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 :-

  • produce internal efficiency

  • reduce the significant cost of training new valuers and engineers

  • eliminate errors typically experienced with spreadsheets and

  • make the external audit process easier and more efficient

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 :-

  • Traditionally high cost of the valuation process using external valuers

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

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

  • Inconsistent methodologies across Asset Classes

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

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

  • Difficulties getting valuers to change assumptions or outputs

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

  • Valuation spreadsheets received from valuers were often full of errors

Origins

Asset Valuer Pro was originally developed by leading financial reporting valuation experts based on over 30 years experience with delivering and auditing valuations under both IFRS and IPSAS based accounting standards. Initially named ‘Fair Value Pro’ to reflect the requirements of the IFRS and IPSAS standards its was renamed to ‘Asset Valuer Pro’ to reflect changes flowing from the new IPSAS conceptual framework released in 2016.

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