Transfer of Other Land & Building Asset to Community Assets


We have a piece of land that we've historically held as OLB, and revalued on our 4 yearly valuation cycle. We've now determined it should actually be a Community Asset and we intend to transfer category within this year's SOA. 

The issues we have are:

  1. When to revalue? If we revalue in OLB we would recognise the valuation movement, but wouldn't recognise if it was a Community Asset.
  2. What value we transfer at? On the basis that if a Community Asset from the outset, then we would've recognised at historic cost. Due to the age of the of the land, it's not possible to determine an accurate historic cost. As such likely that we'll transfer at current carry value.

Many thanks,

Mark Barrett

Senior Accountant (Systems & Devt)



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