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FRS 102 Small company Property valuation confusion

Can I use the historic cost of the property used by the company in its business?

Can I use the historic cost of the property used by the small comany and keep that value in future or do I need to get it revalued? Please note that is not a micro company. The accounting date is 31 Dec 2016. I am also confused re the deferred tax aspect for the property should deferred tax be applied to the property, if so how do I calculate it without having it valued? 

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By DJKL
20th Mar 2017 16:45

17.15 (A) allows cost model for own use property assets.

17.15

"An entity shall measure all items of property, plant and equipment after initial
recognition using the cost model (in accordance with paragraph 17.15A) or the
revaluation model (in accordance with paragraphs 17.15B to 17.15F). Where the
revaluation model is selected, this shall be applied to all items of property, plant and
equipment in the same class (ie having a similar nature, function or use in the
business). An entity shall recognise the costs of day-to-day servicing of an item of
property, plant and equipment in profit or loss in the period in which the costs are
incurred."

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