Consider this valuation challenge: A public building that provides a special service—such as a fire station—is sitting on land that could potentially support a business or commercial development, but public safety dictates that it serve the needs of the community. How would you value such property for a range of purposes—including financial reporting, internal transfers, and monopolies pricing? To what extent should the value(s) reflect social objectives? How should analysts account for the fact that such specialized properties rarely trade?

To help answer these questions, the International Standards Council (IVSC) has just released the exposure draft for Specialised Public Service Assets; comments are due Feb. 28, 2013. Also just released: the IVSC’s discussion paper on Investment Property, with comments due March 1, 2013.