Valuation at current cost
Measuring assets in the statement of financial position at the amount of cash or cash equivalents that would have to be paid of the same or equivalent asset was acquired currently. Also called valuation at replacement cost.

Valuation option
A choice among alternative valuation methods available under IFRS.

Value added tax (VAT)
A general consumption tax levied on the estimated market value added to goods and services at each step of a manufacturing process or distribution. It is a consumption tax, because it is borne ultimately by the final consumer.

Variable costs
A cost that changes in total in direct proportion to changes in the level of activity or volume.

Value management. A process used by project teams to define the objectives of a project and to deliver these economically and quickly.