Post Balance sheet Property valuations

Post Balance sheet Property valuations

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A company has got 3 investment properties and only two of the proprties have been revalued by an external valuer on 30.04.11 four months after the year end. According to the new valuations one proprty has gone up by £0.9m while the other property has gone down in value by £65k. The company is being audited at the moment and my question is that what implications would these valuations have on the financial statement as at year end 31.12.10 ? should the values of the property be adjusted as at year end according to this valuation report or should the values be adjusted in the next year ? Also what disclosures may it require in both the cases e.g. PBSE or about not revaluing all the assets of same class etc ?

I would appreciate any comments on the isseued discussed above.

Thanks in anticipation.

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By mila
11th Nov 2011 14:36

Did you receive and answer for above in the end???????

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