The API Standards Steering Committee has approved the release of the following Technical Information Papers (TIPs).

1. Technical Information Paper (ANZVTIP13) – Valuations for Compensation and Compulsory Acquisition and Resource Pack released 

The API Standards Steering Committee (SSC) has approved the release of a new TIP (ANZTIP13) Valuations for Compensation and Compulsory Acquisition and Resource Pack which is effective from 1 January 2021 with earlier adoption recommended.

This paper is an update to and replaces the previous Guidance Note and Practice Standard, ANZVGN5 Valuations for Compulsory Acquisitions and ANZPS1 Valuations for Compulsory Acquisitions, which are withdrawn 31 December 2020.

The objective of this TIP is to address circumstances whereby Valuer Members (Valuers) are instructed to prepare valuations for compensation purposes including pre-acquisition advice and any subsequent discussions, negotiation or representation as part of a Requiring Authorities/Acquiring Authorities acquisition process.

To download a copy of this TIP click here.

To download the Resource Pack, click here.

2. Technical Information Paper (ANZVTIP14) – Considerations when Forming an Opinion of Value when there is a Shortage of Market Transactions released

The API Standards Steering Committee (SSC) has approved the release of a new TIP (ANZTIP14) Considerations when Forming an Opinion of Value when there is a Shortage of Market Transactions which is effective from 1 January 2021 with earlier adoption recommended.

This is a new TIP.

The objective of this TIP is to set out guidance to assist Valuer Members (Valuers) with forming a professional opinion as to the value of an asset when there is a shortage of market transactions available for use as valuation inputs as at the date of valuation.  For the purposes of this TIP, references to ‘market transactions’ and ‘prices’ includes both sales and leasing.

To download a copy of this TIP click here.

For any enquiries please email standards@api.org.au.