It would seem that everyone knows: the investment attractiveness of Ukraine in many respects depends on the transparency of business. Alas, still a «theory of practice does not become». The data promulgated by the EVE of the III quarter of 2012. showed a fall of the index of investment attractiveness of our country - Ukraine gained 2,14 баллоа out of 5 possible. Of course, not the last role in the current situation is played by the political instability and uncertain position of the national currency. But let's not forget about the role of the business in the formation of the positive image of the country. One of the stumbling blocks is the lack of fairness of the assessment. Why is this happening, and how can it affect the situation?
In the first place, say, for the years of independence in Ukraine has formed a strong enough market of valuation services. Why, then, problems with the assessment? I suppose, including the root of the evil lies in our Slavic mentality. We always want to get the wrong assessment, which deserve, and those that benefit us. For example, a businessman apply to the Bank to get the loan. And then at the forefront is the classic conflict of interest. The Bank will be interested in an objective assessment taking into account the factor of liquidity of the object of pledge. This will allow the financial structure to reduce their risks and to establish tighter credit conditions. The borrower, in turn, prefers to look in the most favorable light, that they might obtain a loyal conditions and the required amount. In our long-term practice there were similar cases, I can say with confidence that what is important here sober, objective valuation of business and all its assets. This truth we always try to convey to the client.
The second point relates to taxation. The less will be the estimated cost, the less, respectively, and the tax charge at the conclusion of the transaction. But we must remember that in cases of force majeure, for example, in the collection of compensation through the court, upon consideration of the case will be considered the same evaluative conclusion. And here is the low cost will play a cruel joke.
And finally, the classics of the genre - the deal of purchase and sale, the seller does everything possible for its goods sold at a higher price, the buyer, in turn, does not want to overpay.
In each of the above situations, players businesses are trying to involve in their games appraiser. Based on my experience, I would say that such manipulation is not advantageous neither the client nor the us - appraisers. Obvious disadvantages for business in artificial understating or overstating its estimated cost is higher. The appraiser same, giving a biased assessment, not just runs the risk of ruin their own reputation. For such actions he may incur administrative, and in some cases criminal liability. In the interaction of business and the appraiser must always be the Golden mean. One of the instruments of regulation of the rules of the game on this market may become a transition to the International Financial Reporting Standards (IFRS). For some companies (PJSC, JSC, banks, страховики) IFRS - a mandatory mechanism for the assessment, according to the legislation. But the others still have a choice - to follow the international standards or to continue to the «grey» game, hiding the real number.
We prefer not to play, as do its work professionally and of high quality. Obvious advantages of this approach is to increase the investment attractiveness of our customers and reduce the cost of raising capital.
Valery Meshcheryakov Chairman of the Board of Directors,
M CONSULTING GROUP