国际资产评估准则翻译

5.1.4 Real estate investment through the ownership of securities ,or instruments securing

both debt equity positions , represents an alternative to the direct ownership of property .Investors

are able to own and trade shares of an interest in a property or pool of properties in the same way

they would buy and sell shares of corporate stock.

房地产投资通过对有价证券的所有权,或拥有同等债务地位的投资工具的保护,反映了与直接财产所有权的不同。投资者能够拥有或者买卖一项财产或者合伙经营财产的股票所产生的利息而且用同样的方法他们可以买卖共同的股份。

5.1.4.1 The market for such securities includes both a private ,or institutional ,sector

(partnerships ,corporations ,pension /superannuation funds ,and insurance companies ) and a public

sector (individual investment who trade in a securities market).

该类证券的市场包括私人,或机构、行业(合伙、公司、养老基金、保险、养老保险公司)和公用事业部门(个人投资在证券市场交易)。

5.1.4.2 Securitised investment instruments include real estate investment

trusts(REITs)(property investment or unit trusts ), collateralized mortgage obligations

(CMOs),commercial mortgage –backed securities (CMBSs),real estate operating companies

(REOCs),and separate and commingled accounts.

证券投资工具包括房地产投资信托公司(物业投资或者单位信托基金)、抵押担保债券(CMOs)、商业抵押证券(CMBSs)、房地产经营公司（REOCs),分离和混合账户。

5.2 Financial interests are intangible assets and can include :

金融利益是无形资产它包括：

5.2.1 the rights inherent in the ownership of a business or property ,i.e., to use ,to occupy ,to

sell ,to lease ,or to manage;

权利的根本在于对财产的所有权或者经营，即使用，占有，出售，出租，或者管理

5.2.2 the rights inherent within a contract granting an option to buy ,or a lease containing a

purchase option ,i.e., to exercise or not to exercise ;or

在一个合同的权利给予固有的期权购买,或是签署一份租赁包含一个购买期权之内,即锻炼或不锻炼。

5.2.3 the rights inherent in ownership of a security issue (i.e., to hold or to dispose thereof).

所有权这种权利的固有的安全问题(即所持有或处理)。

5.3 Financial interests require valuation for a wide variety of reasons

金融利益估定的价格需要多种多样的理论。

5.3.1 A financial interest may be included among the assets of a partner. To establish the total

value of assets owned by the partner ,the value of the financial interest must be determined. Or a

partner may wish to sell his or her interest ,or the interest may have passed into an estate subject to

inheritance taxes and probate proceedings .A general partner may also purchase interests for the

purpose of transferring them to a limited partnership .

一种经济利益可能会包括资产合伙人的利益。通过证实合伙人的资产总额,可以决定经济利益的价值。合伙人可能想要卖掉他的或她的股份,或者这个股份可能进入了一个房地产受遗产税和遗嘱查验程序。一个普通合伙人也许可能会处于某种目的而将股份转移个一个有限合伙人。

5.3.2 Options to buy ,which are often obtainable for a small amount of money ,create

considerable leverage ,or gearing ,the impact of which must be considered in the final transaction

price .Lease purchase options restrict the marketability of the leased property ,and may limit the

Market Value of the leased property and /or leasehold interest .

选择性购买,这通常都是由可获得的小数额的金钱,创造了可观的杠杆作用,或齿轮传动的作用,这种作用的影响在记录价格的最后必须被考虑到。租赁购买期权交易价格限制了租赁财

产可销售性,可能会限制已出租的财产和租借的股份的市场价值。

5.3.3 Valuations of securitized investment instruments are done for purposes of underwriting

and rating the securities prior to initial public offerings .

证券投资工具的价值是保险业和首次公开募股之前的证券利率为目的。

5.4 International Accounting Standard ,IAS 32,Financial Instruments: Disclosures and

Presentation , para . 5 defines financial asset ,financial liability ,financial instrument ,equity

instrument ,compound (financial ) instrument ,and monetary financial assets and liabilities .Under

ISA 32,an enterprise shall disclose information about Fair Value for each class of financial asset and

financial liability, both recognized and unrecognized .When a financial instruments is traded in an

active or liquid market ,its quoted market price provides the best evidence of Fair Value (ISA

32,77,81).

根据国际会计准则第32条规定,金融工具：披露和陈述。第五自然段给出了金融资产、金融负债、金融工具、权益工具、复合金融工具、货币金融资产和负债的定义。在国际会计准则的第32条中,一个企业应当披露不同等级的金融资产和金融负债的公允价值的信息,都是可辨认或不可辨认的。当一个金融工具在活跃的并且公开的市场上进行交易时，它所报出的市场价格就是公允价值最好的证据（最接近公允价值）。

5.4.1 A financial asset is any asset that is a)cash ;b)a contractual right to receive cash or

another financial asset from another enterprise ;c)a contractual right to exchange financial

instruments with another enterprise under conditions that are potentially favorable; or d)an equity

instrument of another enterprise.

一个金融资产,是以下任何资产的一种，a)现金b)一个契约的权利从另一个企业接受现金或其他金融资产;c)一个契约的权利于另一个企业在有利的条件下相互交换金融工具d)其他企业的一种权益工具。

5.4.1.1 Common examples of financial assets representing a contractual right to receive cash in

the future are a )trade accounts receivable and payable ;b)notes receivable and payable ;c)loans

receivable and payable ;and d)bonds receivable and payable.

收到将来的现金是金融资产代表一个契约权利的最常见的例子a)贸易应收账款和应付账款;b)应收票据和应付账款、应收账款c)贷款、应付账款d)债券。

5.4.2 A financial liability is an liability that is a contractual obligation a)to deliver cash or

another financial asserts to another enterprise ;or b) to exchange financial instruments with another

enterprise under conditions that are potentially unfavorable .(An enterprise may have a contractual

obligation that it can settle either by payment of financial assets or by payment in form of its own

equity securities .)

一项金融负债是一种责任也就是说是一种合同义务a)提供现金或其他金融资产转到另一个企业;b)与另一企业交换一些在某些特定情况下可能存在不利条件的金融工具 。（一个企业的合同义务,它可以通过支付金融资产或支付自己的权益性证券的形式来履行。)

5.4.2.1 Common examples of financial liabilities representing a contractual obligation to

deliver cash in the future are a)trade accounts receivable and payable ;b)notes receivable and

payable ;c) loans receivable and payable ;and)bonds receivable and payable .

金融负债代表一个金融负债合同义务在未来提供现金的常见的例子是a)贸易应收账款和应付账款;b)应收票据和应付账款、应收账款c)贷款、应收账款、应付债券。

5.4.3 A financial instrument is any contract that gives rise to both a financial asset of one

enterprise and a financial liability or equity instrument of another enterprise .Financial instruments

range from traditional primary instruments such as bonds to various forms of derivative financial

instruments.

一种金融工具,是由合同而产生的两个企业金融资产和金融负债或权益工具.金融工具从

传统的诸如债券延伸到各种形式的衍生金融工具。

5.4.3.1 Derivative financial instruments give one party a contractual right to exchange

financial assets with another party under conditions that are potentially favorable ,or a contractual

obligation to exchange financial assets with another party under conditions that are potentially

unfavorable .Contractual rights and obligations that do not involve the transfer of a financial asset

but provide for settlement by receipt or delivery of a physical asset , an option, futures ,or

forward contract on a commodity such as silver) do not fall within the scope of the definition of a

financial instrument(ISA 32,A9,14,A13).

衍生金融工具给予一方在特定潜在的有利情况下与另一方交换金融资产的契约权利,或者是在特定的对另一方不利的情况下与其进行相互交换金融资产的契约义务。契约权利与义务不涉及金融资产转移,但提供了只有不在金融工具定义范围的收据和实物资产（(例如,一个期权、期货或在商品期货合同如银子)）的结算方法 (ISA 32、A9、14、A13)。

5.4.3.2 Derivative financial instruments create rights and obligations ,effectively transferring

between the parties to the instrument one or more of the financial risks (i.e., price risk ,credit

risk ,liquidity risk ,cash flow risk ) inherent in an underlying financial instrument (IAS 32,10) .

衍生金融工具产生的权利和义务,有效的转让了双方对固有的潜在的金融工具的一个或多个金融风险(即价格风险、信用风险、流动性风险、现金流量风险)。

5.4.3.3 Many types of derivative financial instruments embody a right or obligation to make a

future exchange ,including interest rate or currency swaps ,interest rate caps ,collars and floors ,loan

commitments ,note issuance facilities ,and letters of credit (ISA 32,A12)

许多类型的衍生金融工具体现了一种未来的相交换的权利或义务,包括利率或互惠外汇信贷、利率上限,高峰和低谷、贷款承诺、票据发行便利、信用证。

5.4.3.4 A finance lease is considered to be a financial instrument but an operating lease is not

considered to be a financial instrument (ISA 32,A6)

融资租赁的资产被认为是一种金融工具,但经营租赁的资产不被认为是一种金融工具。

5.4.4 An equity instrument is any contract that evidences a residual interest in the assets of

an enterprise after deducting all its liabilities .

一个权益工具的合同的剩余权益的依据是一个企业的所有资产扣除其全部的负债。

5.4.4.1 Common examples of equity instruments include common shares ,certain types of

preferred shares ,and warrants or options to subscribe for or purchase common shares in the issuing

enterprise (ISA 32,A7).

权益工具的常见例子包括普通股票,某些类型的优先股、并授权或期权认购或购买普通股票发行企业。

5.4.4.2 An option or other similar instrument acquired by an enterprise that gives it the right to

reacquire its own equity instruments is not a financial asset of the enterprise (ISA 32,A7 ).

企业所需要的期权或者其他相似的金融工具让企业正确的认清他们的权益工具而不是企业的金融资产。

5.4.5 A Compound (financial) instrument is a financial instrument that ,from the issuer’s

perspective ,contains both a liability and an equity element .

从上市公司的角度来看，一个复合金融工具是一种既含有负债也含有权益因素的金融工具。

5.4.6 Monetary financial assets and financial liabilities (also referred to as monetary financial

instruments) are financial assets and liabilities to be received or paid in fixed or determinable

amounts of money.

货币金融资产和金融负债(也称为货币金融工具)是金融资产和负债可接受的固定的或可确定的金额支付的财富。

5.5 The value of the assemblage of all the various financial interests in a property may be

larger or smaller than simply the sum of the individual interests in that property .

一个财产各种不同经济利益组合的价值可能大于或者小于简单的将这种资产的个别利率进行汇总。

5.5.1 The value of the 100% ownership interests(inclusive of all shareholders or partners ) in

income-generating properties held by partnerships or syndications will likely exceed the aggregate

value of minority interests in the properties .Similarly, the value of a REIT portfolio ,representing

an assemblage of various properties ,is likely to differ from simply the sum of the values of all the

properties that make up the portfolio ,a consequence attributable to the specific assemblage of

properties in the portfolio and /or the management of the portfolio .

合伙经营者或者企业联合组织所控制的100%的所有者利益的价值(包括所有股东及合作伙伴)可能会超过少数股东权益所聚集的财产价值.同样的，房地产投资信托公司的投资组合,代表一种组合各种性质并且可能不同于简单总和的所有的属性值组成的投资组合,结果归因于具体组合中的属性组合和/或管理的组合。

5.5.2 A valuer estimates the value of the entirety or whole interest in the property before

dealing with the disaggregated or fragmented ownership interests.

一个评估师在估测一项资产整体的价值或者全部的利率之前必须先处理好局部的不完整的所有者权益的价值。