Based on the Decree of 14 June 2005, which stipulates rules on the content, the limits, and the manner of application of the valuation in the financial statements at current value (Actual Value Decree 2012):
By current value of the asset or liability is meant the value that is based on current market prices or on details which may be deemed relevant to the value on the valuation date.
The current value against which assets and liabilities can be assessed, depends on the types of assets or liabilities, or circumstances, and is expressed in terms of replacement value, commercial value, or market value or net realisable value.
By commercial value is meant the fixed value to be assigned to an asset or collection of assets according to estimated future cash flows that can be received through the operation of the business.
By market value is meant the amount for which an asset could be exchanged or a liability could be settled between knowledgeable, willing parties who are independent of each other.
By net realisable value is meant the maximum amount for which an asset can be sold, less costs still to be incurred.
If tangible fixed assets or intangible fixed assets, other than investments, are valued against the current value, the replacement value comes into consideration for this purpose. Valuation takes place against the commercial value if and as long as this is lower than the replacement value. Valuation takes place against the net realisable value if the legal person has decided to sell the tangible or intangible fixed assets that are not investments.