FINIZ 2023: “Sustainable development as a measure of modern business success”, 7 December 2023

It is our great pleasure to announce that the 10 th international scientific conference FINIZ 2023 will be held on Thursday, 7 December 2023. Considering colossal geopolitical, ecological and business changes in the world, this year’s conference title is: “Sustainable development as a measure of modern business success”. After a series of online conference formats, this year’s FINIZ 2023 will be held live at Singidunum University in Belgrade, Boulevard Peka Dapčevića 47a.

The concept of sustainable development nowadays is made of economic, social and environmental pillars that meet the needs of current and future business success. This has become of paramount importance that guide business decisions at all levels of organizations in the current knowledge economy.

The international scientific conference FINIZ 2023 is an ideal opportunity for all its participants to present their work and results to the general public and exchange experiences and ideas with other distinguished experts from relevant fields. Two papers, in the expanded form (30%), will be selected and proposed for publication in The European Journal of Applied Economics (M51) in an accelerated procedure. In addition, special sessions at the conference will be related to the COST CA 19130 project entitled: Fintech and Artificial Intelligence in Finance – Towards a transparent financial industry and ORCA-LAB project, funded by the Scientific Fund of the Republic of Serbia.

For additional questions, we are available via e-mail:

The FINIZ 2022 session conclusions can be viewed here.

It will be our pleasure to host you at the conference.

TEGOVA journal

TEGOVA published the July issue of European Valuer that can be accessed on the TEGOVA European Valuer home page, in desktop and mobile formats.

New Rulebook on National Standards, Code of Ethics and Rules of Professional Conduct of a Licensed Valuer (Serbia)

We inform you that in the “Official Gazette of the RS”, number 37/23, the Rulebook on National Standards, Code of Ethics and Rules of Professional Conduct of a Licensed Valuer was published (the information about this can be found on the website of the Ministry of Finance of the Republic of Serbia at the following link: https://

The Rulebook effective date is July 1, 2023.


Below you can download the document Rulebook on national standards, code of ethics and rules of professional conduct of licensed appraisers (taken from the website of the Ministry of Finance

NSP i kodeks etike na snazi od 1. jula 2023

Labor day

Secretariat will be closed during 1st and 2nd May. First working day is 3rd May 2023.

The latest cost of capital infographic from Kroll

US BV News

Inflation appears to have peaked, per Kroll

The latest cost of capital infographic from Kroll says that inflation seems to have topped out toward the end of 2022. Inflation estimates over the long term rose from 2.0% in June 2020 to 2.9% in October 2022 but declined to 2.4% at the end of December 2022. Long-term inflation expectations are a key starting point to evaluate the long-term growth rate used in the terminal year for a DCF analysis.

Cost of capital inputs: The same infographic says that, as of Jan. 17, 2023, Kroll’s recommended U.S. equity risk premium (ERP) is 6.0% and the normalized risk-free rate is the higher of 3.5% or the spot 20-year U.S. Treasury yield as of the valuation date. This guidance is effective when developing USD-denominated discount rates as of June 15, 2022, and thereafter

You can find the latest cost of capital infographic at


We are pleased to invite you to register for ONLINE seminar scheduled for 7th December 2022 at 15:00h CET with the topic – THE VALUE OF TOKENIZED INTERESTS IN REAL ESTATE by Dennis A. Webb, MAI, ASA, FRICS – a business and real estate appraiser, former syndicator and engineer.


The blockchain brings us tokens and a brave new world of fractionalization that can dramatically expand avenues for real estate investment. But is everything what it seems? In this guidance packed Webinar, Dennis will provide an eye-opening, multidisciplinary perspective on tokenized and otherwise-shared real estate ownership.


We will discover how the partly new tokenized ownership structure can both mitigate and worsen risk to the token holder. You will come away with principles that you can use to help your clients understand tokenization’s economic realities, and be able to:


  • Identify key attributes of real estate tokenization that affect value
  • Make important comparisons with familiar ownership structures
  • Ask the right questions about new risks investors might be taking on with tokens
  • Find out how the promised token marketplaces might be helpful for owners and valuers

Dennis A. Webb, MAI, ASA, FRICS, is a business and real estate appraiser, former syndicator and engineer. Webb is the principal of Primus Valuations® a specialty valuation and litigation consulting firm with offices in Los Angeles and Denver. Webb’s practice is focused on the business of holding and operating real estate, allocating value to special-use real estate, and business valuation. His passion is bringing understanding, clarity, collaboration and technology to bear on valuation of hard-to-value asset interests, a niche specialty which has long proved vexing for appraisers, advisors, the courts, and property owners alike. His mission has resulted in numerous articles and presentations for valuation professionals, lawyers and property owners. His most recent work is the definitive “Valuing Fractional Interests in Real Estate 2.0,” a complete upgrade of the valuation process for LLC, LP and common tenancy interests. A native of Los Angeles, Dennis now lives in Denver, Colorado, and enjoys writing, hiking, traveling and dancing Argentine Tango (not necessarily in that order). Contact:


Attendance on this online seminar brings you 2 points for CPD – Continuing Professional Development for REV certified valuers . Also, according to the RICS system for CPD qualifying activities which is based on personal assessment i.e. individual member deciding which activities are relevant for their professional development, we recommend this seminar for your personal professional development in valuation profession.


Seminar will be broadcasted via online web platform (we will send you the link). Participants will be able to send questions to speakers via CHAT on the platform or via email.

Seminar will be available only in scheduled time in Belgrade time zone (CET).



Fee is 70 EUR (+VAT)

For members of NAVS fee is 50 EUR (+VAT)


You can register by sending an email to (name of the participant, email address, information about payer)


1st edition – European Plant, Machinery & Equipment Valuation Standards (EVS-PME)

The first edition of  European Plant, Machinery & Equipment Valuation Standards (EVS-PME) developed by TEGOVA is published. EVS-PME 2022 is effective from 1 November 2022.

See the original news here

You can find the document here:

Members of the EVSBM-PME Board:



by Konstantinos P. Pallis MEng DEA REV, Chairman of the European Plant, Machinery & Equipment Valuation Standards Board and Member of the Board of TEGOVA

In this book, concepts such as ‘fixed assets’ and ‘in situ’/’ex situ’ values, scrap value and the three types of obsolescence (technological, functional and economic) and many more particular to PME are defined and standardised, in order to set a common language for valuation practice in the European Union, the European Economic Area, candidate EU member states and EU-associated and Neighbourhood countries.

This book also serves the many practicing valuers throughout Europe who are asked to assess the value of both real estate and PME for lending purposes, financial reporting, and business purposes, helping bridge both fields of practice to deliver quality valuations to the highest standard.

These Standards, like all Blue Books, are in lock step with the EU regulatory framework. Environmental protection, energy conservation, health and safety in particular are becoming drivers for the depreciation of assets; valuers need uniform guidance in dealing with such issues.

EVS-PME 2022 was conceived and designed to foster convergence in PME valuation across Europe, providing common ground and best practice regarding methodology, reporting and valuation approaches to a fast-mutating industrial landscape.



It is a euphemism to call this Book ‘timely’. It’s a perfect conjunction of right time, right place, right industrial and geopolitical context.

When TEGOVA decided to develop the standards in the spring of 2020, the motivation was the high demand from European practitioners who wanted standards tailored to the European manufacturing context and to the general principles of valuation in TEGOVA’s European Valuation Standards. To that extent, it was the same as for the first ever European Business Valuation Standards, launched that year: filling a gap and not having to rely on whatever non-European norms and training were out there.

The European Plant, Machinery & Equipment Valuation Standards Board was already at work when the world changed, with the hydra of climate, pandemic and war and the sickening realisation that Europeans had gravely compromised their prosperity, health, safety and security – and raised their carbon footprint – by extending their supply lines to far away authoritarian or rogue regimes.

To the surprise of many sceptics, the European Union rose to the challenge with a massive and comprehensive legislative agenda for the repatriation, regeneration and greening of European industry and even more surprisingly, with a common EU budget to back it up.

Good and timely regulation has a way of kick-starting change even before it hits the statutes, and it’s happening now. This puts an absolute duty on the valuation profession to undergo its own transformation and learn to put a value on the components of the industrial transformation as it happens.

So it is that EVS-PME 2022 is at once steeped in the tradition and culture of all Blue Books – it has the same format and enunciates the same central valuation principles – and yet is also very different, driven by the nature of PME and because it is the child of economic and political forces that had not yet erupted during the gestation and development of EVS 2020 and EVS-BV 2020.

With this third pillar, TEGOVA’s valuation standardisation work now covers the entire European real estate, business and industrial economy with significant synergies between the three Blue Books.

Krzysztof Grzesik REV FRICS
Chairman of the Board of TEGOVA

4th RICS-NAVS conference 18th October 2022

We are pleased to announce that Royal Institution of Chartered Surveyors – RICS and National Association of Valuers of Serbia – NAVS are organizing traditional, annual 4th joint RICS-NAVS conference on the 18th October 2022 at ENVOY conference center.

Event will be organized in hybrid format meaning that you can choose between participating in conference in person, live at Envoy conference center in Belgrade, street Gospodar Jevremova 47 or participating via ONLINE platform from your comfortable home or office.

Discussion during four panels at 4th RICS-NAVS conference will cover topics about current factors in the real estate market that have an impact on the value of real:

  1. Is carbon neutral real estate portfolio achievable for investors in Western Balkans by 2030?
  2. How will „people centric“ asset management add value to the buildings?
  3. Trends to watch after COVID rapid increase in prices
  4. From constructor’s point of view: Which issues challenge successful completion of the RE project?


Find Agenda and Speakers bios at conference website:


You can register to participate LIVE in ENVOY conference center* (Gospodar Jevremova 47, Belgrade) or ONLINE via video platform.

*the number of participants in Envoy conference center is limited


Simultaneous translation is provided.

Participants will get certificates of attendance for 7 CPD education.


Fee with discount for RICS and NAVS members is:

160 eur + VAT for LIVE attendance at ENVOY conference center*

120 eur + VAT for ONLINE attendance via video platform


Regular fee for the conference is:

200 eur + VAT for LIVE attendance at ENVOY conference center*

160 eur + VAT for ONLINE attendance via video platform


Register to conference by sending e-mail with information about participant and payer to


Nano-learnings for business valuers

The International Institute of Business Valuers (iiBV) has opened a website page in the Serbian language, where business valuers and other interested will be able to get information about the most current topics in this area, in the Serbian language. This very significant project was made possible by the long-term cooperation of NUPS and iiBV. From now on, short nano-learnings courses with the following topics are available:
1. Crypto & Digital Assets – Value Creation & Valuation – link:
2. Mathematical Models for Calculating DLOM – link:
3. The Control Premiums / Market Participant Acquisition Premium – link:

*You can registred exclusively through the NUPS page on the iiBV website

New journals

TEGOVA issued new European journal with two new podcast (

NAVS member, Marko Popović, prepared an article about functional obsolescence in PME.


Also, NAVS issued new journal