This paper aims to provide a detailed overview of the structure of professional valuation practice in the three countries that acceded to the European Union in May 2004 – the Czech Republic, Hungary and Poland. Specifically, it examines the relationship between the bases of valuation and their relationship to external changes in the regulatory systems.
Based on a critical review of the existing literature, empirical information was obtained through structured interviews with practitioners in the three countries.
The paper highlights the potential problems that investors can face when commissioning valuations that may not accord with internationally recognised definitions of “market value”. There is a recognised need for consistency and universality in the application of adopted valuation practices.
The research is the first phase of a longer programme.
The paper presents recent evidence of market practice and could inform potential investors or their advisors.
