Pakailah Penilai Independen

Perbankan Harus Pakai Penilai Independen

Masyarakat Profesi Penilai Indonesia (MAPPI) menyatakan perbankan harus menunjuk penilai independen dalam menentukan nilai agunan, yang akan digunakan dalam menentukan risiko pinjaman.

Hal itu dikatakan Ketua Umum MAPPI Hamid Yusuf, di Hotel Sahid Jaya Jakarta, Selasa (4/8). "Agar tidak ada conflict of interest, jadi harus pakai penilai independen," ujarnya.

Agunan lebih merupakan syarat pelengkap yang harus dipenuhi setiap debitur dan telah diatur dalam undang-undang perbankan dan terkait dengan penyisihan penghapusan aktiva (PPA). "Bank wajib menggunakan nilai yang terendah apabila terdapat beberapa nilai dari penilai independen," ujarnya.

Sementara itun menurut substansi peraturan menteri keuangan (PMK) tentang jasa penilai publik, sebuah penilai publik dilarang untuk merangkap jabatan sebagai pejabat negara, pegawai negeri sipil, atau pegawai pada lembaga yang dibentuk perundang-undangan. 

Sumber: http://www.inilah.com

Guide Application of Cost Approach in Financial Reporting

Property, machinery and equipment in general are in the market must be distinguished from the specific property. 

Classification of assets as the specific property does not always have to use the valuation method with Depreciation Replacement Cost (DRC). Although the property is a special property, in certain cases be possible to do the special use property Market Data Approach, Cost Approach and / or income approach.

In case there is no market data, DRC is considered as an acceptable method to determine the value of specific properties, but the methodology is applied assessors should conduct the observation in market to estimation of reproduction / replacement and new levels of depreciation. This methodology is based on the theoretical transaction between parties who have an understanding of concepts such as market value. 

Valuer estimated cost equivalent modern asset on the relevant valuation date. This may include estimated cost to make the property ready for operation. Reflect the cost of all relevant costs that will be issued. For example, design, transportation, installation and operation preparation (commissioning). 
In the valuation of specific properties, the cost to purchase land suitable for development of special facilities that equivalent should be included with the cost required for the development of land. 

In determining the amount of depreciation, Valuer should compare with modern asset equivalent assessed against assets. Level of depreciation can be analyzed separately or as a whole include: Depreciation physical, functional or technical obsolescence, economic obsolescence, or external 

Depreciation due to physical age usage, and lack of maintenance, the valuation of different methods can be used in estimated cost required to improve the physical condition of assets. Estimation of the depreciation component and a specific cost or contractors can be used to compare directly with the condition of a similar unit. 
Functional or technical obsolescence may be caused by the progress in technology, because of new assets that can be more efficient in producing goods and services. 

Modern production technology that may cause the assets that have previously experienced dryness, either in whole or in part the cost of the new equivalent. Obsolescence and optimization may be considered to adopt the New Replacement Cost of Asset Equivalent that is different from modern reproduction cost of a new asset. 

External or economic obsolescence due to external influences can affect the value of the asset. External factors include changes in economic conditions, which affect demand for goods and services, and potential benefits of business entities. In addition you can also change due to the influence of government regulation rules, and social environment. 

When the method DRC values of the material is lower than the value of a property for the use of alternative, Market Value of the use of alternatives should be reported, together with the statement that the value for the use of alternative ignore things such as termination of business interruption or and cost required to use it. 
In the case of an entity can not continue business or operations based on information management, and the assessors argued that the property value will decrease when the material business activity or cease, then the statement about this should be loaded in the valuation report. 

In the implementation of DRC, assessors need to ensure that the main elements of the transaction market is considered, which include: the understanding of the asset, its function and the environment; study to determine the remaining physical age (for estimation physical depreciation) and the age of economic assets; understanding of changes in market trends, innovations and techniques or standards that affect the market asset (for estimation function or technical obsolescence); study of the potential of the change is to give external influences on asset (estimation for economic or external obsolescence); the top of the classification of assets in conjunction with market data available, the construction techniques and materials (for estimation cost of assets Equivalent modern); and understanding enough to determine the impact of external or economic obsolescence on the value of the development. 

For private sector an entity with specific properties, valuation is done with DRC should meet the test of adequate potential advantage in relation to an entity or unit of income. 

For public sector entities which are non-profit, the potential benefits that adequate testing is replaced with the potential of adequate public services. The government should see the fact that there's a test potential of adequate public services in the reporting of assets for many government agencies that use public sector assets in the context required to provide service to the public. Testing the potential of adequate public services performed by these entities. 

Assessors to report the results of valuation to market value of the Existing Use Value or Use in accordance with the test of adequate potential profitability or the potential for adequate public services, which is the responsibility of the entity concerned. 

In the Market Value for Existing Use or Value in Use, assessors must disclose that the method used is DRC and the value can only be used in a financial entity or the purpose of valuation of other relevant when the test has met the potential benefits adequate public services or potential adequate.

Code of ethics in the implementation of important in the Discounted Cash Flow Model

Model Discounted Cash Flow (DCF accordance with the Code of ethics, is a must for Valuer to identify the components in the DCF analysis include the following: the projection period in which the start date and the amount of cash flow and the time period specified period. Component cash flow revenues and expenditures are grouped based on the category and the reason basic options. 

For real property assessment, in the case of property or has been completed, including the receipt of cash flow from rental income and the cost of the services that are tailored to the billing, incentives and vacancy loss, and in the case of property development with the revenue from sales, adjusted for cost of sales. To assess real property, cash flow expenditures include fixed and variable costs, reserve replacement / renewal of funds, and capital expenditure, if appropriate; for property development, direct costs (hard costs) and indirect costs (soft costs) must be identified. To assess the business, cash flow usually include all income and expenditure, both for operational and investment. Cash flow Discounted describe the money can be transferred from the business by investors, with funds still leave enough cash to fund operations and growth. 

Financing with a loan / debt (principal and interest payments) for each period and the effective interest rate per year in which interest is calculated on a regular basis, when appropriate; Net cash flows for each period (total revenues less total expenditure). The discount rate applied to the net cash flow with the stated reasons for supporting the choice. Level of capitalization (terminal capitalization rate) that is applied to calculate the value end / terminal value / exit value and the reason basic options. List all the assumptions that underlie the analysis. 
DCF analysis using all the available evidence of the market and usually reflects the thinking, perceptions and expectations of investors and other market. As a projection technique, DCF analysis should not be based on the basis that the projected DCF can be realized in specific or more but not to the level of support to the market projections DCF assessment made at the time. If DCF is used to estimate the market value, the assessment must meet all the criteria for market value estimates. 

If the Task Force to provide Valuer specific requirements that are not related to the requirements for the estimated market value as the time period, the financing, taxes, or the level of discount, estimates that the value should be considered as non-market value. The result is that estimates the value of the investment based on the specific assumptions used and not the market value estimate. 

DCF analysis may also be used to test the validity of views with the conventional analysis of the various assumptions. Results from the sensitivity analysis is the value of this investment. If DCF is used in this way, the result should be identified as non-market value and the assessment should meet all the criteria for the assessment of non-market 
Valuer should conduct adequate research to ensure that the cash flow projections and assumptions that underlie DCF model is appropriate and reasonable for the property market from the votes. For example, the analysis of each lease to support the projected cash flow from the property with many tenants must be based on the rental contract, the running and the market rent, rent a date for the evaluation and the rent, the cost of establishment clause whether or pass-throughs/recoverable , incentives to rent, rental costs, spare vacuum, capital expenditure and other special conditions that apply. Assumptions of growth and a decrease in revenue should be based on the analysis of economic and market conditions. Changes in operational costs should reflect the whole trend of expenditure and a tendency for special expenses significantly. Results of DCF analysis should be evaluated and reviewed for possible errors and reasonable

To determine the level of capitalization and discount rate, Valuer using several sources of data and information and real estate capital markets. In addition to income and sales data from the property or business benchmark, a survey on investors' opinions, and highest level is useful in selecting discount to the market with the assumption that the property market is considered consistent with the property purchased by the investors into the survey data. Valuer are responsible to ensure that input projection in accordance with the DCF had evidence the market and predicted that the market there. Next, Valuer who oversees the preparation of the DCF or the appropriate electoral model is responsible for the integrity of the model in terms of theoretical and mathematical, the amount of cash flow and fairness of the entire input. Valuer must have the appropriate experience and understanding of the market in developing cash flow and provide other input in the DCF model. 

DCF analysis on the inherent assumption that explicitly used as input in the analysis. To create a service user can create a replica of the assessment model, Valuer must disclose reasons for the use of assumptions and in the development of DCF model. In the assessment of real property, it is including but not limited to: start date, a period of time / period, and the frequency used in the model. and the projected rental income and the income level where the projected change. the projected level of expenditure and operational expenditure is projected to change. treatment at the end of the lease / closure costs, charges and spare vacuum that is losses.

Discount rate and the level of capitalization end. Valuer should be: the effective interest rate per year if the interest is periodic, where the debt (principal and interest payments) is a component of the periodic cash flows projected; determine the level of tax that is used, when appropriate; explain the reasons for the rent incentives when appropriate; the treatment of capital expenditure that occurred in the acquisition or development of property or business assets. explain the basis of determining the level of capitalization (terminal capitalization rate) and the level of discount that is applied. identify the manufacturer of the DCF model or software in use (the product name and version); describes the methods and assumptions used in the model, set the date in which the model was developed and used.

Discounted Cash Flow Analysis

Analysis Discounted Cash Flow (DCF) is a technique of making financial model that is based on assumptions about the prospect of income and the cost of a property or business. Making assumptions is related to the quantity, quality, variability, time and duration of incoming cash flow and cash flow out to the discounted value now. DCF analysis is done with the data and the level of discount and the right support is one of the methods of assessment that can be received in the income approach. DCF analysis of the implementation of widely among others caused by the progress of computer technology. DCF analysis is applied in the assessment of real property, business and assets do not exist; in investment analysis and accounting procedures as for estimation value in use. DCF analysis of the use has increased, especially in the assessment sector institutions, investment property and businesses and often required by the task, guarantor emissions, advisory and financial management, portfolio managers and investment. 
DCF assessment as the assessment based on other income, based on analysis of historical data and assumptions about market conditions in the future to offer (supply), demand (demand), income, cost and potential risk. This ability to consider the assumption of revenue from the property or business in which the projected income and expenditure. 

Definitions 

Discount rate is the highest that is used to convert the amount of cash flow that is issued or received in the future become the present. In theory, the level of discount should reflect the 'opportunity cost' of capital, the level of return on investment can be obtained or produced for use when placed with the same risk. 
Analysis Discounted Cash Flow (DCF) is a technique of making financial model is based on the assumption that the cash flows of a property or business. As a method that can be received in the income approach, DCF analysis involves projecting cash flow for a period to assess whether the property operations, property development or in business. Projected cash flows requires the applicable discount market at this time to get an indication of the present value of cash flow in relation to property or business. In the case of the operational assessment of the property, cash flow on a regular basis, in general, as the estimated gross income less vacancy and unperceivable and operational costs. Net operating income in the period, together with an estimate of the value end of the (terminal value / exit value) at the end of the projection period, and then discounted. In the case of property assessment in the development, estimates of capital, cost of sales and income to achieve the estimated amount of net income, which then discounted over a period of development and marketing period. In the assessment of business, estimated cash flow in a period and the value of business at the end of the projection period, discounted. DCF analysis of the applications most frequently used value is now (Present Value), Now Clean Value (Net Present Value) and Level The Internal (Internal Rate of Return) of the cash flow. 
Financial model. Is a projection of income cash flow of a regular business or property as a basis for calculating the size of financial returns. Projections of income or cash flow projections are presented through a financial model that considers historical relationship between income and costs, and capital expenditures and projections of these variables. Financial model is also used as a management tool to test the expectation of performance properties, to measure the integrity and stability DCF model or as a method to create a replica of the steps taken by investors in making decisions involving the sale, purchase or the ownership of a property or business. 
Internal return rate (IRR) is the discount rate is the same as the present value of net cash flow of a project with the present value of capital investment (capital investment). Highest level is where the value is now Net (Net Present Value) equal to zero. IRR reflects both the return of invested capital and the return of your initial investment, as a basic consideration for potential investors. Thus, the determination of the IRR analysis of the property market transactions that have similar patterns of income, is a comparable method in determining the appropriate level of assessment in the discount market to get market value. 
Investment Analysis is a study for the development and investment, investment performance evaluation or analysis of transactions involving property investment. Investment analysis is often referred to as a feasibility study, market analysis or study or analysis marketability financial projections. 
Now Net Value (NPV) is the size difference between the income or cash flows for the cost of entry or exit of cash flow has been discounted, in the DCF analysis. Assessment is done to obtain the market value, where revenues, expenses and the level of discount from the market data that applies at this time. NPV generated should be an indication for the market value of the income approach. 

Implementation 

Model Discounted Cash Flow (DCF) prepared for a period of time or a certain period. In analysis of real property, even though things like evaluation rent, lease renewal, reconstruction, or repairs may affect the period of analysis, but the time period is generally influenced by the behaviour of the market as the characteristics and type of property market sectors. For example, the period of the analysis of investment properties is usually between 5 and 10 years. However, Valuer should fully understand the implications of the projection period (holding period) is different, for example, that short period of time to make more depending on the conclusion of the assessment to estimate the value end of the (terminal value). 
Frequency of revenues and expenditures (monthly, quarterly, yearly) should be determined by the market. As other methods that can be received, the cash flow revenues and expenditures must be reasonable and supported with adequate. 
The appropriate level of discount should be applied to the cash flow. When the frequency of the selected point of time is quarterly, the discount rate should be the effective quarterly numbers and not a nominal figure. Because each time period in cash flow in fact start from the point in time, Valuer must try to put the cash flow at the appropriate juncture in the projected cash flow. Often the frequency of cash flow is determined by the point in time where the rent is. If another incident occurs with a frequency that more often, Valuer must decide whether what will be included on the point in time before or after the incident actually occurred. Expenditures / costs may be placed on the accounting point of time and not at the time the incident occurred. The most appropriate solution is to have the frequency of cash flows in accordance with the aspects of the occurrence of the most common of periodic cash flow. 
Initial period (time interval) of the cash flow study real property referred to as the period) and this period is not discounted. All incoming cash flow or out expected going in this time period should be included in the period). Net income or the cost can be placed in the period 0 and should be included in this period or if the receipt of cash expenditure in this period occurred. For example, many investment properties receive a monthly income. Therefore, when used yearly intervals, the net income received in the early years must be placed in the period 0, ignoring whether the calculations are taken at the beginning or end. 
Elections value calculation method end / terminal value / exit depends on the practical value of the property market is considered, which generally represents the estimated market value of properties on sale (Termination date). Assessors should reflect market practices and the overall method is selected, and implementation. Market value is now understood as the value of the benefits of ownership in the future. So, for property investment, this means that the cash flow / value at the point in time of assessment at the time of sale (or depending on the method that is taken, after the end date / terminal value) should be used and not a number in the previous period. Final score / terminal value / exit value can be based on the projection of net income for the year after last year in the DCF analysis. 
As other components in the DCF analysis, the level of discount should reflect market data, the level of discount is determined by the market. Discount rate should be selected from a property or business in the market benchmark. So that the properties are comparable, then the income, cost, risk, inflation, high real returns and projections of income from the property must be the same as the benchmark property assessed. 
Present value calculation of cash flow, generally calculated using the appropriate discount rate for each type of cash flow. When the interval is used daily or monthly, annual discount rate should be adjusted discount rate equivalent and effective for a selected time interval. Final score obtained with the level of capitalization and the end of the capitalization value discounted now be level with the appropriate discount. In various examples of a single discount rate used for all cash flow. 
Cash flow and the sale price of the property analysis comparable to get the discount rate or the level of market returns internal (IRR). 
DCF cash flow model can be built with a base before or after tax, before or after the debt financing, in the form of real (after inflation or deflation cost index) or nominal. Discount rate will therefore based on the assumption that cash flow is. Evidence of market analysis to determine the discount rate or cash flow must be based on the assumption that the same.

Definitions and terms in the Valuation of business

For the purpose of consistency, clarity and better communication, Business Valuer must use the definitions and terms as specified in this regulation. In the case of using the definition Valuer Business and other terms that are not specified in the regulations, the definitions and other terms must be clearly disclosed in the letter of assignment and Business Valuation Reports. 

Definitions and terms referred to in the business in the assessment include: 

• Net Cash Flow is the amount of cash available after available needs cash for operating activities Cash flow that is available for the capital (debt and equity), which has been free from the obligation to maintain the current operation and to anticipate the growth of the company. 
  
  Gross Cash Flow is net profit after tax, plus non-cash transactions, such as depreciation and amortization. 
  
  The assumption is considered to be the case, including facts, conditions, or circumstances that may affect the assessment of the object, or the approach to the Valuation , based on the agreement, will need to verified by a Valuer Business as part of the Valuation process. 
  
  The assumption is a special assumption that: needs assessment on the facts of a different material with the facts in a given period of assessment, can not be met by prospective buyers because of market conditions. 
  
  new reproduction Estimates cost is the cost of re-creating a kind of goods at the time now. 
  
  new replacement cost is Estimates of the value of goods with a price based on the purchase of goods of equal or near equal to the goods that are, at the time is now 
  Interest Business is business interest which includes the inclusion of which in the company, securities, financial assets and other intangible assets. 
  
  Basic Valuation is an explanation or by definition, the type of values that are examined based on certain criteria. 
  
  Discount on the lack of control is a certain amount or percentage of the reduced value of equity in the company as a reflection of a lack of some or all control. 
  
  Discount Marketability Liquidity is a certain percentage or amount of the reduced value of equity as a reflection of a lack of liquidity as a result of limited equity to be exchanged quickly into cash. 
  
  Minority discount is the discount on the absence or lack of ability to control a result of minority ownership. 
  
  factor Capitalization is the ratio of all types that are used to convert income into value. 
  Going concern is: A condition that reflect the business that are operating or in construction; One premise in the Valuation , which assume a Valuer Business entities will continue to proceed in a sustainable operation. 
  
  Goodwill is not tangible assets that resulted because of the name, reputation, location, patronage, both products and other factors that can generate economic benefits in the future. or the Investment Holding Company is a company that primarily conduct business activities and the inclusion of revenue derived primarily inclusion of these assets. 
  
  Operating Holding Company is a company that derives revenue primarily from the inclusion and other operational activities. 
  
  Capitalization is: converting net cash flow or other net income, both actual and estimated that, during a certain period to be the equivalent value of assets, on a certain date, or a recognition as capital expenditures. 
  
  Control level control is a majority-owned stock ownership of a majority. 
  Business Valuation Reports are written reports made by the Business Valuer to provide information about the process and results of the assessment. 
  
  assessment method is a way or a series of specific ways to make the assessment. 
  Multi-period income of discounting method is a method that discounted a series of economic income to be generated by an unbalanced or reverse the assessment of the objects that will be received by investors, generally in the form of cash flow with a discount rate that reflects the cost of capital used to generate economic it. 
  
  capitalization of income method is a method that build on a number of income, is considered to represent the future ability of a company or business interest that are divided by a capitalization rate or multiplied by a factor capitalization value indication from the company or business interest. 
  
  Working capital is the difference between net current assets of more responsibilities smoothly. 
  
  Invested Capital is the number of long-term debt and equity in an entity. 
  Value is the estimated price desired by the seller and a buyer of goods or services and in assessing the amount of business is the most economic benefit will be worthy of a company or Business Interest became the object of assessment, on the date of assessment. 
  
  net asset value is total assets less total liabilities. 
  
  Book Value Adjusted book value is generated after the adjustment of the value of one or more assets or liabilities. 
  
  Book value is the cost of acquiring assets that are capitalized depreciation reduced accumulation, depletion or amortization, as reflected in the bookkeeping. the difference between total assets (net of depreciation, depletion, and amortization) with total liabilities of an entity as shown in the balance. 
  Value premise is the assumption that a condition related to the transaction that can be used against objects such as the assessment going concern or liquidation. 
  o Fair Market Value assessment in the business have the same understanding of the market value, is the approximate amount of cash or its equivalent that can be obtained from a transaction to buy the company or sell shares or interest in the company of willing buyer willing seller on the basis of the same like the love and both have the capacity to make a transaction, to act without forced and each with its own facts and relevant information. 
  The assessment is a way to estimate the value of using one or more methods of assessment. 
  Asset Based Approach is a way in estimation value of an object is determined based on the assessment of financial assessment historical objects that have been audited, where all assets and liabilities to be adjusted fair market value or market value. Adjustments must return the value in accordance with the premise that the value used in the assessment of whether the going concern or liquidation. 
  Market Based Approach is a way to estimate the value of a business, ownership, or the effect, by comparing the object with the assessment of business, ownership, or a comparable effect, which has been sold in the market or that the price has already been selling. 
  Income Based Approach is a way to estimate the value of a business, ownership, or the effects, how to convert the economic benefits of the economic or anticipated income will be generated by the object assessment future. 
  Control is the power or ability to direct and manage the business management or policy. 
  Valuation o Business is the activity or process to produce an estimate or opinion on the value of a business, entity or interest in the entity, including the assessment of the assets are not substantial. 
  
  Control Premium is a certain percentage or amount of the added value of the stock ownership or control over, which reflects an entity. 
  Date is the date signature Reports Valuatin Business. 
  Valuation Date is the date when the value, the assessment or calculation of economic benefits will be revealed. 
  Other Experts are people who have skills and qualifications in a certain area outside the scope of assessment and does not work in the Business Services Valuer . 
  Level Diskonto is a level of reimbursement to convert the nominal value in the future to present value. 
  Level Capitalization is the number of dealer (usually in the form of a percentage) that is used to convert income into value. 
  Rate of return is the amount of profit (loss) and / or changes in the value of the realized or expected from an investment, expressed in value percent of the investment.