The valuation of property of enterprises is based, as mentioned earlier, on the use of three main approaches: cost-based, income-based and comparative. Each of the approaches involves the use of its specific methods and techniques, and also requires compliance with its conditions, the presence of sufficient factors. The information used in this or that approach reflects either the present position of the company, or its past achievements, or the expected future earnings. In this regard, the result obtained on the basis of all three approaches is the most reasonable and objective.

In accordance with Art. 132 of the Civil Code of the Russian Federation, “an enterprise as an object of rights is recognized as a property complex used for carrying out entrepreneurial activity. An enterprise as a whole as a property complex is recognized as real estate, i.e. it or its part can be the object of sale and purchase, pledge, rent and other transactions related to the establishment, change and termination of real rights. The enterprise as a property complex includes all types of property intended for its activities, including land, buildings, structures, equipment, inventory, raw materials, products, rights of claim, debts, as well as rights to designations, individualizing the enterprise, its products, works and services (brand name, trademarks, service marks), and other exclusive rights,

For a correct understanding of the concept under consideration, it should be noted that it is based on a form of value that is not a market one.

According to international appraisal standards: “The market value is an estimated value – the amount of money for which property must pass from hand to hand on the valuation date between a voluntary buyer and a voluntary seller as a result of a commercial transaction after adequate marketing; at the same time, it is assumed that each of the parties acted competently, prudently and without coercion.” Determining the market value of an enterprise (as well as any other type of property) is based on the principle of most efficient use, which, according to international standards, is defined as the most likely use of property, which is physically possible, reasonably justified, legally legal and financially feasible, and as a result the value of the estimated property will be maximum.

The concept of enterprise value as an operating (business as a whole) includes an assessment of a functioning enterprise and obtaining, from the total value of the current enterprise, the values ​​for its component parts expressing their contribution to the total value. Let’s compare the definition given in international standards with the definitions of Russian standards.

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According to international standards, the cost of the existing enterprise is the cost of a single property complex, determined in accordance with the results of the functioning of the established production. The valuation of the individual objects of an enterprise consists in determining the contribution that these objects make as integral components of an operating enterprise.

According to Russian standards, the value of the existing enterprise is the value of the entire property complex of a functioning enterprise (including intangible assets) as a whole.

The wording contained in the Russian evaluation standards, take into account the specific terminology established in the civil legislation of the Russian Federation, which defines the enterprise as a property complex used for conducting business activities. However, the not quite accurate translation of the term itself – the value of the enterprise as acting (on-going-concern) – leads to an ambiguous understanding of it by Russian authors. For example, in one of the Russian business assessment manuals on business valuation, two definitions of cost are given correctly for evaluation purposes depending on the “scenario” of enterprise development:


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