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ORDER OF THE MINISTER OF FINANCE OF THE REPUBLIC OF KAZAKHSTAN

of May 5, 2018 No. 519

About approval of standards of assessment

(as amended on 23-08-2022)

According to Item 2 of article 13 of the Law of the Republic of Kazakhstan "About estimative activities in the Republic of Kazakhstan" PRIKAZYVAYU:

1. Approve:

1) the standard of assessment "Value assessment of personal estate" according to appendix 1 to this order;

2) the standard of assessment "Value assessment of real estate" according to appendix 2 to this order;

3) the standard of assessment "Cost types" according to appendix 3 to this order;

4) the standard of assessment "Value assessment of intellectual property items and intangible assets" according to appendix 4 to this order;

5) the standard of assessment "Business valuation and the rights of participation in business" according to appendix 5 to this order;

6) the standard of assessment "Assessment of financial instruments" according to appendix 6 to this order.

2. Recognize invalid:

1) the order of the Minister of Justice of the Republic of Kazakhstan of February 25, 2015 No. 115 "About some questions of estimative activities" (it is registered in the Register of state registration of regulatory legal acts at No. 10580, it is published on July 8, 2015 in information system of law of Ad_let);

2) the order of the Minister of Justice of the Republic of Kazakhstan of May 24, 2017 No. 599 "About modification and amendments in the order of the Minister of Justice of the Republic of Kazakhstan of February 25, 2015 No. 115 "About some questions of estimative activities" (it is registered in the Register of state registration of regulatory legal acts at No. 15145, it is published on June 2, 2017 in Reference control bank of regulatory legal acts of the Republic of Kazakhstan).

3. To department of methodology of financial accounting and audit of the Ministry of Finance of the Republic of Kazakhstan (Bekturova A. T.) in the procedure established by the legislation to provide:

1) state registration of this order in the Ministry of Justice of the Republic of Kazakhstan;

2) within ten calendar days from the date of state registration of this order the direction it the copy in paper and electronic type in the Kazakh and Russian languages in the Republican state company on the right of economic maintaining "The republican center of legal information" for official publication and inclusion in Reference control bank of regulatory legal acts of the Republic of Kazakhstan;

3) placement of this order on Internet resource of the Ministry of Finance of the Republic of Kazakhstan;

4) within ten working days after state registration of this order in the Ministry of Justice of the Republic of Kazakhstan provision in Department of legal service of the Ministry of Finance of the Republic of Kazakhstan of data on execution of the actions provided by subitems 1), 2) and 3) of this Item.

4. This order becomes effective since July 13, 2018 and is subject to official publication.

Minister of Finance of the Republic of Kazakhstan

B. Sultanov

It is approved

Minister of Justice of the Republic of Kazakhstan

2018

 

M. Beketayev

Appendix 1

to the Order of the Minister of Finance of the Republic of Kazakhstan of May 5, 2018 No. 519

Standard of assessment "Value assessment of personal estate"

Chapter 1. General provisions

1. This standard of assessment "Value assessment of personal estate" (further – the standard) is developed according to the Law of the Republic of Kazakhstan "About estimative activities in the Republic of Kazakhstan" and international standards of assessment, establishes requirements to value assessment, approaches and evaluation methods of personal estate.

2. Action of the standard extends to assessment of all types of material personal estate.

For the purpose of assessment this standard extends also to assessment of the air and ocean ships which are subject to state registration, courts of internal water swimming, courts of swimming "river sea", space objects and is used by the appraisers having the certificate on qualification assignment "appraiser" on specialization "Assessment of personal estate".

This standard does not extend to securities valuation.

Securities are estimated according to the standards "Business Valuation and Rights of Participation in Business", "Assessment of Financial Instruments".

3. In this standard the following concepts are used:

1) biological assets – animal or plant which in the course of biological transformations is capable to give agricultural products and (or) additional biological assets and also to bring in a different way economic benefits;

2) the generating unit – the smallest identifiable group of assets providing cash receipt which are substantially independent of other assets or groups of assets;

3) the equipment – assets, set of machines, mechanisms, devices, the devices used for work or production and also their accessories, accessories, stock, vehicles, tools used for the purpose of organizational technological support of activities of the company or the organization;

4) improvements of the lessee – the fixed improvements or additions to the earth or buildings established and paid by the lessee for satisfaction of the needs, usually eliminated by the lessee upon termination of lease term. Their elimination does not cause to the real estate serious damage;

5) personal estate (movable things and values) – the property which is not relating to the real estate including money and securities;

6) collecting objects – works of art, ancient objects, gemstones, jewelry, musical instruments, numismatical or philatelic collections, rare books and archival materials;

7) the vehicle – the technical device intended for transportation of people or freights;

8) corporate assets – the assets not capable irrespective of other assets or groups of assets to make cash inflows, but at the same time their book value completely does not belong to the generating unit;

9) installations – assets which are inseparable from other assets and include compound and structural elements of objects of municipal services, specialized buildings, machines and the equipment;

10) specialized property – property which seldom is on sale in the market differently, as by means of sale of business or the organization which part it is, owing to its uniqueness caused by its specialized nature and design, configuration, the size, location and other properties;

11) machines – technical devices which is carried out by movements of mechanical nature for the purpose of transformation of energy, materials and information used for accomplishment of the specialized engineering procedures caused by operational requirements of business entity;

12) operational property – asset which is considered necessary for the main activities of constantly functioning company;

13) office equipment – furniture, the computer equipment (computers, monitors, the network equipment, accessories, the peripheral equipment), office equipment (phones, copiers, faxes, printers), devices and consumer electronics (conditioners, systems of the internal notification, refrigerators, dishwashers, TVs, etc.) and like similar;

14) cost approach in case of assessment of works of art – the approach to cost determination of works of art considering as substitute upon purchase of this work of art possibility of creation of other work of art;

15) retrospective assessment – assessment executed by the appraiser for the corresponding date of last period. Calculations and information on the given analogs to which the appraiser refers by preparation of the valuation report correspond to date for which assessment is carried out;

16) trade accessories and devices of the lessee – the accessories which are not the real estate attached to property by the lessee and used by it when conducting trade or business;

17) external (economic) obsolescence (impairment) – loss of project cost as a result of changes in the market owing to impact of external situation (ratio of the demand and offers in the market which developed in the region caused by state of the economy, demographic situation, solvency of consumers and other local conditions);

18) physical wear – loss of project cost owing to damages (defects) caused by wear and destructions, connected with service conditions, leaving under the influence of climatic and other factors;

19) functional obsolescence – loss of project cost in connection with reduction in cost of its reproduction or in connection with lower production in comparison with new;

20) coefficient of braking of Chilton – exponent when calculating change in value depending on distinction of key parameter of the estimated personal estate from analog which cost is known.

Chapter 2. Approaches and evaluation methods of personal estate

4. Establishment of market or other value of personal estate is made by application of the evaluation methods grouped in profitable, costly and comparative approaches.

5. The income approach to valuation of personal estate is applied if it is possible to allocate the specific cash flows created by the estimated asset or group of additional assets, for example, when such group of assets forms single process in which marketable products are made.

At the same time, it is necessary to consider that some elements of cash flow are in some cases connected with intangible assets, and from it it is difficult to allocate the contribution made by personal estate.

Methods of income approach:

1) method of the discounted cash flows – cost determination, proceeding from conditions of the change and uneven receipt of cash flows depending on risk degree connected with use of object of assessment for commercial purposes;

2) method of direct earnings capitalization – cost determination, proceeding from conditions of preserving stable use of object of assessment in case of the uniform size of the income during unrestricted periods of time;

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