Revaluation of Fixed Assets

Anonymous
Anonymous

We currently have a valuation date of the 1st of April, and our fixed asset software has been built around this date.  Our auditors are happy with our valuation date with the caveat that we must carry out a 31st of March review, where we would need to adjust for an material changes.  The problem we have is that because our software has been built around the 1st of April valuation date it only allows changes to valuations to be processed on the 1st of any month, which if we have to adjust as part of the 31st review could cause an issue.

I'm just wondering what date everyone else uses for valuations and if anyone has experienced similar issues with the software they use?

Parents
  • If it helps, the general feedback at CIPFA FAN events is that most authorities tend to do valuations towards the end of the financial year (typically somewhere between November and January) with a letter of comfort from the valuer that there not not been any material changes at 31 March. It seems the preferred approach in comparison to having to write the same comfort letter covering the full 12 months.

    I cannot comment on limitations of other software, but just to note that CIPFA has its own Asset Register software which can accommodate valuations at different dates. www.cipfa.org/.../assetmanagernet-software    

Reply
  • If it helps, the general feedback at CIPFA FAN events is that most authorities tend to do valuations towards the end of the financial year (typically somewhere between November and January) with a letter of comfort from the valuer that there not not been any material changes at 31 March. It seems the preferred approach in comparison to having to write the same comfort letter covering the full 12 months.

    I cannot comment on limitations of other software, but just to note that CIPFA has its own Asset Register software which can accommodate valuations at different dates. www.cipfa.org/.../assetmanagernet-software    

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