APES GN 21 Valuation Services for Financial Reporting (APES GN 21) provides guidance on applying the professional standard APES 225. The new guidance note is effective from the date of issue and can be found on the APESB website.
Specific guidance is included on valuation report disclosures related to such areas as business combinations, impairment of goodwill and intangible assets, share-based payments, financial instruments and superannuation entities.
“Valuation services for the purposes of financial reporting represent a large proportion of all valuation services. Fair value measurement has become an increasingly important part of these services following the adoption of International Financial Reporting Standards,” said APESB chair Nicola Roxon.
“Alongside additional guidance on performance of these type of valuation services, this guidance note provides clarification of the professional and ethical obligations for valuation practitioners in respect of matters to be disclosed in the valuation report.”