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International Valuation Standards Flashcards

7 cards from real SAEE practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 International Valuation Standards flashcards as text

  1. Which IVS general standard covers the requirements for valuation reports?

    Answer: IVS 103 Reporting

    IVS 103 sets out the requirements for communicating the valuation in a report.

  2. The cost approach is generally most appropriate for which type of asset?

    Answer: Specialized assets with no active market

    The cost approach suits specialized assets where market or income evidence is limited.

  3. Under IVS, 'Fair Value' as defined by IFRS differs from market value mainly because it is defined by which framework?

    Answer: Financial reporting standards (IFRS 13)

    IFRS fair value is an accounting concept defined under IFRS 13 for financial reporting purposes.

  4. What does IVS require when a valuer relies on information provided by the client?

    Answer: Disclose the source and consider its reliability

    IVS requires valuers to identify the source and assess whether reliance is reasonable.

  5. Which concept describes the most likely use of an asset that is physically possible, legally permissible, and financially feasible?

    Answer: Highest and best use

    Highest and best use reflects the use that maximizes an asset's value within those constraints.

  6. Under IVS, what must a valuer disclose if departing from a standard?

    Answer: The departure and the reasons for it

    Any departure from IVS must be transparently disclosed with justification.

  7. Which of the following best describes 'Investment Value' under IVS?

    Answer: Value to a particular owner for specified objectives

    Investment value reflects the worth of an asset to a specific owner given their goals.