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bob.g
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PostPosted: Tue Sep 18, 2012 8:33 am    Post subject: Asset Values Reply with quote

Can anybody please help me understand the basis for valuing fixed assets such as buildings, lawnmowers, computers etc.. Our auditors advise that we have to carry these on our books at the original purchase price, and that value cannot be adjusted up or down. To me this seems wrong as we have a building that is 90 years old valued at about 5000, which has recently had 15,000 worth of repairs but is still valued at 5000. A seven year old lawnmower that cost 7000 originally and has seen significant use each season still has a book value of 7000. These current day valuations surely cannot be correct ? In business assets are appreciated or depreciated annually against a fixed time scale - surely Parish Council assets should be treated the same ? To record asset values year after year at their purchase price appears to be a pointless exercise !
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