Actively and fun to shoot the game "Dangerous weapons". How clear from ...
An important step in determining the cost of construction is the transition from the base price level for which estimated standards, estimates, or the cost of analogue, is determined, to the cost of the evaluation date. Such a transition is performed using price indices.
Price indexes are the ratio of the cost of construction products, works or resources at the current price level for value in the basic price level.
The following types of indexes can be used by appraisers:
1) indexes to elements of direct costs by types of construction and installation work;
2) indexes to the elements of direct costs for a full range of works;
3) indices to the full cost of CMR by types of construction and work;
4) Indices to individual elements of the estimated cost (CMR, equipment, other costs).
Sources of regularly updated information on current indexes are, as a rule, are monthly bulletins of regional pricing centers in construction (RCCC). Information on price indices in the construction quarterly is also published in the Bulletins of the Coinvest (Moscow).
The use of a particular index depends on the nature of the existing estimated documentation and the structure of the estimated cost of construction.
It should be borne in mind that one indexing the task of transition of the cost of construction in the basic level of price prices is not solved on the valuation date. For accounting for the costs operating in modern market conditions and not taken into account in the preparation of the estimate during the construction period, as well as to take into account the income of the entrepreneur, the indexed value of the estimated cost of construction should be increased by the values \u200b\u200bof these costs.
Despite the wide range of estimated standards used for the purpose of construction design, it should be borne in mind that, in assessing real estate, specific appraisal approaches are priority.First of all, the source of information on the cost of new construction should consider reliable data on building contracts for the construction of such buildings. In the absence of direct access to the terms of contract contracts, this information can be obtained from local construction contracting organizations.
It should be noted that in Russia there is currently working on creating a specialized database for evaluation. One of the directions of such a work is the use of a domestic regulatory framework developed specifically for the reassessment purposes and called "integrated indicators of the replacement value of buildings and structures for the revaluation of fixed assets (OPVS). The FEP consists of 39 sectoral and inter-sectoral collections containing the value indicators of the construction unit - 1 m area, 1 m of the construction volume - for various typical buildings and structures. The OPVS takes into account the averaged costs in the amount of all chapters of the consolidated estimated calculation of the cost of construction. The OPVS application area are buildings and structures, built according to typical projects mainly in the period 1930-80.
Based on the estimated standards discussed above, in the modern practice of real estate assessment, four basic methods for determining the cost of new construction are used. They are based on the assessment of the cost of recovery.
Among them:
Basic-index method;
- resource method (or value, cost calculation, estimated, single rates);
- modular method (partitioning method for components);
- Method of a comparative unit (method of enlarged indicators). Consider them consistently.
The basic-index method involves the use of data of design and estimate documentation in the basic price level and the application of the system of directorous (recommended by the regional pricing center in the construction of RCCS) corrective coefficients of recalculation (indexes) from the basic prices of current prices recommended by regional pricing centers in construction. Bringing to the level of current prices is made by multiplying the basic value by types of works or elements of direct costs for the corresponding index. Basically use the base as the most complete and detailed. It can be used as integral coefficients of recalculation to the entire CMR complex for various types of buildings and differentiated recalculation coefficients that take into account all types of work, including separately appreciation of materials, the main wage and operation of machinery and mechanisms. As applied research shows, the difference in the values \u200b\u200bof the replacement value calculated using the integral and differentiated coefficients is 10-15%.
The basic-index method in the presence of ready-made estimates is effective for practical application. However, it requires knowledge of the estimated business, and when it is used, it is desirable to attract specialists of the estimates of project or contract construction organizations.
The resource method for assessing the recovery value is based on the determination of the physical volumes of structural elements of buildings and structures, the consumption of building materials, the calculation of the value of these materials (or elements of structures) in current regional market prices, with the subsequent addition of payment for the wage of the main workers, operation of machines and mechanisms, limited and other costs, as well as planned savings.
The volume of material resources are defined either from project documentation or based on measurement results. The labor costs and the duration of operation of machines and mechanisms are determined by regulatory data, and their current one is accepted as the cost of each resource.
The resource method based on the evaluation of direct cost elements (resources) in current market prices gives the best approximation to market value Buildings (structures) than basic-index. However, the resource method for estimating the cost of real estate requires high labor costs, high qualifications and significant evaluator experience.
Despite the fact that there are currently a lot of software complexes for the preparation and release of the estimate, in the practice of appraisal activities, the resource method is assessed limited, as it implies the time-considerable determination of the volume of CMR, the costs of building materials, the cost and time of operation of construction machines. However B. modern conditions This method acquires priority in building design.
It is also necessary to draw attention to the following feature of the resource method. Since it uses current market prices and rates that take into account modern work technology, modern materials and modern machines and mechanisms can be stated that in assessing objects with chronological age, at least more than five years, the resource method determines the cost of substitution, and not Recovery cost. This is also fully refer to the basic-index method using territorial unit rates.
It should also be borne in mind two more additional circumstances relating to both the resource and the basic-index method.
First, when using indices to the full cost of SMR by types of work or current market prices, the specifications of the specific gravity of structural elements and engineering systems are redistributed in the total substitution costs (due to the different degrees of the rise in the elements). Secondly, it should be carefully used in the calculation of the existing regulatory data on the service life of the estimated structural elements and engineering devices from modern materials, since the durability of the latter may not correspond to the characteristics of the durability of materials laid down in the regulatory data. In this case, the determination of the physical wear of the structural elements of the object on the regulatory periods of the service may be incorrect.
Taking into account the applied application of the resource method when determining the full costs for the new construction of existing objects, it is possible with two reservations:
1) actually determines the cost of substitution;
2) The use of regulatory limits of the element service when calculating the magnitude of the physical wear may be incorrect.
A variation of the resource method is a resource-index method, characterized in that the resource prices are not current, but the base level. At the same time, basic levels are also obtained. To go to the current price level, the basic costs of resources are necessary to multiply to the relevant indexes, after which summarize the results to obtain the validity of direct costs at the current price level.
The second type is the simplified version of the resource method, characterized in that the costs of wages of the main working and operation of building machines are determined by n based on elemental estimated norms or resource indicators, and in percentage of building materials on the basis of average building organizations or a specific contractor (for a specific type of buildings). The modular method (partitioning method for components) is to divide all types of construction and assembly work to the integrined sections (modules). These modules are: earthworks, foundations, frame, walls, floors, partitions, roofing, windows, doors, interior decoration, domestic sanitary and technical work, electrical work, etc.
Determined in a percentage of any (any) from the main (capital) modules in the total value of the object. This information can be obtained from the technical passport of the object, and in its absence - from collections of enlarged estimated standards (EPS, price list) and enlarged indicators of the replacement value (OSVS). Rates for appropriate types of work (modules) are selected from existing estimated documentation or from enlarged estimated standards (USN, BP, UPSS, Price List, etc.). In the absence of such rates, local estimates are drawn up on the appropriate types of works by the basic-index or resource method.
The modular method is advisable to use for an approximate assessment in case of lack of source information. In this case, it suffices to determine the costs for one or more of the main modules to, based on their exemplary specific deposit, expressed as a percentage, find the total cost of construction and installation work.
The execution of the estimated calculation using enlarged standards requires the performer of professional skills in an estimate effect.
The comparative unit method involves the use of data on current value any parameter, for example, 1 m2 common Square, 1 m3 of the building volume, etc., in the buildings of a particular type in the current or basic level of prices obtained by the average actual cost of construction in the conditions of the region. Current prices are taken from statistical data on the average actual cost of construction in the region, for example, from the RCCC bulletins, basic prices - from collections of enlarged estimated standards (USSS, Price List), enlarged replacement value indicators (OPVS).
The method of comparative unit is convenient to use in cases where the estimated object occupies part of the building (structures), and the establishment of its share ( swelling) In total value is difficult due to significant differences in the layout and height of the floors, designs, quality and degree of outdoor and interior decoration, as well as differences in engineering equipment and technical systems.
The method is the least time consuming and provides accuracy of about 15-20%.
The collections of the OPPEC were developed in 1970-1972. and were designed to revaluate buildings and structures of all industries national economy On January 1, 1972
The enlarged indicators given in the collections are compiled in prices introduced from January 1, 1969.
In total, 39 collections of the Federal Security Service of various sectors of the national economy were developed. The OPVS is grouped by types of buildings, and structures and contain the replacement cost of 1 m3 of building volume of buildings or 1 km of pipeline, 1 km of the road, etc. Depending on a number of parameters (their appointments, designs, capitalities, improvement, size and location in a territory of a territorial belt, taking into account the type of climatic area through the appropriate correction coefficients).
OPVS include:
All direct costs;
- overhead and planned accumulation;
- all-specific expenses for the preparation and development of the site;
- the cost of design and survey work;
- costs associated with the production of work in winter;
- costs for temporary buildings and structures;
- The cost of maintaining the Directorate of the enterprise under construction and others.
If the estimated object was built earlier than the basic year (depending on the compilation used), it is necessary to determine the cost of construction of an object (1 m3, 1 m2, 1 m.).
If the estimated real estate object was built later used in the calculation of the base period, the rehabilitation cost of the base period should be adjusted to the rehabilitation cost of the estimated object at the date of its commissioning. At the same time, the magnitude of the adjustment is due to the influence of scientific and technological progress (NTP) on the cost of construction. This is the effect of two.
On the one hand, NTP leads to improvement, improving the efficiency of construction technology, which causes cost reduction per unit of construction products.
On the other hand, NTP leads to the emergence of additional costs in construction (more complex finishing of the object according to modern standards, arranged its modern species communication, communications, service, etc.).
Thus, according to the Glavgosexpertiz, as a result of NTP, the rise in the cost of construction was 5-6% per year, and its reduction is 3-4% per year. The result was the letter of the USSR State Building of October 5 No. 79D "On amendments to the cost of construction, reading the change in the values-forming factors." This letter, the magnitude of the raising amendment was permitted in the amount of up to 3%.
Thus, for the purpose of increasing the accuracy of the assessment, it is recommended to adjust the replacement cost of the base period in the amount of 2% per year.
For example, an object of real estate commissioned is estimated. Its replacement cost, determined by the column of the OPVS, is equal to 100 LLC rubles. In this case, the cost of its construction should be taken equal to 100 LLC x (1 +0.02) 5 \u003d 110,408 rubles.
The comparative unit method is very widely used by the appraisers, however, it is necessary to use it very carefully, since these sources of information (USS, the price list, OPVS) contain many features that need to know and take into account (for example, what costs are included in the unit cost).
Examples of calculating the reduction value
The building (construction) of potatoes, located in the suburbs of St. Petersburg, is chosen as an assessment object. Evaluation date (conditional) - January 1.Description of the object of the assessment:
The object is a valid potatoes with storage rooms.
The building is separate, it has a rectangular shape, the year of construction - 1970, the Group of Capitalities - 2, the number of floors - 1.
Total estimated area:
Buildings in terms of 532 m2;
- Useful area - 480 m2
Building height - 4.5 m.
Building volume - 2394 m3.
Information about the design features of the building:
Foundation:
- under columns - reinforced concrete, glass type,
- under the walls - tape, precast concrete blocks;
- columns - reinforced concrete;
- outer walls - bricks;
- supporting structures - a complete reinforced concrete frame;
- floors - precast concrete plates;
- Gate - wooden;
- partitions - brick;
- Roof - soft-rolled in three layers;
- Floors - concrete.
Engineering networks - electric lighting, ventilation (natural).
For the object under consideration: territorial belt - 1 (first), climatic district - 2 (second), branch - agriculture.
Consider the calculation of the replacement cost of improvements to the object of the Opener by all four methods: basic-index, resource, modular and comparative unit method.
As an application, we will give the classification of buildings into groups of capitalities depending on the material of capital structures: foundations, walls and overlaps.
1. Calculation of the replacement value by the basic-index method
The last time the basic prices in construction in our country were established (SNiP 4.03.91). In practice, estimated calculations for construction and installation work are more often drawn up in basic prices, since the regulatory documentation (SNiP IV-4-82) was developed in the most detailed. In addition, the regional indexes of recalculating the estimated cost from the current prices, which in St. Petersburg develops a regional center for pricing in the construction of St. Petersburg, are determined precisely to recalculate from the basic level. These indexes are published in the Moninform SPb Monthly Bulletin.
According to the standards of 1984 and now in force, the estimated cost of construction of an object is determined by a consolidated estimate and financial calculation, including 12 chapters:
Chapter 1. Preparation of the construction site (cost rate - 1-10%).
Chapter 2. Basic construction facilities.
Chapter 3. Objects of utility and maintenance.
Chapter 4. Objects of transportation and communications.
Chapter 5. Energy facilities.
Chapter 6. External networks and facilities.
Chapter 7. Improvement of the territory of construction and landscaping (the entire infrastructure of the object under chapters 3-7 has an estimated cost of 3-30%).
Chapter 8. Temporary buildings and structures (assessed usually 1-4% of the sum of chapters 1-7).
Chapter 9. Other works and costs (usually about 4-10% of the sum of chapters 1-8):
- rise in price in winter time (1.5-3.5%) from the sum of chapters 1-8;
- Tax on the use of roads (approximately 2.5%) from the sum of chapters 1-12, etc.
Chapter 10. Contents of the Directorate (Technical Supervision), author's supervision (from the amount of chapters 1-9):
- technical supervision (from the customer) 3-5% of the amount of chapters 1-9;
- Author's supervision (from the designer) 3-10% of the sum of chapters 1-9.
Chapter 11 Preparation of operational frames (Chapter is introduced if there is a need for specially trained frames, is not normalized and not regulated. Maybe there may be no if the object is typical).
Chapter 12. Design and Exploration Works. Depending on the amount of direct costs, it is usually about 1.5-11% of the sum of chapters 1-11.
The basis of the calculation is Chapter 2, which includes the data of local estimated calculations (estimates) into separate types of construction and assembly work: earthworks, foundations, walls, floors, openings, roofing, etc. To compile a local estimate used Eroer-84 and collections of medium district estimated prices for materials, products and structures (annex to SNiP IV-4-82). Currently, the RCCC has developed a new base of PRS-98, PRR-98, PRM-98, ERS-99, EPR-99, ERM-99.
Calculation sequence:
1. These calculations of local estimates are grouped by direct costs: materials, basic wages of the main working and operation of machinery and mechanisms.
2. The direct costs are determined at current prices.
3. The costs of overhead and contractor profits are determined in the region. Moreover, overhead costs can be determined from direct costs or from the wage fund (Fot) as a percentage.
From index of the current level of salary in construction in relation to the level of estimated prices of 1984
The contractor's profit rate is established by the Russian State Builder in the amount of 12% (8% for the 1984 base).
4. The summation of the above costs determines the cost of construction and installation work (the result of chapter 2).
5. According to project-estimate documentation, the costs of creating an object infrastructure (chapter 1, 3-7) are determined.
6. The cost of chapter 8 is determined by standards from the result of chapters 1-7 (temporary buildings and structures).
7. The costs of chapter 9 are determined by standards from the result of chapters 1-8 (winter higher prices and other costs).
8. The costs of chapter 10 are determined by standards from the result of chapters 1-9.
9. The costs of chapter 12 are determined by the standard of chapters 1-11.
10. The summation of the costs of chapters 1-12 and plus VAT is determined by the cost of building an object.
Additional indirect costs of the developer are estimated in the range of 0.5-10% of the costs of chapters 1-12.
Then the replacement cost of object improvements is determined by the increase in the value of entrepreneurial income (PP).
When using a basic-index method, the calculations of the cost of construction were carried out in basic prices based on the integrated indicators of the basic value by types of work (BP FEBS).
The transition from the prices of the base 1991 to the current was carried out using the appointment indices (index method), and the latter, in turn, were determined taking into account the actual stock prices for materials and energy. When calculating the index method, the cost indicators were taken according to the RCCS data at the appraisal date - January 1.
Calculations are made in the ECDEL spreadsheet environment using the AR-RGO-2.0 Armediary Program.
3. Calculation of the reduction value by the method of comparative unit is based on comparing the cost of the unit of consumer properties (1 m2 of the area, 1 m3 of the building volume, 1 parking space, etc.) of the estimated object with a value of a similar unit of measurement of such a typical object.
When applying this method, indicators of single costs are used to determine the replacement cost, taken from special reference books and collections. The regulatory framework of the method under consideration includes collections "Enlightened reducing value indicators" (OPS). These collections contain data on the restoration cost of typical objects (consumer properties) according to information.
When carrying out the calculations, an electronic program was used (written on the basis of compilation collections) to find and analyze typical objects, further adjustments to the differences in constructive solutions from the assessment object.
Adjustment on the date of the assessment was carried out using indexes (deflators) by a quarterly published regional pricing center in the construction of St. Petersburg. This adjustment is performed by double recalculation of prices for the evaluation date.
During the calculations, several options for analogs (greenhouses) were selected and considered, similar to its intended, constructive solutions, in composition and types of engineering equipment. Of these, one analogue as typical was finally chosen.
Estimation of business profit
To consider the estimated income from its sale in the cost of real estate and reflect the cumulative risks of the developer (investor), a certain amount reflecting a typical (normal) estimated profit of the developer should be added to the magnitude of the construction costs. Its size is expressed in money or as a percentage of the cost of creating these improvements and appears as component The cost of recovery or replace improvements.The value of entrepreneurial profits should take into account without a risky rate of income, as well as the risk associated with the implementation of this type of real estate in the market. Getting market data is difficult, as they are most often protected as a commercial secrecy. Values \u200b\u200bin the range of 10-30%, usually accepted on the basis of an interview with entrepreneurs, are not justified. In particular, the appraisers do not pay attention to the fact that this profit depends on the volume and terms of construction, on whether the functions of the investor (customer) and the builder (contractor) are divided from other factors.
Thus, the definition of the profit of the entrepreneur in the framework of the costly assessment of real estate remains one of the actual evaluation problems. Some modern approaches to the assessment of the income of the entrepreneur are based on the principle of alternative to investments: investing in new construction makes sense only if the profit from the construction project will be no less than the profit from an alternative project having the same level of risk and the same duration, As new construction.
1. Calculation of the profit of the entrepreneur by the method of uncomplicated investment.
The economic meaning of uncomplicated investment is based on the concept of "imputed costs" or "missed benefit from temporary freezing capital." Capital in monetary or material form is obliged to "work" or generate income. If capital is temporarily on objective reasons does not bring income, his owner is losses equivalent to a percentage of this capital. After this time, it is reasonable to assume that the owner will appreciate his capital, taking into account interests affected by him.
Thus, uncomplicated investments are the future value of the flow of investment (costs) to create an object as a source of income or, that the same, accumulated to the exploitation date of the revenue asset at some percentage rate of the cost of its creation.
Thus, the profit of the entrepreneur is equal to the magnitude of the imputed costs or the difference of unreasonable investments and the direct sum of the cost of creating a real estate object.
The total cost of the construction costs (cost of construction) of the building (until the profit of the entrepreneur) is 376188,000 rubles.
The typical time for the construction of such an object is defined in eight blocks. The results of the settlement of the entrepreneur used in the assessment of the building are given.
2. Methods for assessing an entrepreneur's profit based on the analysis of the behavior of the potential investor.
Let's make the following assumptions:
1. The cost of the property defined on the basis of the cost approach is equal to its market value.
2. It is assumed that in all the projects under consideration, the purchase and sale of the property of the property are performed at market value.
3. It is assumed that the investor at the time of making a decision on the purchase or construction of the facility has the entire necessary amount for the purchase of an object at a price equal to market value.
At the same time it is assumed that the investor expects to invest an existing amount. In this case, when choosing an option involving a phased investment (for example, in the construction of an object), a reasonable investor will want that temporarily unused funds also income.
In the event that the value of the funds that the investor can and want to invest, significantly exceeds the cost of the object, it will be able to invest temporarily in a similar project with the same rate of profitability with a large proportion.
The cost of substitution is determined by the costs at current prices for the construction of an object with an estimated equivalent utility, but built in a new architectural style using modern design standards and progressive materials and structures, as well as modern equipment Property object.
What of the two costs (restorative or substitution) to be taken to determine the cost of the estimated object, solves an appraiser's expert based on the possibilities of implementing a method of calculating in this particular situation. However, from a practical point of view, it is more preferable to use the cost of recovery, since when replacing the object is created, differing from the measured.
There are four main ways to determine the replacement value of the real estate object.
1. Based on the estimated cost of construction, or the quantitative analysis method.
Estimation for construction - a documented plan for receipt and spending money to finance construction costs.
This method consists in draming estimates for the construction of this object, as if it was built again. Initially, it is necessary to make a quantitative list of all materials and equipment and make the calculation of labor costs needed to install each element, i.e., determine direct costs. These need to add indirect costs (insurance payments, interest and taxes paid during the construction, architects fees, management costs, etc.), as well as the profit of the developer.
This is the most time-consuming method for determining the value of the object, although it can be significantly facilitated if the old estimates are preserved for the estimated object, for which this object was built. Otherwise, the expert appraiser will require the help of an estimator specialist, which develops estimates for an estimated object using single norms and rates and price indices for construction and assembly work.
Construction and installation work (CMR).
Basic wage Construction workers.
The cost of materials, semi-finished products, details and structures.
The cost of operating construction machines and mechanisms.
Total Direct costs (PZ)
Overhead (HP)
Total contractor costs (cost C \u003d PZ + HP)
Planned accumulations (PN)
Total contracting price (rehabilitation cost of SVR SVISMR \u003d C + PN)
Costs for the purchase of engineering equipment (ZO).
Other construction costs associated with construction.
Costs for design and estimated and survey work.
The costs associated with the land separation.
Customer function costs.
Payment of lawyers and other consultants.
Insurance payments.
Taxes.
Sale expenses.
Current expenses for the end of construction before the sale.
Other costs.
TOTAL OTHER COSTS OF THE RESEARCH (PZZ)
Total the cost of the developer (ZZ \u003d SVR + ZO + PZZ)
Profit developer (prz)
Total cost of the object (sv about \u003d zz + prz)
Index method.
It provides for the adjustment of the carrying value to the appropriate index in accordance with the Regulations on the procedure for revaluation of fixed assets (funds) of enterprises and organizations approved by Decree of the Government of the Russian Federation No. 1233 of November 25, 1993. Indices for the revaluation of fixed assets are approved by the Government of the Russian Federation and are periodically published in print.
Method of a comparative unit.
The method of assessing the cost of construction by multiplying the adjusted value of the unit chosen for calculating the real estate (taken as a guideline) by the number of units of the object of the object. The units of measurement can be 1m2, 1m3, 1st place, etc. In case the expert appraiser cannot find a newly built comparable object, it is possible to use the development of the Central Bank of the economy and management of construction, which produces specific value indicators on the consumer unit of construction products according to the characteristic types of buildings and structures in the basic, current and forecast price levels on the basis of quarterly prices for resources.
4. The breakdown method into components.
This method uses cost indicators for individual components of the building, including their installation (costs for earthworks, installation, finishing, etc.).
The cost of property on the cost approach is determined on the basis of the replacement cost minus all types of accumulated wear: physical, functional and external.
Under the replacement value of the property means the full cost of the costs that the owner would have carried, if he had to completely replace this property on similar new facilities at market prices and tariffs, existing on the evaluation date, including the cost of acquiring (construction), transportation, installation ( Installation) objects, for imported objects - also customs payments, etc.
When evaluating the market value of the property on the cost approach, three types of wear are distinguished:
- - physical;
- - functional;
- - External (Economic).
Physical wear is a decrease in the value of the property due to the gradual loss of initially laid down when creating technical and economic qualities under the influence of operation, natural climatic factors, as well as human life.
Functional wear is a decrease in the value of property caused by the emergence of new technologies, materials or technological principles, which leads to the reduction of capital expenditures in the existing property, incomplete use, the impossibility of expanding or upgrading objects.
External (economic) wear is the shape of wear, which is a decrease in the value of the property due to the economic, political, environmental situation in both the region and directly close to the location of the object.
The cost method has a number of restrictions when evaluating facilities with a long service life due to difficulties with measuring accumulated wear. In addition, the cost approach does not affect the sufficient degree of market expectations from the use by the estimated object. Therefore, the level of value defined by the cost method is one of the points of view when determining market value and is mainly used as an addition or component for the output of the final value.
The main emphasis in determining the market value of the property is made to the sales comparison method or on the capitalization method of income. The cost method remains as it were in the second plan. However, in the overwhelming majority of cases, the assessment obtained by the method is the necessary component for the output of the final value of the market value.
The replacement cost (Sun) of the construction of an estimated property of real estate is calculated at current prices on the evaluation date without taking into account the accumulated wear.
It can be calculated on the basis of the cost of reproduction or the cost of substitution. The choice of calculation of these costs requires a certain justification and depends on many factors: the objectives of the assessment, the number and quality of the information collected about the object of assessment, its physical characteristics, etc.
The cost of reproduction is the cost of building an accurate copy of the estimated building at current prices to the actual date of the assessment when using the same building materials, standards and projects.
The cost of substitution is the cost of building an object of the same utility at current prices to validation using modern materials, standards, projects and architectural solutions.
More preferable is the calculation of the "reproduction" cost, since otherwise the costs of building a building, differing from many characteristics that are measured by many characteristics are determined. At the same time, the rating of the difference in the usefulness of compared buildings is very subjective.
The choice of calculating the value of "substitution" is reasonable if the estimated building has signs of functional wear, which reduces commercial attractiveness for a potential buyer.
Full reducing cost (PVA) - the replacement cost of fixed assets in the book value, taking into account the concomitant costs necessary to start the operation of assets (mostly relevant for the active part of the basic funds).
The determination of the replacement cost is the calculation of the costs associated with the construction of the facility and the surrender to its customer. Depending on the procedure for taking into account these costs in the cost of construction, it is customary to allocate direct and indirect costs.
Direct costs - costs directly related to construction.
These include:
- * The cost of building materials, products and equipment;
- * Wages of workers;
- * The cost of concomitant construction structures and engineering networks;
- * The cost of utilities;
- * cost of delivery and storage of materials, etc.
Indirect costs - costs that are not directly related to the construction:
- * cost of investment in the land;
- * fees design and estimate organizations;
- * Marketing, insurance and advertising expenses and other costs.
Increased costs include overhead. Overhead costs are the funds necessary to create the general conditions of construction production, its organization and maintenance.
Developer's profit (investor) is an entrepreneurial income, which is a remuneration of an investor for the risk associated with the implementation of a construction project.
Depending on the purpose of the assessment and the necessary accuracy of the calculation, there are several methods for determining the replacement cost:
- * Method of a comparative unit;
- * method of breakdown in components;
- * Method of quantitative examination.
The comparative unit method involves the calculation of the cost of building a comparative unit (1 m2, 1 m3) of a similar building. The cost of the comparative unit of analogue should be adjusted to the available differences in compared objects (layout, equipment, property rights, etc.).
To calculate the full value of the estimated object, the adjusted value of the comparison unit is multiplied by the number of comparison units (area, volume). To determine the amount of costs, various reference and regulatory materials are commonly used (USS - enlarged indicators of the cost of construction, the Federal Security Committee - integrated replacement value indicators).
Calculation of the value of the property is made by the formula
CO \u003d cm2 · SO · kp · kn · km · sq · kPZ · KNDS, (3.13)
where CO - the cost of the estimated object;
Cm2 - the cost of 1 m2 of a typical structure to the base date;
SO - the area of \u200b\u200bthe estimated object (number of comparison units);
KP - coefficient that takes into account the possible inconsistency of data on the area of \u200b\u200bthe object obtained in the BTI (technical inventory bureau), and construction area (KP \u003d 1.1-1.2);
CN - coefficient, taking into account the existing inconsistency between the estimated object and the selected typical structure (for an identical object Kn \u003d 1);
Km - coefficient, taking into account the location of the object;
KV - the time ratio that takes into account the change in the cost of construction and installation work (CMR) in the period between the base date and date at the time of the assessment;
KPZ - coefficient, taking into account the profit of the developer (%);
KSDS - a coefficient taking into account VAT (%).
An important step when using this method is the choice of a typical object (analogue), for this you need to consider:
- * single functional purpose;
- * proximity to physical characteristics (class of structural systems);
- * comparable chronological age of compared objects;
- * Other characteristics.
Since in most cases the base for comparison is the cost of a comparative unit of a non-identical object, but a close analogue, then the cost of the object calculated according to the method of reference.
The information base for the given methodology of the calculation can be the quarterly publication of the Co-Invest Consulting Company "Construction Indices" (Interregional Information and Analytical Bulletin, from which you can get information about the dynamics of current and forecast prices for buildings, structures, construction and installation work , materials, designs, technological equipment for all regions of Russia).
The partitioning method on components differs from the previous one in that the cost of the entire building is calculated as the sum of the values \u200b\u200bof its individual building components - foundations, walls, overlaps, etc. The cost of each component is obtained based on the sum of the direct and indirect costs necessary for the unit of the unit by the formula
Szd \u003d (? Vj · cj) · kn, (3.14)
where szd - the cost of building the building as a whole;
Vj - the volume of the J th component;
CJ - the cost of a unit of volume;
The CN is a coefficient that takes into account the existing mismatch between the estimated object and the selected typical structure (for an identical object Kn \u003d 1).
The method of quantitative survey is based on detailed quantitative and cost calculations of the installation costs of individual components, equipment and building the building as a whole. In addition to calculating direct costs, invoice costs and other costs are required, in other words, a complete estimate of the recreation of the estimated object is drawn up.
The quantitative examination method is the base for the use of the above methods for calculating the replacement cost; It gives the most accurate results compared to them. At the same time, this method is the most time consuming, therefore the appraiser must have in-depth theoretical training and significant practical experience.
Four basic methods of definition are known. reproduction costs (substitution):
· Method of a comparative unit (specific value) -corrected value selected to calculate real estate units of measurement (m², m³, 1 place, running meter, etc.) is multiplied by the number of units of the estimated object
St. = (With 69. + S. P i69.) ´ OS. ´ KM ´ To 84. ´ KN. ´ KZ.´ KNSK. (1)
where St.- the full replacement cost of the object at the date of the assessment;
With 69. - the specific value of the basic enlarged indicator of the reducing value of a typical object in the prices of 1969;
P i69 - I-aya amendment to the specific indicator in prices 1969;
OS. - construction volume, m³;
KM- the coefficient takes into account the location of the object;
K 84. - Complex coefficient, transferring prices in 1969 in the price of 1984,
KN. - The regional index is taken according to the management of the state private expertise of the Yaroslavl region by types of work and structures at the date of assessment of 1984
KZ.- coefficient, taking into account the profit of the developer;
KNSK.- Coefficient taking into account VAT.
· The elemental method of calculation - the breakdown method on the components is to determine the specific value of the unit measurement unit based on element costs (for materials, labor, on the production of earthworks, installation, etc.);
· Estimated method of calculation - drawing up object and consolidated estimates of the construction of this object, as if it was built again (the most time-consuming method);
· The index method of assessment determines the reducing cost of the object as a product of the book value and the index established by the Government (State Statistics) of the Russian Federation.
2.2. Wear appraisal.
Wear appraisal. Worn is a loss of value over time under the action of various factors. In terms of value, the accumulated wear is the difference between the rehabilitation cost and the market price of the object at the evaluation date. Depending on the reasons that cause value loss, the wear is divided into three types: physical wear, functional wearWear external influence.
Disposable wear -this wear, the elimination of which is physically possible and economically advisable, i.e. The costs of eliminating a particular type of wear contribute to the cost of the object as a whole.
Cumulative accumulated wear is the object of life lifetime. Consider the life cycle of the building.
Figure 2 - Life cycle of buildings
* May increase due to reconstruction, re-equipment, upgrades or change conditions;
** May be greater than the actual age of the building.
Life term (EJ)- Segment of time during which the object brings income. During this period, the enhanced improvements contribute to the cost of real estate. Improvements reach the end of their economic life, when their contribution to the cost of the site becomes zero due to their aging.
Life of physical life (FZH)- The period of operation of the building during which the condition of the supporting structural elements of the building corresponds to certain criteria (constructive reliability, physical durability, etc.). The term of the physical life of the object is laid during construction and depends on the group of capital equity. Physical life ends when the object is demolished.
Chronological age (il) - The period of time that has passed since the entry of the object into operation before the date of the assessment.
Effective age (eV) It is based on the evaluation of the appearance of the house, taking into account its condition, design and economic factors affecting its value.
The term of the remaining economic life (Soezh) The buildings represent a period of time from the date of evaluation until the end of the economic life of the house, and the appraiser must calculate it.
Physical deterioration - It is a loss of value due to natural processes during operation. It is expressed in aging and wear, destruction, rotting, rusting, breakdown and constructive defects. This type of wear can be both eliminable and unrelated. Disposable physical wear (i.e. wear, which can be eliminated as a result of current repairs) includes planned repairs or replacement of object parts in the process of everyday use.
Functional (moral) wear - It is a loss of value due to the relative inability of this structure to ensure utility compared to the new structure created for the same goals. It is usually caused by bad layout, non-compliance with the technical and functional requirements for such parameters as size, style, service life, etc.
Functional wear can be eliminable and unrelated. Functional wear is considered eliminable when the cost of repair or replacement of outdated or unacceptable components is beneficial or at least does not exceed the value of the usefulness and / or cost. Otherwise, wear is considered unrelated.
Physical and functional wear is usually inherent in the property itself.
Functional wear include loss of value as a result of the inconsistency of the project, materials, construction standards, design quality with modern requirements for these positions. Similar to physical wear, functional wear is measured by the cost of it.
From the point of view of current market standards, functional wear is called:
· Disadvantages requiring adding elements;
· Disadvantages requiring replacement or upgrading elements;
· "Supervolution" ((positions and elements of the structure, the presence of which is currently inadequately modern requirements of market standards).
Exterior Wearing or Economic Wear caused by external assessment factor in relation to the factors: a change in economic, environmental situation, legislative changes. In most cases, it is unrelated due to the immutability of the location, but sometimes it can be "self-sustaining" due to positive environmental change.
The following methods are used to estimate the accumulated wear value:
o. Direct inspection method - The accumulated wear is estimated as percentage of losses from the rehabilitation value of the object. The judgment on the value of wear on the results of an inspection of the object is carried out by the appraiser on the basis of practical experience or the conclusion of a construction expert;
o. Direct market comparison method. Based on the analysis of prices of transactions with comparable objects, the market reaction is determined by different kinds and degree of wear. The sale price of each comparable object is deducted from the rehabilitation cost of the object in its original form. The result is the cost of accumulated wear on each of the comparable objects, on the basis of which the accumulated wear of the assessment object is determined. This method does not consider the causes of wear. However, if there is information, it is the most accurate;
o. Method of life.The actual age of improvements is estimated, which is then divided into a well-known economic life of the assessment object.
And \u003d (eV: FZh) · 100 \u003d [eV: (eV + aircraft)] · 100,%
And \u003d [eV: (ev + oscipe)] · 100,%
o. Method of capitalization of rental losses -it is used to evaluate the functional and external wear
o. The method of capitalization of redundant operating costs, necessary to keep the building in a proper order. It is used to evaluate functional wear.
Thus, the cost of the object of real estate calculated using the cost approach is determined by the formula:
RS \u003d RSU + (VSU - and), where
RSU - market value land plot;
VSU - replacement (substitution) cost of improvements (building);
And - the overall accumulated wear of improvements.
Before starting a conversation about the assessment of fixed assets, I will express my thoughts, the essence of which looks somewhat even crazy. It lies in the fact that for the accountant the term "fixed assets" suggests, first of all, the value reflection of the presence of property capital to which the organization has. The real filling of this phrase in accounting is very recently.
In fact, there is no fundamental difference in the accounting work, how many products are planned today to produce on a particular machine installed in the workshop. Its real indicators serve in accounting only as identifiers to "personify" an object. All accounting procedures for any object are performed in its monetary, value terms.
This is exactly what gives the assessment of fixed assets a special significance for all aspects of the accountant's work on the accounting of fixed assets.
Types of assessments of fixed assets
In the management of any organization, a regulatoryly installed system of estimates of the value of property used for various target measurement purposes - accounting, analysis, forecasting, the formation of accounting, statistical and tax reporting are used.
Any private situations, such as sale, transfer to the account of barter transactions, obtaining a loan organization on collateral schemes, determining the size of insurance compensation or judicial settlement of property disputes, is conducted on the basis of data defined in this property assessment system.
There are three basic types of estimates of the cost applied to the main funds of the enterprise:
- Initial;
- Restorative;
- Residual.
Here, immediately, the term "book value" should be mentioned, applied in accounting to designate the assessment. In practical activities, it is often implied that the initial and book value is completely identical. However, this is not entirely true.
The borderline moment of distinction between them is the case of reassessing fixed assets. The cost of objects that have passed the revaluation is reducing, in the future and takes into account these objects in the balance sheet.
The property facilities acquired after the revaluation are accepted on the balance in their initial assessment. The amount in which both the main funds are taken into account. However, on economic content, the carrying cost of some is restorative, and others are initial.
This is evidence that in practice, property accounting is conducted in a mixed form of estimates. Further, to designate the cost at which fixed assets are taken into account, we will use the concept of "Balance Cost", if necessary, indicating the category of its filling, initial or replacement.
Initial
Defines the cost at which the property unit was recorded as a fixed assessment. The formation of the initial assessment of property consists in directly dependent on the method of its receipt.
When buying or creating or building, the initial amount is formed by the aggregate of the actual costs of acquiring or creating. In the case of receipt in the form of a contribution to the authorized capital, the initial value is established according to the assessment agreed by the founders. The basis of the formation of the initial amount upon admission to exchange agreements (barter) is the amount of material values \u200b\u200btransmitted instead. If objects are received free of charge, the current is recognized as the initial market price Similar.
In addition, in all cases, in the formation of the initial amount, shipping costs, storage and installation are taken into account, as well as other related to the introduction of an object, costs.
In the future, the initial balance sheet costs, as a rule, remains unchanged. The change in the original amount may occur in the process of its refinement during the revaluation or conducting measures that significantly change the state of the object. In this case, such a change can be as an increase, in cases of major repairs or modernization, and a decrease in partial liquidation.
Restorative
In practice, there are situations when the current balance sheet cost ceases to respond to the actual emerging economic situation in the market. In this case, the organization can take advantage of its right to reassess property. During the revaluation, the balance sheet assessment of the fixed assemance of the data on the market value of the cost of creating or buying an object identical to the overestimated one.
As a result of the revaluation, the replacement cost of fixed assets is established. It is the restoration amount from this moment that is accepted as their carrying price. To establish the amount of the object in a reducing assessment, various sources of information may be used, including:
- Information companies of identical objects;
- Price level information obtained in state organizations or special public sources;
- Expert assessment by independent specialists
- It should be noted that in the future, previously revalued fixed assets must be reassessing that there are no significant differences in the current rehabilitation costs.
Residual
For full management of economic processes, economic information on the state of property capital has an important role. One of its main indicators is the residual assessment of the property, defined as the difference between the carrying (initial or restorative) cost of fixed assets and the sum of depreciation.
Thus, the residual assessment of the object reflects the share of the value of the main means, which is currently not yet transferred to the product produced.
At the residual value, determine the degree of property of property and reveal the need for its update. The funds with zero residual value should be output from the property, due to their economic inefficiency.
In cases of reconstruction, upgrades, major repairsThe completion of fixed assets, there is an increase in their residual value in the amount calculated on the amount of costs for these activities.
Some moments related to the assessment of fixed assets in tax accounting
And in accounting and tax accounting there is one category system - initial, reducing and residual value. However, it should be noted that the final results of the formation of the initial cost for accounting and tax registers may have differences.
Often, this is due to the moment of accounting for summion (exchange rate) differences arising in the process of acquiring objects, the fee for which is determined in binding to foreign currency. The amount (term) difference in such cases is determined as the difference between ruble equivalent of debt debt in currency expression on the date of its occurrence and on the date of its repayment. The calculation of differences is carried out at the official rate established by the Central Bank of the Russian Federation.
In a position defining the procedure for taking into account fixed assets, the difference between currency courses, which arose during the calculation period for the purchased property is included in the costs of the company incurred by the enterprise during the admission of fixed assets. At the same time, the Tax Code, namely, Article 256, definitely treats the course difference as related to the category of non-evaluation income or expenses.
The result becomes an increase in or reducing the "accounting" initial book value of fixed assets in relation to the initial assessment, calculated for tax purposes.
Also food for discrepancies also gives Article 264 of the Tax Code. A number of cost types, in accordance with this item attributable for tax purposes in accordance with this article on other expenses related to the production and implementation, on the basis of PBU may also be included in the initial value of property.
It is equally important to take into account the limitations imposed by the Tax Code, by the procedure for determining the rehabilitation amount of the object. Chapter 25 established that the inclusion of income or expenses taken into account during taxation includes only those reassessment results that were taken to account until 01/01/2002.
The results of the revaluation produced later or the results of the revalues \u200b\u200bmade to the specified date, but taken to account after it, are not accepted to determine the rehabilitation value and calculating depreciation for tax purposes.
