considered allow you to calculate the full cost

Method of breakdown into types of wear
1) physical wear and tear - removable - irreparable 2) obsolescence a) functional - removable - irremovable b) external (economically)

Technological wear and tear
depreciation of an asset as a result of the fact that at the time of valuation there were analogues on the market that satisfy the same need but have a better price/quality ratio. By quality we mean

Calculation method based on the price of a homogeneous object
Stages of assessment: 1st stage – a homogeneous object or an object similar to the price for which should be selected. known. Selection parameters – manufacturing technology, materials, design. 2nd e

Element-by-element calculation method
Stage 1 – compiling a list of components of the object being evaluated, collecting price information on components. Stage 2 – the full price of the valuation object is determined = the sum of the prices of all elements

Index method
the cost is calculated by bringing the base cost of the object to the current level of price changes using the price change index for the corresponding group of machinery and equipment V = V0

Comparative approach to the assessment of machinery and equipment
The market comparison method is used primarily in valuation for collateral, rent, and leasing. less often - for sale. When selecting analogues, 3 degrees of similarity of machines and equipment are taken into account:

Valuation of machinery and equipment
Income approach to the valuation of machinery and equipment To implement this approach, it is necessary to predict the expected income from the object being valued. In relation to mung bean

Valuation of intangible assets
All intangible assets can be divided into 4 main groups: 1. Intellectual property - rights to industrial property objects (inventions, trademarks, brands, patents,

DDP method
1. the remaining life of the asset is determined 2. The cash flow generated by the asset is predicted 3. the sum of discounted cash flows is calculated 4. calculating

Determining the value of a trademark
Vt.z= K*Prn Prn=N*Q*C, where K is a coefficient taking into account the nature of the protected product trademark(up to 0.1 – for individual production, 0.1-0.2 – for small-scale production

TMZ assessment
Raw materials, materials, fuel, spare parts, containers are valued at current prices or actual cost. Inventories of finished products are estimated based on actual production. Goods shipped - according to phatic

Adjustment of credit debt
T-loan term (months) i-discount rate taking into account the risk of non-payment on the loan

The company's business is assessed based on the following requirements.

I. Preamble:

To ensure and maintain the quality of business valuation reports, for the benefit of the business valuation profession and the users of business valuation reports, the American Society of Appraisers, through its Committee on Business Valuation, has adopted this Standard. Strict compliance with this Standard is required by all members of the American Society of Appraisers, whether applicants, accredited members ( A.M.), accredited senior valuers ( ASA) or valid accredited senior valuers ( FASA) when assessing enterprises, the share of shareholders in the capital of the enterprise and securities;

The purpose of this Standard is to define and describe the requirements that apply to the process of valuation of enterprises, shareholders' shares in the capital of the enterprise and securities, but not to the valuation report;

The American Society of Appraisers, in its Principles of Appraisal Practice and Code of Ethics, and the Appraisal Foundation, in its Uniform Standards of Professional Practice for Appraisers, establish formal standards of conduct and a Code professional ethics. This Standard expressly incorporates or refers to these requirements and sets forth and explains additional requirements specifically applicable to the valuation of entities, shareholders' equity interests in entities, or securities;

This Standard incorporates, where appropriate, other required Business Valuation Standards adopted by the Committee on Business Valuation of the American Society of Appraisers;

This Standard contains a minimum set of criteria that should guide appraisers when preparing valuations of enterprises, shareholders' interests in the capital of an enterprise or securities;

If, in the opinion of the appraiser, when assessing a business, circumstances require a deviation from certain provisions of this Standard, deviations of this kind must certainly be reflected in the report and will be considered applicable only for this specific deviation.

II. The assessment task should be defined accordingly:

A. The wording of the assessment task should define:

1. an enterprise, the share of shareholders in the capital of an enterprise or securities subject to valuation;

2. date of evaluation;

3. cost standard;

4. the purpose for which the assessment is being conducted and the intended use of the assessment.

B. The scope of the assignment must be fully defined. In general, an acceptable amount of work will fall into one of three types, as defined below. Other types of work should be explained and described in appropriate detail in the appropriate reporting.

1. Evaluation.

The assessment is carried out with the aim of obtaining a non-ambiguous conclusion about the value of the enterprise, the share of shareholders in the capital of the enterprise or securities and is based on the implementation of all those procedures that the appraiser believes are relevant to the assessment.

The assessment is characterized by the following properties:

When preparing it, all available information is used, reflecting the state of affairs on the date of assessment, which is available to the appraiser during the period of preparation of the assessment;

The appraiser carries out the necessary procedures to collect and analyze all information that is believed to be relevant to the assessment;

The assessment is based on consideration of all conceptual approaches that the evaluator considers relevant to its conduct.

2. Limited evaluation.

A limited valuation is carried out to obtain an approximate estimate of the value of the enterprise, the share of shareholders in the capital of the enterprise or securities. During its implementation, some additional procedures necessary for a full assessment are not applied.

A limited assessment is characterized by the following properties:

It is expressed in dollars and represents either a specific value or an interval of values;

It is based on an examination of the limited information relevant to the case;

The appraiser performs only a limited number of procedures for the purpose of collecting and analyzing information that it considers necessary to prove the statements contained in the appraisal;

The assessment is based on consideration of the conceptual approach(s) that the evaluator believes are most appropriate for its implementation.

3. Calculations.

Calculations are carried out to establish an approximate value of the appraised value, and are based on the implementation of a limited number of procedures regarding which an agreement has been reached between the appraiser and the client.

The calculations are characterized by the following properties:

Their results are expressed in dollars and represent either a specific value or an interval of values;

They may be based on the examination of only limited information relevant to the case;

The evaluator performs only a limited number of procedures to collect and analyze information;

Calculations may be based on consideration of certain conceptual approaches by agreement with the client.

III. Collection and analysis of information.

The appraiser must collect, analyze and adjust information relevant to the appraisal in accordance with the type of work being performed. This information should cover:

Characteristics of the enterprise, shareholders' interests in the capital of the enterprise or securities subject to valuation, including rights, privileges and conditions, quantitative characteristics, factors affecting control and agreements limiting sale or transfer;

General characteristics enterprise, its history and development prospects;

Financial information about the company for previous years;

Assets and liabilities of the enterprise;

General characteristics of industries that influence this enterprise, their current state;

Economic forces, influencing this enterprise;

The state of the capital market as a source of necessary information, for example, on possible rates of return on alternative investments, on transactions with publicly traded shares, on mergers and acquisitions of the company;

Data on previous transactions involving the company being valued, the share of shareholders in the capital of the company or its shares;

Other information that the appraiser considers relevant to the assessment.

IV. Approaches, methods and procedures.

The evaluator must select and apply necessary approaches, assessment methods and procedures.

The appraiser must prepare a value statement in accordance with the appraisal assignment received, using the necessary approaches, methods and procedures, as well as appropriate premiums and discounts, if any.

V. Documentation and its storage.

The appraiser must properly document and retain all information and work materials on which he relied in preparing the report.

VI. Reporting.

The appraiser must provide the client with an opinion on the value of the enterprise in appropriate written or oral form.

VII. Address.

Copies of this Standard may be obtained from the American Society of Appraisers, P 0 Box 17265, Washington DC 20041.

Managing company value is a new approach in strategic management;

In turn, the value of the company is the optimal criterion for operating efficiency.

Main literature

1. Busov, V.I. Estimation of the value of an enterprise (business): textbook / Busov V.I., Zemlyansky O.A., Polyakov L.P. – M.: Yurayt, 2012. – 430 p.

2. Esipov V.E. Business valuation: a complete practical guide / V.E. Esipov, G.A. Makhovikova, S.K. Mirzazhanov. -M.: Eksmo, 2008.- (Professional publications for business).

3. How to turn knowledge into value. Solutions from IBM Institute for Business Value: trans. from English/comp. E. Lesser, L. Prusak.-M.: Alpina Business Books, 2006.

4. Kozyr, Yu.V. Company value: valuation and management decisions/Yu.V. Kozyr.-M.: Alfa-Press, 2004.

5. Maslenkova, O.F. Estimation of the value of an enterprise (business). – M.: Kno Rus, 2011. – 448 p.

6. Simionova, N.E. Estimation of the value of an enterprise (business)/N.E. Simionova, R.Yu. Simionov.-M.:March, 2004

7. Sinyavsky, N.G. Business assessment: hypotheses, tools, practical solutions in various fields of activity / N.G. Sinyavsky.-M.: Finance and Statistics, 2005.

8. Company value management: guidelines to complete a course project for students. specialist. 060800/comp. Yu.A. Doroshenko.-Belgorod: BSTU named after. V.G. Shukhova, 2005.

9. Tsarev, V.V. Business valuation. Theory and methodology.-M., 2007.

10. Shcherbakov, V.L. Estimation of enterprise (business) value: Tutorial. – M.: Omega-L, 2012. – 315 p.

additional literature

1. Esipov, V.E. Business assessment: textbook/V.E. Esipov, G.A. Makhovikova, V.V. Terekhova.-2nd ed.-SPb.:Peter, 2006.

2. Copeland, T. Cost of companies: valuation and management / T. Copeland, T. Koller, D. Murrin / Trans. from English – M.: ZAO “Olymp-Business”, 2002.

3. Business valuation: textbook / ed. A.G. Gryaznova, M.A. Fedotova.-2nd ed., revised. and additional - M.: Finance and Statistics, 2006.

4. Valuation activities in economics: textbook / ed. V.M. Juhi, V.D. Kireeva.-M.: March, 2004.

5. Patinkin, D. Money, interest and prices. Connection of the theory of money and the theory of value: trans. from English/D. Patinkin; edited by N.Ya. Petrakova.-M.: Economics, 2004.

6. Scott, M. Cost factors: a guide for managers to identify levers for creating value / M. Scott. – M.: ZAO “Olymp-Business”, 2000.

7. Sycheva, G.I. Estimation of the value of an enterprise (business): textbook/G.I. Sycheva, E.B. Kolbachev, V.A. Sychev.-Rostov n/D: Phoenix, 2004.

8. Higgins, R.B. Investor Relations: Best Practices. Ways to create shareholder value: trans. from English/R.B. Higgins.-M.: Alpina Business Books, 2005.

9. Chirkova, E.V. How to value a business by analogy: a methodological guide to the use of comparative market ratios when valuing businesses and securities/E.V. Chirkova.-M.: Alpina Business Books, 2005.

Reference and normative literature

1. Constitution Russian Federation, M., “Legal Literature”, 2005.

3. the federal law RF dated December 30, 2001 No. 195 “Code of the Russian Federation on Administrative Offences”.

4. Federal Law of the Russian Federation of July 29, 1998 No. 135 “On valuation activities in the Russian Federation.” (as amended on July 27, 2006).

5. Federal Law of the Russian Federation of August 8, 2001 No. 128 “On licensing individual species activities."

8. Decree of the Government of the Russian Federation of July 6, 2001 No. 519 “On approval of assessment standards.”

9. Decree of the Government of the Russian Federation of August 20, 1999 No. 932 “On the authorized body for monitoring the implementation of appraisal activities in the Russian Federation.”

10. International valuation standards of the International Committee for Standardization of Property Valuation MKSOI (MSO 1 - 4).

11. STO ROO 20-01-96. General concepts and evaluation principles.

12. STO ROO 24-01-96. The cost of an operating enterprise as a basis for assessment.

13. Modern management: Encyclopedic reference book/Ed. Karpukhina D.N. and Milner B.Z.-M.: “Publishing Center”. T. 1.-1997.

Qualification directory for positions of managers, specialists and other employees
Approved by Resolution of the Ministry of Labor of the Russian Federation of August 21, 1998 N 37
(as amended:
Resolutions of the Ministry of Labor of the Russian Federation dated January 21, 2000 N 7, dated August 4, 2000 N 57, dated April 20, 2001 N 35, dated May 31, 2002 N 38, dated June 20, 2002 N 44, dated July 28, 2003 N 59, dated November 12, 2003 N 75,
Orders of the Ministry of Health and Social Development of the Russian Federation dated July 25, 2005 N 461, dated November 7, 2006 N 749, dated September 17, 2007 N 605, dated April 29, 2008 N 200)

Section I. Industry-wide qualification characteristics positions of workers employed at enterprises, institutions and organizations

2. Specialist positions

Appraiser

Job responsibilities. Carry out valuation activities on the basis of a license aimed at establishing an assessment of market or other value in relation to objects. Identifies the need for services for the assessment of objects of assessment, carries out business contacts, negotiates with clients, concludes and draws up agreements with customers on the assessment of the object of assessment in accordance with the established form, monitors compliance with the conditions stipulated by the concluded contracts. Analyzes information about the object of assessment to conduct a legal examination and establish the parameters of its competitiveness that affect its value. Draws up an accurate description of the valuation object, determines valuation methods in accordance with valuation standards, establishes the main pricing factors influencing the value of the valuation object, studies the market and the cost of similar objects. Justifies the use of assessment standards, methods of its implementation, assumptions adopted during the assessment, and carries out the necessary calculations. Determines the final value of the value of the valuation object, as well as the restrictions and limits of application of the obtained result. If, during an assessment, the assessment object is determined not to have a market value, but of other types of value, it establishes assessment criteria and reasons that make it difficult to determine market value object of evaluation. Timely draws up and submits to the customer a report on the assessment of the subject of assessment in accordance with established requirements to its form and content. Conducts a mandatory assessment of valuation objects in the event of involvement in a transaction of valuation objects belonging in whole or in part to the Russian Federation, constituent entities of the Russian Federation or municipalities. Conducts an assessment of the object of assessment, including repeated assessments, in cases provided for by the legislation of the Russian Federation, on the basis of a court ruling, as well as by decision of an authorized body. Provides, at the request of the customer, regulatory and other documents on valuation activities, educational documents confirming receipt by the appraiser professional knowledge in the field of appraisal activities, as well as in cases provided for by the legislation of the Russian Federation, copies of stored reports or information from them to law enforcement, judicial, and other authorized government agencies or authorities local government at their legal request. Provides civil liability insurance in accordance with the legislation of the Russian Federation, ensuring the protection of the rights of consumers of appraiser services. Advises clients on current legislation governing appraisal activities, as well as regulatory requirements that must be followed when determining the value of appraisal objects. Involves other appraisers or other specialists on a contractual basis to participate in the work being carried out. Ensures the safety of documents received from the customer and third parties during the assessment, maintains the confidentiality of information received from the customer, except for cases provided for by the legislation of the Russian Federation.

Must know: legislative and regulatory legal acts governing valuation activities in the Russian Federation; guidelines and methodological materials regulating the procedure for assessing the object of assessment; valuation standards for determining the appropriate type of value of the valuation object; methods for assessing the objects of assessment and establishing the transaction price; the procedure for concluding an agreement between the appraiser and the customer; legislative and regulations on taxation; customs regulations; ethics business communication; rules for conducting negotiations with clients; fundamentals of statistics; organization accounting and analysis economic activity; rules for the use of computer technology, communications and communications; advanced domestic and foreign experience in the field of valuation activities; the procedure for drawing up established reporting; labor legislation.

Property valuation expert is a specialist who determines the real cost of various objects: The profession is suitable for those who are interested in economics and law (see choosing a profession based on interest in school subjects).

• real estate;
• business (organizations);
• investment projects;
• assets - financial and intangible;
• Vehicle;
• intellectual property;
• securities, etc.

An appraiser's diploma gives the right to evaluate all types of property. But basically, practicing appraisers specialize in one type, depending on their place of work.

An assessment expert is a generalist: a mathematician who uses formulas, a marketer who studies the market, an economist who analyzes indicators, a lawyer who draws up an opinion.

Expert services are in demand when:

• purchase and sale and rental of residential and non-residential premises;
• registration of mortgage loans;
• assessment of collateral;
• allocation of shares in the business;
• tax calculation;
• entering into inheritance;
• definition various types damage;
• registration of property rights.

The appraiser profession in Russia is relatively young: it appeared in the 90s with the development of market relations. Qualification standards for the profession were defined in 1996. The profession received official recognition only in 1997. In the modern age of globalization, this profession, like any other, uses international professional standards. Experts who master these methods are the most authoritative and in demand.

Features of the profession

The functional responsibilities of a property valuation expert largely depend on the type of activity and the object of valuation. But general order work contains the following items:

• collection and analysis of information on accounting and regulatory documents;
• marketing analysis of the market with trends in changes in the object of assessment;
• establishing business contacts and conducting negotiations with the necessary organizations;
• choosing the correct and most appropriate method for calculating the object of assessment;
• carrying out appraisal work to establish the market (or other) value of the object;
• if necessary, searching for new, most effective practical ways to solve problems;
• coordination of the work of partners or other divisions of the organization;
• drawing up a detailed report in the prescribed form and a conclusion on the assessment of the object, signed and affixed with a personal seal;
• advising the client on legislation on valuation activities and other legal and regulatory documents;
• storage of reports and conclusions on the assessment of the object for three years;
• systematization and collection of data for each object in order to create your own information base for assessment work.

Pros and cons of the profession

pros

• Demand and prestige of the profession
• High wages for qualified specialists

Minuses

• High level of responsibility for assessment results
• The risk of inaccurate assessment, which threatens a negative reputation and financial liability

Place of work

• Property valuation companies
• Banks
• Private practice as an individual entrepreneur
• Own appraisal company (“The Law on Appraisal Activities” allows the creation of a company with a staff of 2 people).

Important qualities

• Analytical mind
• broad-minded
• pedantry
• discipline and accuracy
• constant desire to improve professional level
• Special knowledge in the industry in which the appraiser works
• communication skills
• determination
• ability to work for results

Professional requirements

A property valuation expert must have:

• appraiser diploma or certificate;
• liability insurance contract professional activity to cover losses in the event of a professional error by the appraiser;
• membership of SRO appraisers (Self-Regulatory Organization of Appraisers).

Where to study to become a Property Valuation Expert

In this course you can obtain the profession of an appraiser remotely in 6 months and 20,000 rubles:
— One of the most affordable prices in Russia;
— Diploma of professional retraining of the established form;
— Training in a completely distance format;
— Certificate of compliance with professional standards worth 10,000 rubles. For a present!
— The largest educational institution additional prof. education in Russia.

Russian Institute of Vocational Education "IPO" - recruits students to obtain a specialty through a distance program of professional retraining and advanced training. Studying at the IPO is a convenient and quick way to receive distance education. 200+ training courses. 8000+ graduates from 200 cities. Short deadlines for completing documents and external training, interest-free installments from the institute and individual discounts. Contact us!

On June 2, 2016, amendments were made to Art. 21 of the “Law on Valuation Activities”, according to which training of appraisers is possible only in (at) higher educational institutions.

Specialized university for training appraisers

Universities with a special course “Property Valuation”

You can also obtain the profession of an appraiser at other universities within the framework of the specialization “Finance and Credit”, where they teach a special course “Property Valuation”: in, in. Such education will become the most fundamental on the basis of serious training in the field of economics and management.

For specialization in land and real estate valuation

Generalist appraisers and managers

Additional professional education programs

Many professional lawyers, bankers, realtors, and insurers also seek to become an appraiser in order to improve their own professional status, career growth and additional income. They can undergo additional professional education programs with

Career steps and prospects

The career of an appraiser usually begins with the position of an appraiser's assistant in consulting and appraisal companies and banks. Vertical career possible to the position of head of department or manager own company. Horizontal growth involves mastering methods for assessing various properties and types of activities.

What is an SRO of appraisers? SRO of appraisers is Self-Regulatory Organization of Appraisers, a non-profit enterprise whose functions include monitoring the activities of appraisers and providing methodological assistance in property valuation. Each appraiser must be a member of the SRO.

The SRO is led by an expert council consisting of experienced appraisers (more than 3 years of work experience) who have passed the Unified Qualification Exam. Council members conduct an examination of all reports of appraisers who are members of the SRO. Based on the results of the examination, a conclusion is issued expert council. This is done to ensure that appraisers do not voluntarily overestimate or underestimate the value of property.

To join the SRO, the appraiser must submit:

• entrance fee from 5 to 10 thousand rubles;
• annual membership fees from 8 to 10 thousand rubles;
• contribution to the compensation fund of 30 thousand rubles, from which money is withdrawn in the event of a professional error by the appraiser.

Ph.D., senior researcher

Today there are no such appraisers and experts in the country, but there is confidence that they will definitely appear soon. There are no other ways to overcome many of the existing problems in assessing the value of the objects mentioned in the title of the article.

For the most serious problems in valuing such assets, see [1].

So that among them there are not random, insufficiently literate, asocially motivated, incompetent people- temporary workers, it is necessary now, in advance, to think about at least the basic requirements for their educational level and accumulated practical experience in assessment activities (EA).

Let me remind you that problematic objects include economic objects that, as a rule, have four types of total value (property-land, socio-economic, “paper” and investment) and the value corresponding to each of them. First of all, these include large and largest enterprises, various forms of their associations; large domestic and international trade and hotel chains, powerful hospital and clinic complexes, etc.

The cost of such objects often exceeds a billion rubles.

Problematic properties usually do not have purchase and sale markets and market value. To determine their fair value, only separate methods of cost and income approaches to solving valuation problems are suitable. Methods of a comparative (market) approach to solving such problems, unfortunately, are not applicable due to insurmountable difficulties in selecting suitable analogues.

In well-known directive, regulatory and legal documentation, in relevant literary sources, in publications in the media and on the Internet, one can find very confusing and contradictory information about the requirements for the educational and professional levels of appraisers and experts on the quality of assessment results. It turns out that appraisers can be persons who do not have higher education, people of different professions and different qualifications. If we agree that assessment is to some extent a science and art, and not just a banal mental craft, then the unacceptable ease of educational and specialized barriers to entry into this type of not very simple intellectual human professions is obvious.

IN advertisements Universities indicate that the appraisers they train must be able to assess the value of any type of property. This statement is certainly wrong. There are no know-it-alls in the world: mass valuation of the simplest real estate (apartments, offices, warehouses, land plots of modest size, small retail outlets etc.) is one thing, but the assessment of property-land (and land-property) complexes of problem objects is a completely different matter.

As follows from information taken from the Internet, to date, on the issue under consideration for ordinary (non-state) appraisers, the requirements for their educational level are set out in three documents, a list of which is given below [2].

“The list of educational documents required by an appraiser to confirm the acquisition of professional knowledge in the field of appraisal activities was finally formed in our country in 2003, since then it has remained unchanged and is regulated by the following main documents:
1) Federal Law of July 29, 1998 (as amended on July 23, 2013),
2) Requirements for advanced training in the field of assessment activities (approved by the Ministry of Property of the Russian Federation on May 22, 2003 No. 3Р-4/10060 and agreed with the Ministry of Education of the Russian Federation),
3) Temporary requirements for vocational training appraisers (decided National Council on appraisal activities of the Russian Federation November 18, 2008).

The mentioned “Temporary requirements...” were developed in pursuance of the Decree of the President of the Russian Federation of December 28, 2006 No. 1474 “On additional vocational education state civil servants of the Russian Federation" and the Decree of the Government of the Russian Federation of May 6, 2008 No. 362 "State requirements for professional retraining, advanced training and internship of state civil servants of the Russian Federation", put into effect on January 1, 2009.

According to the specified regulations There are two mandatory educational documents, the presence of any of which can confirm the acquisition of knowledge in the field of valuation activities - a diploma of higher education with a specialization in "Valuation Activities" or a diploma of professional retraining in the program "Evaluation of the value of an enterprise (business)" of at least 800 hours. Moreover, in the first three years after graduation, holders of a higher education diploma with an assessment specialization only need this document to confirm their professional knowledge. In all other cases, you will additionally need to have other educational documents. So, holders of a diploma of professional retraining must additionally submit a diploma of higher education in any specialty. This is due to the fact that the appraiser by law must have higher education, but in practice it may turn out that a person with secondary education will study and receive a professional retraining diploma. Naturally, such a specialist cannot be a member of the SROO and sign assessment reports. In addition, after 3 years after receiving diplomas in professional retraining and higher education with an assessment specialization, it will be necessary to undergo mandatory advanced training every three years in the amount of at least 104 hours and confirm this with the appropriate Certificate state standard».

I consider it necessary to draw the attention of readers to the observed absurdities. In the meaning of the phrase underlined above, an applicant for the profession of appraiser may have a diploma veterinarian, school botany teacher, biologist, nuclear physicist, etc. In my opinion, this is absurd.

It turns out that in 800 hours you can turn a “dentist” into a full-fledged professional appraiser of any economic business objects, including problematic ones. It’s hard to come up with anything more absurd. I’m not even talking about the professionalism of many teachers of valuation disciplines related to the tasks of determining the value of enterprises. Where does he come from? Certainly not from the comfortable classrooms of universities, usually located in the central parts of large cities!

The above requirements apply to those persons who received higher education under the conditions of a specialty. How to train and use bachelors and masters with assessment specialization in practical life? What should they write down in their state-issued higher education diplomas?

Unfortunately, there are more questions than answers, but you will still have to answer them, life will force you.

What is acceptable in relation to the scope of professional knowledge of value appraisers of the simplest types of property, including commercial real estate, cannot be extended to state appraisers and state assessment experts. For the latter, the basic requirements for their educational level should be more strict and specific.

I believe that higher education in this category of professions in national economy countries, as a rule, should be obtained at universities with an economic profile. In some cases, exceptions are possible, but they should be relatively rare.

State assessment specialists can and should be economists, financiers, economic engineers, masters of economics or finance who have acquired specialization in enterprise (business) assessment and related disciplines.

For example, at the Financial University under the Government of the Russian Federation, in the state master's diploma with an assessment specialization, the following entry is made: Master of Economics in the program “Business Valuation and Corporate Finance”. The feasibility of combining these specializations seems doubtful, since they are different and not related to each other.

I will add that among the limited number of state appraisers and assessment experts (this limitation is due to the current relative narrowness of the scope of such assessment work), I personally would like to see candidates and doctors of economics and, as an exception, technical and physical and mathematical sciences with professorial academic titles, people with creative thinking, sincere and honest defenders of the interests of not only appraisal clients, sellers and buyers of distressed assets, but also their state and society. In addition, it is desirable to have former auditors of the Accounts Chamber of the Russian Federation who have undergone appropriate professional retraining in the specialization “Evaluation of Enterprises” as state appraisers and state valuation experts.

All those who apply for the positions of state appraisers and experts, at a minimum, should not confuse with each other the indicators of investment value, market capitalization and fair value of the assessed problem objects, should not be retrogrades, dogmatists, bookkeepers in their important work, not allow, avoid application of those methods of various assessment approaches to solving specific problems that are not suitable for performing the assessment work assigned to them. When assessing the fair value of problem assets, no one should ever use the method of discounting expected future net cash flows (DCF method), which is widely used today for these purposes, and is not intended to solve such problems. This issue is discussed in more detail in [3].

The tools of the DCF method should be used only in cases where the calculations include certain future (expected, projected) cash flows (CF) at different times, for example, in the calculations economic effect various investment projects, repayment periods and economic results of issued loans, etc. To solve the problems of determining the fair value of distressed enterprises, when the use of multi-temporal future DPs in the relevant calculations is not provided for, this method is not suitable.

Applicants for the positions of state appraisers and experts must have at least 5 years of experience in assessing the value of large economic objects and present a track record - relevant certificates of the most important appraisal work performed.

In addition, it is very important that these people, based on their life experience, can choose for themselves the most suitable area of ​​specialization for their future state assessment activities. It is desirable that someone has significant long-term, successful experience in the energy sector or in the oil and gas complex, in metallurgy or in the mining industry, etc.

Before being sent to a special advanced training course, applicants for the positions in question are required to undergo a special interview with carefully selected heads of the teaching staff (or with a specially recruited selection committee) of this course to understand the specifics of the upcoming work, and submit a pre-prepared detailed abstract , which should detail the ideas of each of them about the past, present and future methodology for assessing the value of problematic assets of all-Russian, transnational and global significance.

Each submitted abstract must be reviewed for relevance, information content, plagiarism and integrity. Ideally, abstracts such as dissertations should be sent for review or feedback to leading experts on the selected topics. It is important that among them there are independent scientists who have many publications in the areas of knowledge under consideration.

I draw the attention of those who will deal with these issues that it is advisable to organize a training course for future government appraisers and government experts in the singular in the capital of our Motherland, Moscow, inviting as lecturers not only advanced domestic, but also the most famous appraisers of distressed assets in the world, including from the American company “BLACKROCK”.

I believe that the duration of such a course should not be less than 144 teaching hours. I see no reason to seek a large number of participants in such a course. At first, the scope of work for such appraisers and assessment experts will most likely be limited. As it expands, life itself will force us to meet emerging needs and expand the circle of such specialists.

It seems necessary that the requirements for educational and professional level, as well as for human qualities, the integrity of the contingent of specialists in question was not lower than the corresponding requirements for auditors of the Accounts Chamber of the Russian Federation.

The main problem in the upcoming case seems to be the selection of a suitable staffing scientific, teaching staff and the most effective practitioners of assessment and examination of grades issued for such a course.

At present, it is difficult to name people whose professional and moral qualities fully correspond to the task under consideration. Among the currently available doctors and candidates of economics and technical sciences, professors and associate professors specializing in issues of assessment activities, unfortunately, not a single bright personality with generally recognized charisma is visible (at least in scientific and academic disciplines in the field of assessing the value of economically important enterprises for the country, their associations and other distressed assets; Only those scientists and teachers who are involved in the field of determining the value of land plots in cities, towns, villages, industry and agriculture have achieved certain successes.

If you choose a more or less acceptable place for organizing the course in question from all that is in the country today, then I think it is possible to focus on professional retraining and advanced training courses for appraisers and assessment experts, organized at the Moscow State Civil Engineering University (MGSU).

After appropriate work with teaching staff and by clarifying the program and structure of the disciplines taught, these courses could be, for the first time, successfully adapted to solve the problem under consideration of training state appraisers and state assessment experts.

In the program of such a course, a place must be found for master classes by independent scientific representatives of the evaluation community, whose theoretical and methodological views differ from traditional ones.

I express my firm conviction that school assessments Financial University under the Government of the Russian Federation, State University management, Russian Economic Academy named after. G.S. Plekhanov, State University of Land Management, Financial and Industrial University "Synergy", High school economics, International Academy assessment and consulting and many other metropolitan schools of this kind will not cope with the upcoming task, not to mention the assessment schools of the Big Four international auditing and consulting companies The West, for some reason working unhindered in our country with the largest pieces of our national wealth.

By the way, can anyone imagine that in the USA and European countries Russian valuation and auditing firms would be allowed to evaluate and audit large local companies? Personally, I can’t imagine this.

I would very much like to hear criticism of the shortcomings of this article, if any, and comments on the substance of the topic raised.

Literature

1. Revutsky L.D. - Voronezh, // Electronic scientific and practical journal “Perspectives of Science and Education”, No. 6, 2013. P. 220 - 228.
2. Legal advice to appraisers.
3. Revutsky L.D.

Keywords Keywords: state appraiser, state expert, professional training, advanced training, training requirements, advanced training course, requirements for applicants and teachers, problems of organizing the course.

annotation

The issues of organizing a refresher course for future state appraisers and state experts on the results of assessing the value of distressed assets are considered.

The basic requirements for vocational training applicants for these positions.

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