PATRIMONIUL PUBLIC. ESTIMAREA VALORII REALE A IMOBILELOR DE UTILITATE PUBLICĂ
PUBLIC PATRIMONY THE ESTIMATION OF THE FAIR VALUES ASSOCIATED TO REAL ESTATE COMPONENTS

Summary/Abstract: It aimed at estimating the fair value of the fixed assets as they are defined in the international valuation standards, particularly for public property. The fair value of land and buildings is usually their market value. For public patrimony, the method must consider also the net replacement cost when there are no possibilities of identifying a market value as that type of tangible assets is very rarely sold. This paper proposes the use of social-economic parameters for adjusting the fair value, with applicability only for public property evaluation. These parameters were determined based on Property Rights, Financing Correction, Selling Conditions, Market Conditions, Localization, Physical Characteristics, Economic Characteristics, Use, Non-real estate Components of Value. Our analyses and opinions were based and developed according to the requirements of the standards of the International Valuation Standards Committee (IVSC2) and the working recommendations made by ANEVAR (National Association of evaluation agents in Romania). The purpose of the valuation report is the estimation of the fair values associated to real estate components of the public patrimony for accounting recording by the authorities, at year’s end, in accordance with the International Valuation Standards and International Financial Reporting Standards (IFRS). The valuation opinion must be analyzed in the general context of economy (at report date) when the valuation operation takes place, of the development stage of the specific market (real estate) and of the purpose of the valuation.

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