All our property and land assets are valued every 5 years, with a desk top exercises undertaken in the other 4 years. Specific assets which have had significant works or where we have acquired new assets, are subject of a full valuation prior to the year end.
Valuations are undertaken in January and we receive the individual valuations early February. The Valuer then provides us with a report and overall valuation as at 31 March xxxx and a statement as to any material changes from those assessed at January.
This, along with other initiatives for earlier closedown enables us to get the Asset register and capital accounting ledger entries undertaken by at the latest, first week in April. This approach was agreed with Auditors when we introduced it 4 years ago.
Hi, We have our assets valued all DRC assets (mainly schools) every year and almost 20% of EUV assets each year, as 31st March. However, list of assets to be valued were supplied to valuers by December to enable them prepare complete valuation by 1st week of April.
I have slight different question, does your valuer provide remaining useful life as part of valuation process , as my valuer (internal) is not provided this in the past due to componentisation completed few years ago.