Property Assets – Year End Valuations
As the end of the financial year closes in many businesses will be planning to prepare their annual accounts.
Property forms a significant part of a balance sheet and thus up to date valuations on these assets is vital. FG Burnett specialises in valuations for accounts purposes whether it be Market Value or Fair Value. The company acts act for many local businesses, charities as well as some of the largest companies in the UK and offer a number of options in terms of reporting whether your company follows UKGAAP or IFRS accounting standards.
One of these reporting options is componentisation for IFRS. FG Burnett has carried out accounts valuation reports providing weighted remaining economic lives (RELs) using componentisation since 2011 on some of the largest property assets in Scotland. This process involves both our valuation and building consultancy teams analysing the individual components of a building and ensuring that the overall value of an asset is fairly split between the elements and the component’s useful lives. The method of depreciation is determined on a reasonable and consistent basis and in many of these cases the adjusted RELs has resulted in significant savings on annual depreciation.
Whatever the status of your company (limited company, plc or public body) or what accounting standards you use, FG Burnett can assist with the valuation of your property assets. For more information contact Derek Richardson.