8th Mar 2016
At times while running your business, you may have to depend on the skill of appraisers who inspect your equipment. For the uninitiated, an appraisal report is one that will consist of authenticated, indisputable and unassailable information that you can trust as it has been compiled by experts while buying a company. Read on to know more about why you need to go in for equipment appraisal.
1. Such a report could come in handy at the time of a yearly reappraisal of your company’s assets.
2. It is useful while selling your organization or at a court mandated liquidation as well.
3. Proficient certified equipment appraisers let you know the overall condition of equipment that you will use in addition to a host of other valuable information. This helps you gauge the true value of the machinery you may be about to purchase or sell.
4. Companies are at times asked to furnish a report compliant with the USPAP (Uniform Standards of Professional Appraisal Practice). This is usually requested by financial intermediaries, attorneys or CPA’s in addition to lenders seeking an authentication of the asset values.
5. It is also required during a mandatory IRS report or even 1031 exchanges. During this, the intended use of machinery is also inspected so that you can be pleased with a final value summary.
A number of methods are used for evaluation and sources are contacted as well after gauging the prevalent market conditions. But, remember that you must be sure of the certified equipment appraisers’ qualifications to truly benefit from the appraisal.