Due to the ever-changing requirements of the accounting standards and increased levels of sophistication required in their existing spreadsheets their initial objective was to :-

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• produce internal efficiency

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• reduce the significant cost of training new valuers and engineers

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• eliminate errors typically experienced with spreadsheets and

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• make the external audit process easier and more efficient

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However during the early development of the product they also undertook some research with their clients. Their clients feedback identified a range of issues traditionally associated with financial reporting valuation. These included :-

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• Traditionally high cost of the valuation process using external valuers

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• Concerns over over-reliance on external consultants resulting in low levels of internal knowledge and capability

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• Inconsistency between valuations from year to year leading to audit issues

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• Inconsistent methodologies across Asset Classes

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• Valuations often not delivered by external valuers on time that in turn impacted on the timelines for the preparation of the financial statements

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• Inconsistency between accounting requirements and how different people have applied them

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• Difficulties getting valuers to change assumptions or outputs

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• Valuation Reports often lacked the key information required to prepare all the notes and disclosures required by the accounting standards

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• Valuation spreadsheets received from valuers were often full of errors

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