将未来轮伐期纳入森林价值评估——其成因及管理之道？.pdf

1、2026 FOREST VALUATION SUMMIT2026 FOREST VALUATION SUMMITMelbourneMelbourne3030-31 March,202631 March,2026The Value of NPV 2R+Bill Liley,Indufor Asia Pacific12 222 in popular culture22 in popular cultureThe best known example,“Catch-22”Critical reaction:“Catch-22 is hailed as one of the greatest Amer

2、ican novels.It is easy to understand why this is the case.This is not a novel to be read,but is rather one to be experienced.”“Never has a book been laughed and wept over so many times”The Guardian3 3Para 22 in IAS41(Agriculture)Para 22 in IAS41(Agriculture)“An entity does not include any cash flows

3、 for financing the assets or re-establishing biological assets after harvest(for example,the cost of replanting trees in a plantation forest after harvest).”Critical reaction:“It says what?!”Here is a seemingly official instruction that denies a central idea of plantation forestry.4 4Para 22 in IAS4

4、1Para 22 in IAS41“An entity does not include any cash flows for financing the assets or re-establishing biological assets after harvest(for example,the cost of replanting trees in a plantation forest after harvest).”Forest valuers could at least take some warm glow from having their professional act

5、ivity recognised.Across wider expressions of standards whether asset valuation or financial reporting one doesnt find the words“tree”or“forest”.But at what cost?If the paragraph denies the prospect that the current rotation is likely to be followed by another,isnt it being just as perverse as its be

6、tter known namesake?5 5Para 22 in IAS41Para 22 in IAS41As its full name implies,IAS41 Agriculture becomes involved where it is necessary to attribute value to biological assets.Let us look at the cashflows for a single example hectare over two rotations:I dont find IAS41 perverse.6 6At the Single Ex