On 5 June 2018 a round table, "A conversation about the future of valuation", was held, organised by the Institute of Professional Education with the participation of the SMAO. At the event Alexander Verein, partner and head of asset valuation at Consul Group, set out a view of the new role of valuation, taking account of the client's economic effect and of the client's risks.
The event took up one of the most pressing questions for users of valuation services: the valuer's qualifications, and the ability to carry a project through with the greatest economic effect and the least risk for the client.
The importance of the subject is hard to overstate. The many proceedings in which transactions made at a "non-market" value are challenged, and the fines and additional tax assessments the tax authorities make on transactions of that kind, are the clearest examples of the end of an era of valuation cut off from the point at which its results are applied, and taking no account of the possible consequences.
At the same time, professionalism in valuation, combined with a knowledge of related fields, makes it possible to offer the client the best way of achieving what the client needs. A clear example is a challenge to cadastral value, which may end either in a benefit, in the form of a saving on tax, or in a loss, through the cost of conducting the proceedings and the absence of any reduction in the cadastral value.
The main conclusion of the event is what became obvious: the profession of valuer will be transformed from an ordinary set of valuation services into comprehensive advice to the client, of which the valuation is a part,
- Alexander Verein, partner and head of asset valuation at Consul Group.
The round table was attended by representatives of the valuation community, the banking sector and other users of valuation services, and by state bodies and educational organisations.
More on the event: SMAO.ru
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