Estimation of the market value of the enterprise. References. List of used literature

1. the federal law dated July 29, 1998 No. 135-FZ (as amended on July 13, 2015) “On appraisal activities in Russian Federation».
2. Federal valuation standards: Order of the Ministry of Economic Development of Russia dated July 20, 2007 No. 256 “On Approval of the Federal Valuation Standard” General concepts assessments, assessment approaches and assessment requirements (FSO No. 1)””.
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1. Civil Code of the Russian Federation (part one) dated November 30, 1994 No. 51-FZ (as amended on December 29, 2017) // Collection of Legislation of the Russian Federation. - 05.12.1994. - No. 32. - Art. 3301.
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4. Order of the Ministry of Economic Development of Russia dated May 20, 2015 No. 298 “On Approval of the Federal Valuation Standard “The Purpose of Valuation and Types of Cost (FSO No. 2)” // Official website of the Ministry of Economic Development of Russia www.economy.gov.ru (date of access: 05/08/2018) .
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9. Order of the Ministry of Economic Development of Russia dated September 25, 2014 No. 611 “On Approval of the Federal Valuation Standard “Real Estate Appraisal (FSO No. 7)” // Official website of the Ministry of Economic Development of Russia www.economy.gov.ru (date of access: 08.05.2018).
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11. Order of the Ministry of Economic Development of Russia dated 01.06.2015 No. 327 “On Approval of the Federal Valuation Standard “Valuation for Pledge Purposes (FSO No. 9)” // Official website of the Ministry of Economic Development of Russia www.economy.gov.ru (date of access: 08.05.2018).
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13. Order of the Ministry of Economic Development of Russia dated June 22, 2015 No. 385 “On Approval of the Federal Valuation Standard “Evaluation of Intangible Assets and Intellectual Property (FSO No. 11)” // Official website of the Ministry of Economic Development of Russia www.economy.gov.ru (date of access: 08.05.2018 ).
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Conclusion

The business valuation process implies the presence of valuation subjects. The subjects of business valuation are individuals and legal entities as well as public authorities and self-regulatory organizations appraisers, i.e. all those who order an appraisal, carry it out, coordinate and control it, and also act as a consumer of appraisal services.

IN modern conditions the economic instability of Russia, the assessment of the value of an enterprise in terms of crisis management during bankruptcy proceedings and restructuring.

The main purpose of assessing an enterprise in bankruptcy proceedings is to obtain information about its value. Cost estimate crisis business the appraiser can produce on the basis of income, cost (property) and comparative (market) approaches, which is of no small importance in arbitration management at various stages of the bankruptcy procedure.

Business valuation is also necessary to select a reasoned direction for enterprise restructuring. Estimating the value of an enterprise during restructuring means determining the compatibility of the merging enterprises.

Estimating the value of an enterprise for the purpose of restructuring implies an assessment "as is", based on the current state of the enterprise, and an assessment of the proposed restructuring project based on projected cash flows, taking into account synergies.

List of used literature

1. Federal Law No. 135-FZ of July 29, 1998 (as amended on July 13, 2015) “On Appraisal Activities in the Russian Federation” // Collected Legislation of the Russian Federation. - 2015. - No. 29 (part I). - Art. 4350.
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Decree of the Government of the Russian Federation "On the Approval of Valuation Standards" No. 519. M .: July 6, 2001

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Attachment 1

Basic concepts used in the evaluation of objects

Property - objects of the surrounding world that have utility and rights to them.

Property appraisal – determination of the value of property in accordance with the goal, the appraisal procedure and the requirements of the appraiser's ethics.

The object of appraisal is the property presented for appraisal.

A property appraiser is a person who is trained, experienced and qualified to appraise property.

The property valuation procedure is a set of techniques that ensure the process of collecting and analyzing data, calculating the value of property and formalizing the results of the valuation.

Valuation Approaches:

cost approach - a set of methods for estimating the value of the appraised object, based on determining the costs necessary to restore or replace the appraised object, taking into account its wear and tear;

comparative approach - a set of methods for assessing the value of an appraisal object, based on a comparison of the appraisal object with similar objects in respect of which there is information about the prices of transactions with them;

income approach - a set of methods for assessing the value of the object of assessment, based on the determination of expected income from the object of assessment (the concepts are given in international standards scores No. 1, 2, 3).

Appraisal method - a method for calculating the value of an appraisal object within the framework of one of the approaches to appraisal.

The date of the appraisal is the calendar date as of which the value of the appraisal object is determined.

Price - the amount of money offered or paid for the object of assessment or its equivalent.

An analogue of the appraised object is another object similar in basic economic, material, technical and other characteristics to the appraised object, the price of which is known from a transaction that took place under similar conditions.

The period of exposure of the object of assessment is the period of time starting from the date of presentation on the open market ( public offer) the object of appraisal before the date of the transaction with it.

The final value of the value of the appraised object is the value of the value of the appraised object, obtained as a result of the appraiser's justified generalization of the results of calculating the value of the appraised object using various approaches to appraisal and appraisal methods.

The market value of the valuation object is the most probable price at which the valuation object can be alienated on the open market in a competitive environment, when the parties to the transaction act reasonably, having all the necessary information, and any extraordinary circumstances are not reflected in the value of the transaction price.

14. Types of value of the appraisal object, other than the market value:

The value of an appraisal object with a limited market is the value of an appraisal object, the sale of which on open market impossible or requires additional costs in comparison with the costs necessary for the sale of goods freely circulating on the market;

the cost of replacing the appraisal object - the sum of the costs of creating an object similar to the appraisal object, in market prices existing on the date of the appraisal, taking into account the depreciation of the appraisal object;

the cost of reproduction of the appraisal object - the sum of the costs in market prices existing on the date of the appraisal, for the creation of an object identical to the appraisal object, using identical materials and technologies, taking into account the depreciation of the appraisal object;

value of the appraisal object in the current use - the cost of the appraisal object, determined on the basis of existing conditions and the purpose of its use;

investment value of the appraisal object - the value of the appraisal object, determined on the basis of its profitability for a particular person for given investment purposes;

value of the appraisal object for taxation purposes - the cost of the appraisal object, determined for the calculation of the tax base and calculated in accordance with the provisions of regulatory legal acts (including the inventory value);

salvage value of the appraisal object - the value of the appraisal object if the appraisal object must be alienated within a period less than the usual exposition period for similar objects;

utilization value of the appraisal object - the cost of the appraisal object equal to the market value of the materials it includes, taking into account the costs of disposing of the appraisal object;

special value of the appraisal object - the value for the determination of which the appraisal agreement or regulatory legal act stipulates conditions that are not included in the concept of market or other value specified in these appraisal standards.

The initial cost of property is the actual cost of acquiring or creating property at the time of its use.

The residual value of the property is the value of the property, taking into account depreciation.

Depreciation of property - a decrease in the value of property under the influence of various reasons. Depreciation is determined on the basis of the actual state of the property or according to accounting and statistical records. There are three types of wear - physical, functional, external. According to the nature of the state, wear is divided into removable and irreparable.

Physical depreciation of property - depreciation of property associated with a decrease in its performance as a result of both natural physical aging and the influence of external adverse factors.

Functional depreciation of property - depreciation of property due to non-compliance with modern requirements for this property.

External depreciation of property - depreciation of property as a result of changes in the external economic situation.

Coordination of the valuation result - obtaining the final valuation of the property based on the results obtained using various approaches and valuation methods.

Annex 2

Ministry of Finance of the Russian Federation

Federal Commission for the Securities Market No. 03-6/pz

ORDER