CASE STUDY

UNITED ARAB EMIRATES UNIVERSITY (UAEU)

Asset Valuation A Desktop approach

Overview

The UAEU as part of its adherence and compliance to financial reporting requirements to the newly IPSAS 17 mandating the public sector to carry out an independent Property, Plant and Equipment valuation and this is during the Corona ( COVID-19) pandemic. This will require commissioning a valuation of buildings during a serious health-related risk.

The Challenge

  • Conducting a group of buildings valuation during the COVID-19 period

  • Information limitation

  • Access to premises is restricted due to the pandemic

“Assist Plus was a completely different kind of partner. They took something very complex and created a simple, beautiful, and intuitive user experience.”

I can with no reservation state that this was done in a very timely and professional manner 

 

Robert Smith

CFO, UAEU

The Solution

  • A Desktop valuation using market rate information

  • Design the process using building condition survey reports

  • Google Erath is our eyes

The Result

Assist Plus Accounting and Auditing Valuation team successfully managed to deliver in record time

  • A valuation report fully supported by reliable data, forecasts, and projections duly rationalized and in accordance with industry best practice, including the following:

  • Description of the purpose, use, and scope of the valuation analysis, approaches followed and the results of the work performed for each category of assets and inventories.

  • The strategy deployed in carrying out the Assignment.

  • Statement of the assumptions and limiting conditions.

  • Full list of Fixed Assets with all relevant details (Cost, depreciation, replacement value, Market value, etc.).

Top 3 Takaways

  1. Technology, technology, technology. Business owners should seriously consider investing in their information technology infrastructure. It is an enabler, saver and risk mitigator especially in times like the corona pandemic.

  2. "Information is King", with clear and reliable information, carrying any exercise becomes easier and faster.

  3. Teamwork: both counterparties collaborating is one of the major factors in executing and achieving expectations and project success.