Financial reporting valuation Fair value, at the balance date.
Valufield drafts a financial reporting valuation from a template built around fair value and the reporting date. The checker reads the draft for the points an auditor looks for before a second valuer reviews it.
Fair value, for the accounts.
It is not an ordinary market value report with a new purpose line.
Fair value of a property
States the fair value of a property as defined in AASB 13, at the reporting entity’s measurement date, normally its balance date. The figure goes into the entity’s financial statements.
Who instructs and reads it
A company, trust, fund or other reporting entity. Its accountant prepares the statements and its auditor tests them. The property is usually owner-occupied or an investment property.
What it must state
The reporting date tied to the valuation date, the fair value basis, the asset class and interest valued, and the hierarchy level. Owner-occupied property also needs a land and buildings split.
The entity and the date, first.
The template is filled from firm settings and the facts the valuer confirms.
Confirm entity and date
The valuer confirms the reporting entity, its balance date, the asset class, the tenancy and the valuation date. The valuation date cannot be in the future.
A fair value structure
The template has a fair value basis section, principal market and market participants, highest and best use, hierarchy level and a land and buildings split.
The valuer’s figures
AI may suggest wording for descriptive sections only. The value, the land split, the rates, adjustments and sales evidence are refused to AI in the database.
Read like an auditor.
The checker says BLOCK or WARN and where to fix it. It checks wording and consistency, not whether the fair value is right.
Date tied to balance date
It blocks a report whose reporting date is not stated or not tied to the valuation date. It also flags a valuation date in the future.
Fair value basis present
It blocks a missing fair value basis section and looks for one value term throughout, so the report does not drift between fair value and market value.
Split that adds up
It blocks a land and buildings split that is missing or does not add up. It also looks for the hierarchy level and the significant inputs.
Review and release
A second valuer peer-reviews the recorded file. Release is a separate gated step and never emails the client.
Straight answers.
Will our auditor accept the report?
We cannot say what an auditor will accept. The template and checker cover the points an auditor looks for, and your valuer stays responsible for the value and the standards.
Can it be used for lending?
No. No lending or bank panel report type is offered, and the report is not for mortgage purposes.
Does AI work out the fair value or the split?
No. The database refuses AI the value and the rates. AI may only suggest wording for descriptive sections, and the valuer accepts, edits or discards each one.
See it on a job like yours.
Tell us about your firm and we will show you Valufield on your kind of work, including what is released today and what is still in build. The form takes about a minute, and a person replies.
- We reply to arrange a time.
- We walk through the product on your kind of work.
- You decide, with no obligation.
Rather email? support@valufield.com.au