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Market Valuation with No Market – Valuing Properties with Little Evidence

Market Valuation with No Market – Valuing Properties with Little Evidence Discusses the valuation “public sector assets” comprising public parks, infrastructural assets (roads, drains, water supply, etc.), hospitals, schools, universities and the like; and takes a passing look at the modern public sector accounting practices which appear to create a need for such valuations. The question about Cwhether or not accounting and valuation technicians and definitions which are applied to private sector profit making commercial organizations can be applied to public sector non‐profit making entities is also examined. Since, in most cases, there is no market for such assets does a valuation serve any useful purpose in any accounting, accountability or management framework? Indeed, are the utilities used by public sector organizations strictly “assets” as that term is normally understood? What “bundle of rights” attaches to such public facilities as parks and roads? To the entity responsible for the provision and maintenance of such “assets” are they not more in the nature of liabilities? http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Property Valuation and Investment Emerald Publishing

Market Valuation with No Market – Valuing Properties with Little Evidence

Journal of Property Valuation and Investment , Volume 12 (3): 19 – Sep 1, 1994

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Publisher
Emerald Publishing
Copyright
Copyright © 1994 MCB UP Ltd. All rights reserved.
ISSN
0960-2712
DOI
10.1108/14635789410063896
Publisher site
See Article on Publisher Site

Abstract

Discusses the valuation “public sector assets” comprising public parks, infrastructural assets (roads, drains, water supply, etc.), hospitals, schools, universities and the like; and takes a passing look at the modern public sector accounting practices which appear to create a need for such valuations. The question about Cwhether or not accounting and valuation technicians and definitions which are applied to private sector profit making commercial organizations can be applied to public sector non‐profit making entities is also examined. Since, in most cases, there is no market for such assets does a valuation serve any useful purpose in any accounting, accountability or management framework? Indeed, are the utilities used by public sector organizations strictly “assets” as that term is normally understood? What “bundle of rights” attaches to such public facilities as parks and roads? To the entity responsible for the provision and maintenance of such “assets” are they not more in the nature of liabilities?

Journal

Journal of Property Valuation and InvestmentEmerald Publishing

Published: Sep 1, 1994

Keywords: Assets; Assets valuation; Depreciated replacement costs; Local government; New Zealand; Public sector; Valuation

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