Asset & Insurance Reinstatement Valuation plus Associated Work

Herefordshire Council requires formal asset valuations for inclusion in the Council's asset register and balance sheet by the end of the financial year. This needs to be undertaken in accordance with guidance produced by the RICS (Royal Institution of Chartered Surveyors) and the International Financial Reporting Standards (IFRS) - Code of Practice on Local Authority Accounting (the Code) published by CIPFA (Chartered Institute of Public Finance and Accountancy). An extract from the CIPFA Code guidance relating to the split of responsibilities between Valuer & finance colleagues is attached. Annual valuations are required for all investment assets, assets held for sale, surplus assets, assets changing asset class, assets substantially improved or impaired in addition to land and building assets valued bi-annually. A "market forces review" on a regional sector basis is required as a validation check to provide assurance that there has been no significant change in the value for those assets that have not been revalued in the financial year.

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