Problem
Investor positions need a defensible current value, but vehicle acquisition cost, depreciation, maintenance, downtime, defaults, insurance recoveries, and market estimates can change independently.
Scope
- Define a versioned valuation policy with cost, depreciation, impairment, recovery, and disposal components.
- Store source evidence, effective date, currency, FX quote version, preparer, approver, and confidence for every input.
- Produce vehicle, pool, and investor NAV snapshots using integer minor units.
- Prevent future-dated information from leaking into historical snapshots.
- Model impairment triggers from arrears, incidents, downtime, missing insurance, and forced-sale estimates.
- Require maker-checker approval for manual overrides and publish a complete bridge from prior NAV to current NAV.
- Expose stale-input and sensitivity indicators without presenting estimates as guaranteed returns.
Acceptance criteria
- A snapshot can be reproduced from policy version and input IDs.
- Position values aggregate exactly to pool NAV after documented rounding.
- Restatements create new versions and never overwrite issued valuations.
- Missing or stale critical inputs block publication or clearly downgrade status.
- Disposal and total-loss events terminate future depreciation correctly.
Required tests
Multiple asset types, impairment/recovery, disposal, retroactive correction, FX changes, rounding allocation, stale evidence, and historical reproducibility.
Non-goals
Do not choose commercial valuation assumptions; implement the approved policy engine.
Problem
Investor positions need a defensible current value, but vehicle acquisition cost, depreciation, maintenance, downtime, defaults, insurance recoveries, and market estimates can change independently.
Scope
Acceptance criteria
Required tests
Multiple asset types, impairment/recovery, disposal, retroactive correction, FX changes, rounding allocation, stale evidence, and historical reproducibility.
Non-goals
Do not choose commercial valuation assumptions; implement the approved policy engine.