For our domestic housing properties we maintain valuation information for each individual property, however, for the revaluation reserve we have always grouped this asset class together in line with our summarised single line on the asset register. This has always been accepted by our auditors in the past. However, this year we have a new auditor who wants to see how each years valuations have worked through to the revaluation reserve for each individual property separately. For us this is 1900 properties. Is anyone else in the same situation, and found an alternative approach which is acceptable to their auditors, or whose auditors are happy to continue in this way?
Thankfully, we are not in same position as yourselves. Like you though, we value properties individually but group the dwellings in the Revaluation Reserve. Within the RR I am able to see the balance attributable to: Dwellings, Shared Owner properties and Garages as groups. For dwellings, it is not an issue for us as we are still writing back to I&E previously charged revaluation losses incurred when we did not have a RR balance for dwellings. Our auditor is EY