国际资产评估准则翻译

5.1.4 Real estate investment through the ownership of securities ,or instruments securing both debt equity positions , represents an alternative to the direct ownership of property .Investors are able to own and trade shares of an interest in a property or pool of properties in the same way they would buy and sell shares of corporate stock.房地产投资通过对有价证券的所有权,或拥有同等债务地位的投资工具的保护,反映了与直接财产所有权的不同。

投资者能够拥有或者买卖一项财产或者合伙经营财产的股票所产生的利息而且用同样的方法他们可以买卖共同的股份。

5.1.4.1 The market for such securities includes both a private ,or institutional ,sector (partnerships ,corporations ,pension /superannuation funds ,and insurance companies ) and a public sector (individual investment who trade in a securities market).该类证券的市场包括私人,或机构、行业(合伙、公司、养老基金、保险、养老保险公司)和公用事业部门(个人投资在证券市场交易)。

5.1.4.2 Securitised investment instruments include real estate investment trusts(REITs)(property investment or unit trusts ), collateralized mortgage obligations (CMOs),commercial mortgage –backed securities (CMBSs),real estate operating companies (REOCs),and separate and commingled accounts.证券投资工具包括房地产投资信托公司(物业投资或者单位信托基金)、抵押担保债券(CMOs)、商业抵押证券(CMBSs)、房地产经营公司（REOCs),分离和混合账户。

5.2 Financial interests are intangible assets and can include :金融利益是无形资产它包括：5.2.1 the rights inherent in the ownership of a business or property ,i.e., to use ,to occupy ,to sell ,to lease ,or to manage;权利的根本在于对财产的所有权或者经营，即使用，占有，出售，出租，或者管理5.2.2 the rights inherent within a contract granting an option to buy ,or a lease containing a purchase option ,i.e., to exercise or not to exercise ;or在一个合同的权利给予固有的期权购买,或是签署一份租赁包含一个购买期权之内,即锻炼或不锻炼。

5.2.3 the rights inherent in ownership of a security issue (i.e., to hold or to dispose thereof).所有权这种权利的固有的安全问题(即所持有或处理)。

5.3 Financial interests require valuation for a wide variety of reasons金融利益估定的价格需要多种多样的理论。

5.3.1 A financial interest may be included among the assets of a partner. To establish the total value of assets owned by the partner ,the value of the financial interest must be determined. Or a partner may wish to sell his or her interest ,or the interest may have passed into an estate subject to inheritance taxes and probate proceedings .A general partner may also purchase interests for the purpose of transferring them to a limited partnership .一种经济利益可能会包括资产合伙人的利益。

通过证实合伙人的资产总额,可以决定经济利益的价值。

合伙人可能想要卖掉他的或她的股份,或者这个股份可能进入了一个房地产受遗产税和遗嘱查验程序。

一个普通合伙人也许可能会处于某种目的而将股份转移个一个有限合伙人。

5.3.2 Options to buy ,which are often obtainable for a small amount of money ,create considerable leverage ,or gearing ,the impact of which must be considered in the final transaction price .Lease purchase options restrict the marketability of the leased property ,and may limit the Market Value of the leased property and /or leasehold interest .选择性购买,这通常都是由可获得的小数额的金钱,创造了可观的杠杆作用,或齿轮传动的作用,这种作用的影响在记录价格的最后必须被考虑到。

租赁购买期权交易价格限制了租赁财产可销售性,可能会限制已出租的财产和租借的股份的市场价值。

5.3.3 Valuations of securitized investment instruments are done for purposes of underwriting and rating the securities prior to initial public offerings .证券投资工具的价值是保险业和首次公开募股之前的证券利率为目的。

5.4 International Accounting Standard ,IAS 32,Financial Instruments: Disclosures and Presentation , para . 5 defines financial asset ,financial liability ,financial instrument ,equity instrument ,compound (financial ) instrument ,and monetary financial assets and liabilities .Under ISA 32,an enterprise shall disclose information about Fair Value for each class of financial asset and financial liability, both recognized and unrecognized .When a financial instruments is traded in an active or liquid market ,its quoted market price provides the best evidence of Fair Value (ISA 32,77,81).根据国际会计准则第32条规定,金融工具：披露和陈述。

第五自然段给出了金融资产、金融负债、金融工具、权益工具、复合金融工具、货币金融资产和负债的定义。

在国际会计准则的第32条中,一个企业应当披露不同等级的金融资产和金融负债的公允价值的信息,都是可辨认或不可辨认的。

当一个金融工具在活跃的并且公开的市场上进行交易时，它所报出的市场价格就是公允价值最好的证据（最接近公允价值）。

5.4.1 A financial asset is any asset that is a)cash ;b)a contractual right to receive cash or another financial asset from another enterprise ;c)a contractual right to exchange financial instruments with another enterprise under conditions that are potentially favorable; or d)an equity instrument of another enterprise.一个金融资产,是以下任何资产的一种，a)现金b)一个契约的权利从另一个企业接受现金或其他金融资产;c)一个契约的权利于另一个企业在有利的条件下相互交换金融工具d)其他企业的一种权益工具。

5.4.1.1 Common examples of financial assets representing a contractual right to receive cash in the future are a )trade accounts receivable and payable ;b)notes receivable and payable ;c)loans receivable and payable ;and d)bonds receivable and payable.收到将来的现金是金融资产代表一个契约权利的最常见的例子a)贸易应收账款和应付账款;b)应收票据和应付账款、应收账款c)贷款、应付账款d)债券。